Global markets experienced a sharp downturn on Thursday, erasing all gains the dollar had made since President Donald Trump’s reelection in November.
The Dow Jones Industrial Average dropped 1,679 points (3.98%), while the S&P 500 fell 4.84%, and the Nasdaq saw a decline of 5.97%. These losses marked the largest single-day drop for all three indexes since 2020.
The market chaos followed Trump’s announcement of substantial new tariffs on nearly all imported goods coming into the U.S. This move raised concerns about potential retaliation from trading partners, a negative impact on the global economy, and increased costs for U.S. consumers.
Despite the market’s reaction, Trump expressed optimism: “I think it’s going very well.”
“The markets are going to boom, the stock is going to boom, the country is going to boom,” he stated. “I think it’s going to be unbelievable.”
Written with information from CNN
