Market Turmoil Continues

Major US stock exchanges faced another day of significant losses on Thursday, erasing the gains from the previous day's historic surge. This surge had followed President Donald Trump's announcement of a 90-day suspension on global reciprocal tariffs, with the notable exception of China.

Trade War Escalates

White House officials have confirmed that the aggregate tariff rate imposed on Beijing has now reached a staggering 145%. This new rate combines the recently implemented 125% duty on goods with the existing 20% rate, the latter imposed in response to the ongoing fentanyl crisis.

Indexes and Currency Impact

By 11:50 am ET, the Dow Jones had slid 1,402 points, marking a 3.44% drop. Shortly thereafter, the Nasdaq 100 and the S&P 500 followed suit, plunging 4.61% and 4.07% respectively. Meanwhile, the euro strengthened against the dollar, trading 2.49% higher at 1.12216 by 11:48 am ET.