Trump tariffs trigger steepest drop for US stocks since 2020 as China, EU vow to hit back

Global stocks have sunk, a day after President Donald Trump announced sweeping new tariffs that are forecast to raise prices and weigh on growth in the US and abroad.
The S&P 500, which tracks 500 of the biggest American firms, plunged 4.8% – its worst day since Covid crashed the economy in 2020.
Nike, Apple and Target were among big consumer names worst hit, all of them sinking by more than 9%.
At the White House, Trump stood by his decision on Wednesday to impose a minimum 10% tariff on imports, telling reporters the US economy would “boom”. The Republican president believes the duties will boost US revenues and bring American manufacturing home.
He plans to hit products from dozens of other countries with far higher levies, including trade partners such as China and the European Union.

Courtesy: BBC