Dow Jones live tracker: US stock market leads worldwide sell-off after Trump's tariff announcement
Trump announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from certain countries like China and those from the E.U.
WASHINGTON — While financial markets around the world are reeling after President Donald Trump’s most severe set of tariffs, the U.S. stock market is taking the worst of it so far.
The S&P 500 was down 4.3% in morning trading, more than other major stock markets, and it’s on track for its worst day since COVID shattered the global economy five years ago. The Dow Jones Industrial Average was down 1,538 points, or 3.6%, as of 10:55 a.m. Eastern time, and the Nasdaq composite was 5.6% lower. As of noon Eastern, it was down around 1,300 points.
Little was spared in financial markets as fear flared globally about the potentially toxic mix of higher inflation and weakening economic growth that tariffs can create.
Click here or on the below video to see the live ticker from the New York Stock Exchange.
Investors worldwide knew Trump was going to announce a sweeping set of tariffs late Wednesday, and fears surrounding it had already pulled Wall Street’s main measure of health, the S&P 500 index, 10% below its all-time high. But Trump still managed to surprise them with “the worst case scenario for tariffs,” according to Mary Ann Bartels, chief investment officer at Sanctuary Wealth.
Trump announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from certain countries like China and those from the European Union. It’s “plausible” the tariffs altogether, which would rival levels unseen in roughly a century, could knock down U.S. economic growth by 2 percentage points this year and raise inflation close to 5%, according to UBS.
Such a hit would be so frightening that it “makes one’s rational mind regard the possibility of them sticking as low,” according to Bhanu Baweja and other strategists at UBS.