U.S. stocks experienced a sudden and dramatic decline at the start of trading Thursday, fueled by anxiety over President Trump's unexpectedly harsh tariffs, which could potentially destabilize the economy. The S&P 500 Index saw approximately $1.7 trillion wiped off its value, with companies that rely heavily on overseas production such as Apple and Nike particularly affected. EU chief Ursula von der Leyen referred to these tariffs as a threat to the global economy, with China vowing to respond to the tariffs. This economic turmoil coincides with broader disruptions to U.S. government functions and vital services.
Roughly $1.7 trillion was erased from the S&P 500 Index at the start of trading on Thursday, with the heaviest damage to companies dependent on overseas manufacturing.
EU chief Ursula von der Leyen calls Trump's tariffs a threat to the world economy, while China, facing a 54% rate, promises countermeasures.
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