The U.S. markets faced a severe downturn as tensions between the U.S. and China escalated following the announcement of new tariffs by President Donald Trump.
What Happened: The stock market experienced a significant downturn on Friday, with S&P 500 companies losing $5 trillion in value since Trump announced extensive tariffs on Wednesday, according to a report by Reuters.
The Nasdaq confirmed it was in a bear market, dropping over 20% from its record high. Oil and other commodity prices also saw a sharp decline. This $5 trillion loss marked a record two-day drop for the S&P 500, surpassing the $3.3 trillion loss in March 2020 during the pandemic, as per LSEG data compiled by Reuters.
In response to Trump’s tariffs, China announced additional levies of 34% on U.S. goods, heightening fears of …Full story available on Benzinga.com
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