Wow!
π Gone! pic.twitter.com/Sg2rek9Z3x
— GΜ·-Μ·BΜ·zΜ· -Μ· Μ·ΧΜ·ΧΜ·Χ¨Μ·ΧΜ·ΧΜ·Χ (@GZeroConspiracy) April 4, 2025
Day: April 4, 2025
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Roughly $2 trillion was erased from the S&P 500 Index on Thursday amid worries that President Donald Trumpβs sweeping new round of tariffs could plunge the economy into a recession.
The damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple Inc., which makes the majority of its US-sold devices in China, fell as much as 9.5%. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, were both down more than 12%. Target Corp. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, were trading lower by more than 10%.
Few stocks in the US were unscathed with the benchmark index on pace for its biggest decline since 2022. More than 80% of companies in the S&P 500 were trading lower at 10:20 a.m. in New York, with nearly two-thirds of its 500 stocks down at least 2%.
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China said on Friday it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war.
On Wednesday, Trump unveiled an additional 34% tariffs on all Chinese goods imported into the US, in a move poised to cause a major reset of relations and worsen trade tension between the worldβs two largest economies.
βThis practice of the US is not in line with international trade rules, seriously undermines Chinaβs legitimate rights and interests, and is a typical unilateral bullying practice,β Chinaβs State Council Tariff Commission said in a statement announcing its retaliatory tariffs.
Since returning to power in January, Trump had already levied two tranches of 10% additional duties on all Chinese imports, which the White House said was necessary to stem the flow of illicit fentanyl from the country to the US. That means Chinese goods arriving in the US would be effectively subject to 54% tariffs.
