Market Turmoil Continues

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 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, initially imposed due to the fentanyl crisis.

Stock Market Reactions

By 11:50 am ET, the Dow Jones had slid 1,402 points or 3.44%. Shortly after, the Nasdaq 100 plunged 4.61% or 882 points, and the S&P 500 nosedived 4.07%. Meanwhile, the euro traded 2.49% above the dollar at 11:48 am ET, exchanging hands for 1.12216.