WASHINGTON: Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump\u2019s trade war, while the White House insisted the US economy will emerge victorious.
\nThe S&P 500 dropped 4.8 percent in its biggest loss since 2020. The tech-rich Nasdaq plummeted 6.0 percent and the Dow Jones 4.0 percent.
\nShock waves also tore through markets in Asia and Europe in the wake of Trump\u2019s Wednesday announcement, while foreign leaders signaled readiness to negotiate but also threatened counter-tariffs.
\nTrump slapped 10 percent import duties on all nations and far higher levies on imports from dozens of specific countries \u2014 including top trade partners China and the European Union.
\nSeparate tariffs of 25 percent on all foreign-made cars also went into effect and Canada swiftly responded with a similar levy on US imports.
\nStellantis \u2014 the owner of Jeep, Chrysler and Fiat \u2014 paused production at some Canadian and Mexican assembly plants.
\nTrump dismissed the turmoil, insisting to reporters as he left for a weekend at his Florida golf resorts, that stocks will \u201cboom.\u201d<\/p>\n
The 78-year-old president says he wants to make the United States free from reliance on foreign manufacturers, in a massive economic reshaping that he likened to a medical procedure.
\n\u201cIt\u2019s what is expected,\u201d he said of the market reaction. \u201cThe patient was very sick. The economy had a lot of problems.\u201d
\n\u201cIt went through an operation. It\u2019s going to be a booming economy. It\u2019s going to be amazing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON: Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump\u2019s trade war, while the White House insisted the US economy will emerge victorious. The S&P 500 dropped 4.8 percent in its biggest loss since 2020. The tech-rich Nasdaq plummeted 6.0 percent and the Dow Jones 4.0 …<\/p>\n","protected":false},"author":4,"featured_media":79156,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-79142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/79142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=79142"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/79142\/revisions"}],"predecessor-version":[{"id":79157,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/79142\/revisions\/79157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/79156"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=79142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=79142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=79142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}