NEW YORK (AP) — Financial markets around the world reeled following President Donald Trump's latest and most severe set of tariffs, and the U.S. stock market took the worst of it.
The S&P 500 fell 4.8% Thursday, more than other major stock markets. The Dow Jones Industrial Average dropped 1,679 points, and the Nasdaq composite sank 6%.
Little was spared as fear flared globally about the potentially toxic mix of weakening economic growth and higher inflation that tariffs can create.
Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies fell. Even gold pulled lower.