Sell-off worsens worldwide and Dow drops 1,200 after China retaliates against Trump tariffs
By STAN CHOE
Updated 10:30 AM EDT, April 4, 2025
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 3.5% in morning trading, coming off its worst day since COVID wrecked the global economy in 2020. The Dow Jones Industrial Average was down 1,226 points, or 3%, as of 10:20 a.m. Eastern time, and the Nasdaq composite was 3.4% 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 more than 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
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