US Stock Market Faces Steep Decline as Trade Tensions Escalate

In a dramatic turn of events, the US stock market experienced one of its most significant drops in recent history, with the Dow Jones Industrial Average falling by over 2,000 points. This sharp decline was primarily fueled by growing concerns over the escalating trade war between the United States and China.

White House Clarifies Tariff Rates Amid Market Chaos

The White House recently clarified that the total tariff rate on Chinese goods has reached a staggering 145%, a move that has sent shockwaves through the global markets. Investors are now bracing for potential retaliatory measures from Beijing, further exacerbating the already tense situation.

Nasdaq and S&P 500 Also Suffer Heavy Losses

Alongside the Dow, the Nasdaq 100 and the S&P 500 were not spared, recording losses of 6.78% and 5.86% respectively. This marks one of the worst trading days since the market turmoil of 2020.

Meanwhile, the euro saw a significant rally against the dollar, climbing 2.31% to $1.12019, as investors sought safer havens amid the market volatility.