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Dow drops 1,600 as US stocks lead worldwide sell-off after Trump’s tariffs cause a COVID-like shock
Financial markets around the world reeled following President Donald Trump’s latest and most severe set of tariffs, and the U.S. stock market took the worst of it.
Investors worldwide knew Trump was going to announce a sweeping set of tariffs late Wednesday, and fears surrounding it had already pulled Wall Street’s main measure of health, the S&P 500 index, 10% below its all-time high. It’s “plausible” the tariffs altogether, which would rival levels unseen in roughly a century, could knock down U.S. economic growth by 2 percentage points this year and raise inflation close to 5%, according to UBS. Trump offered an upbeat reaction after he was asked about the market’s drop as he left the White House to fly to his Florida golf club on Thursday.
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