Wall Street Turmoil: Trump Tariffs Hit US Stocks
US stocks plummet as President Trump hints at escalating tariffs on China. The S&P 500, Dow Jones, and Nasdaq experience significant losses. Criticism mounts on overvalued stock prices, reminiscent of the 2000 dot-com bubble. Oil prices dip with a Middle East ceasefire, impacting global markets.
Wall Street faced significant turmoil on Friday as US stocks dropped sharply following President Donald Trump's announcement threatening increased tariffs on Chinese imports.
The S&P 500 fell by 2%, heading for its worst performance since April, while the Dow Jones and Nasdaq indices also recorded substantial losses. Trump's threats came amid dissatisfaction with China's rare earth export restrictions, further straining US-China relations and sending shockwaves through global markets.
Critics suggest current stock valuations are overly inflated after a prolonged rise, drawing parallels to the 2000 dot-com bubble. Concurrently, oil prices decreased amid a ceasefire in Gaza, and consumer sentiment in the US remains low, heightening concerns over the economic outlook.
(With inputs from agencies.)
Google News