Market Turmoil Continues as Dow Dives

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

Trade War Tensions Escalate

White House officials confirmed that the aggregate tariff rate imposed on Beijing had reached 145%. This new figure combines the recently implemented 125% duty with the existing 20% rate, the latter imposed due to the ongoing fentanyl crisis.

Stocks and Currency Reactions

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