U.S. stocks plunged Thursday, reversing the previous day’s major rally, as fears grew over President Trump’s escalating trade war with China. The S&P 500 fell nearly 3.5%, the Nasdaq dropped 4.3%, and the Dow lost about 1,000 points. The sell-off intensified after the White House revealed total tariffs on Chinese goods had risen to 145%, higher than previously reported.
Despite Trump pausing tariffs on other trading partners, concerns remain about economic fallout from the ongoing U.S.-China conflict. Meanwhile, inflation data showed easing price pressures, with consumer prices rising 2.5% annually and falling 0.1% monthly, better than expected.
