US stocks, dollar tumble as Trump’s trade war rattles Wall Street | CNN Business
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The US stock market tumbled deeply into the red on Thursday as the White House clarified its plan for a massive 145% tariff on China, escalating a trade war.

cross-posted from: https://lemmy.world/post/28033197

Summary

US stocks fell sharply Thursday after a historic rally, as investors refocused on lingering economic damage from Trump’s tariffs. The Dow dropped over 900 points, with the S&P 500 and Nasdaq also down.

Despite Trump’s 90-day pause on some “reciprocal” tariffs, others remain, including a universal 10% tariff and 25% duties on autos, steel, and more.

Economists warn of recession risks. China raised tariffs to 125% on US goods, with Beijing responding in kind.

Markets remain volatile, and analysts say temporary relief hasn’t changed underlying economic threats.

  • Wilco@lemm.eeEnglish
    2·
    19 days ago

    He is rug pulling an entire nation. Hell, probably the world. Trump is insider trading and MAGA is just too stupid to realize the grift.

  • Null User Object@lemmy.world
    1·
    19 days ago

    China raised tariffs to 125% on US goods, with Beijing responding in kind.

    Summary written by AI.

    Edit: For those not seeing it, in this context, Beijing is China. So, China responded to China? That’s the kind of nonsense an AI writes, and that sentence is nowhere to be found in the original article. Hence, “Summary written by AI.”

    • floofloof@lemmy.caOP
      0·
      19 days ago

      It probably means “Responding in kind, China raised tariffs to 125% on US goods.” The name “Beijing” is used to mean the Chinese government. It’s clumsy wording, but not nonsense.

      • Null User Object@lemmy.world
        1·
        19 days ago

        No, that’s not clumsy wording. It’s nonsense. Beijing isn’t going to “respond in kind” to China raising tariffs. As you correctly stated, Beijing is China. What if it said, “The United States raised tariffs to ___% on Chinese goods, with Washington DC responding in kind.”? It’s exactly the same nonsense.