Sell-off worsens worldwide and Dow drops 1,300 after China retaliates against Trump tariffs

[Eugene]

Sell-off worsens worldwide and Dow drops 1,300 after China retaliates against Trump tariffs (Associated Press)

NEW YORK (AP) — Stock markets worldwide are careening even lower Friday after China matched President Donald Trump’s big raise in tariffs in an escalating trade war. Not even a better-than-expected report on the U.S. job market, which is usually the economic highlight of each month, was enough to stop the slide.

The S&P 500 was down 3.8% in midday trading, after earlier dropping more than 5%, following its worst day since COVID wrecked the global economy in 2020. The Dow Jones Industrial Average was down 1,349 points, or 3.3%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 3.8% lower.

So far there are few, if any, winners in financial markets from the trade war. European stocks saw some of the day’s biggest losses, with indexes sinking roughly 4%. The price of crude oil tumbled to its lowest level since 2021. Other basic building blocks for economic growth, such as copper, also saw prices slide on worries the trade war will weaken the global economy.

https://apnews.com/article/market-rates-trump-tariffs-d86db525c370e9da834e6dfb76e23b86

[BoRaGard]

1. "This is actually good. No time to explain. Gotta join the boys for Gourmet GOP Golf." - Shady Vance (R)