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Fortune

Stuart Dyos

Tech-heavy Nasdaq sinks 4.3% Thursday after Trump imposes 145% tariffs on Chinese imports

Donald Trump Dow Jones Industrial Average JPMorgan Morgan Stanley United States Wells Fargo

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (Credit: Photo by TIMOTHY A. CLARY/AFP via Getty Images)

After a day of record-highs, stocks broke into a selloff on Wednesday after President Donald Trump corrected the total tariff rate imposed on China to 145%. Indexes fell across the board and the dollar saw its worst slip since 2022. Anticipation builds for Friday, as Wells Fargo, JPMorgan, and Morgan Stanley release their quarterly earnings.

Stocks resumed their decline Thursday, conceding ground made up on Wednesday after President Donald Trump announced a 90-day pause on some of the “Liberation Day” tariffs.

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