Wall Street faced severe losses as President Trump's new tariffs rattled global markets, reminiscent of the COVID outbreak chaos. All major indexes fell with the S&P 500 dropping 4.8% and the Dow plunging 1,679 points, reflecting widespread investor anxiety over potential economic repercussions. The tariffs, with rates starting at 10% and higher for select nations, threaten to lower U.S. economic growth by 2% and accelerate inflation. This unexpected announcement led to sharp declines across various sectors, including crude oil, tech stocks, and even gold, which had been seen as a safe haven.
"The S&P 500 sank 4.8%, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy in 2020."
"Investors worldwide knew Trump was going to announce a sweeping set of tariffs late Wednesday, but Trump still managed to surprise them with 'the worst case scenario for tariffs.'"
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