Closing summary
Here’s a recap of the day’s developments:
Wall Street stocks tumbled on Thursday with all three major US stock indexes suffering steep losses. According to preliminary data, the S&P 500 lost 189.79 points, or 3.45%, to end at 5,267.11 points, while the Nasdaq Composite lost 737.66 points, or 4.31%, to 16,387.31. The Dow Jones industrial average fell 1,029.51 points, or 2.54%, to 39,578.94.
Donald Trump defended his tariff policies but warned there would be a “transition cost”. The US president said he would “love” to make a deal with China, and that he believed he and Chinese president Xi Jinping would “end up working out something that’s very good for both countries.”
Former US treasury secretary Janet Yellen said Trump’s tariffs are “the worst self-inflicted wound that I have ever seen an administration impose on a well-functioning economy.” She accused the US president of having “taken a wrecking ball” to the American economy.
Global stock markets rebounded after Trump’s announcement of the sudden pause, following the most volatile period in financial markets since the pandemic. Markets across Asia rose sharply earlier on Thursday, while European markets showed most indexes recording their biggest one-day gains since 2022.
The market moves were further supported by concessions from the EU. The European Commission president, Ursula von der Leyen, confirmed on Thursday that the EU will put its own tariff countermeasures against the US – which were due to kick in on 15 April – on hold for 90 days.
The European Union and the United Arab Emirates have agreed to launch free trade talks. The EU is the UAE’s second-largest trading partner, accounting for 8.3% of the Emirati total non-oil trade.
The overall US tariff rate on Chinese imports has risen to 145%. Trump’s announcement on Wednesday, where he said Chinese imports would be tariffed at 125% did not include the additional 20% tariff on China for its role in the production of fentanyl.
China said Trump’s trade war with Beijing “will end in failure” for Washington. Beijings own 84% retaliatory tariffs on US imports came into effect on Thursday, while its foreign ministry said it not interested in a fight “but will not fear if the United States continues its tariff threats.
Trump is facing accusations of market manipulation over a Truth Social post on Wednesday where he said it was a “great time to buy” just hours before he made a dramatic U-turn on his trade war that led to big rises in stock markets around the world.
The price of eggs continues to soar for American consumers, rising by almost 6% in March to an average cost of $6.23 for a dozen large eggs. That is more than double the price just 12 months earlier.
Wall Street closes after another day of steep losses
Wall Street stocks tumbled on Thursday on mounting worries over the economic impact of Donald Trump’s tariff policies.
All three major US stock indexes suffered steep losses, a day after surging on relief over Trump’s pause on most of the new tariffs announced last week.
According to preliminary data, the S&P 500 lost 189.79 points, or 3.45%, to end at 5,267.11 points
The Nasdaq Composite lost 737.66 points, or 4.31%, to 16,387.31.
The Dow Jones industrial average fell 1,029.51 points, or 2.54%, to 39,578.94.
Updated
