U.S. stocks plummeted by market close on Friday as President Donald Trump’s sweeping tariffs continue to rattle markets across the world.
The Dow Jones Industrial Average plunged 2,200 points, or 5.5%, marking the steepest decline since June 2020, while the Nasdaq Composite dropped 5.6%, and the S&P 500 tumbled 5.8%, also the largest decline since June 2020. This marked the second day in a row where U.S. stocks nosedived after Trump announced on Wednesday sweeping new tariffs on imported goods as part of what he called “Liberation Day.”
The tariffs aim to “strengthen the international economic position of the United States and protect American workers,” according to a White House fact sheet published Wednesday. The White House’s fact sheet further claimed that the “current global trading order allows those using unfair trade practices to get ahead, while those playing by the rules get left behind.”
China has already moved to retaliate against Trump’s tariffs, with the country’s Finance Ministry announcing on Friday that it plans to launch 34% tariffs on all imports coming from the U.S., which will take effect on April 10. In response to China’s tariff announcement, Trump claimed Friday in a post on Truth Social that the country “played it wrong.”
“CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!” Trump wrote in the social media post.
While Trump has claimed that stock markets will “boom” amid his economic policies, many Americans are beginning to sour on the state of the U.S. economy. A majority of voters, or 54%, disapprove of Trump’s handling of the economy, with only 44% approve, according to an NBC News poll released March 16.
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