Trump Tariff Chaos: Stock Market Plunge Continues as China Retaliates With 34% Levy on U.S. Products
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variety.comTodd Spangler NY Digital Editor Stocks in the U.S. and overseas dropped sharply for a second day on continued fears that President Trump’s sweeping tariffs on foreign imports would ignite a massive trade war and lead to an economic recession.
Adding fuel to the stock downward spiral: The Chinese government announced Friday a blanket 34% tariff on American products, effective April 10.
China is the second-largest importer of goods to the U.S. (after Mexico). China is the third biggest export market for the U.S., after Canada and Mexico.
On Friday the S&P 500 was down 2.5% at market open. That came after the index fell 4.84% Thursday — its worst daily decline since 2020.
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