Dow, S&P 500, Nasdaq suffer worst one-day loss since 2020
US markets experienced significant losses after President Donald Trump's announcement of new tariffs.
The Dow Jones dropped by 3.98%, the S&P 500 fell 4.84%, and the Nasdaq plummeted 5.97%, marking the steepest one-day decline since 2020, News.Az reports, citing CNN.
Companies heavily dependent on international supply chains were particularly affected, with Apple losing 9.3%, Nike dropping 14.5%, Best Buy falling 17.8%, and Ralph Lauren declining 16.3%.
Apple’s market value declined by almost $300 billion within a single trading day. Analysts attributed the rout to concerns that Trump’s tariffs could disrupt global trade.
On April 2, Trump announced the US was imposing tariffs on imports from many countries, with a 20% levy to be applied to the EU. In addition, he said the US government was introducing duties of 25% on all imported cars. The rates went into effect on April 3.
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