Stock market today: Dow and S&P 500 continue decline amid Trump tariffs
World shares fell, while U.S. futures fell and Wall Street seemed to be on track for another day of devastating losses Friday as investors counted the possible costs of President Donald Trump’s latest set of tariffs.
Markets are facing their worst crisis since the COVID crash after China matched Trump’s big raise in tariffs in an escalating trade war.
Trump announced a minimum tariff of 10% on global imports and much higher taxes on products from China, the European Union and even smaller countries like Vietnam, slapped with tariffs of 49%.
S&P 500 plunges 6% to close its worst week since 2020
5 p.m. ET: The S&P 500 plummeted 6% on Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%.
According to the Associated Press, markets are facing their worst crisis since the COVID-19 pandemic in 2020 after China matched President Donald Trump’s big raise in tariffs in a developing trade war.
TikTok deal fell apart after Trump tariff announcement, source says
4:30 p.m. ET: President Donald Trump had a TikTok deal in place Wednesday for the app’s operations to transition to a new company in the U.S. and owned and operated by a majority of American investors. Under that deal, ByteDance would maintain a minority position, the Associated Press reported.
The deal collapsed Thursday after Trump announced reciprocal tariffs, including against China.
ByteDance representatives called the White House to indicate that China would no longer approve the deal until there could be negotiations about trade and tariffs, according to the AP, who spoke to a person on the condition of anonymity to discuss the sensitive details of the negotiations.
EU trade commissioner met with Trump officials, says ’The EU-US trade relationship needs a fresh approach"
3:55 p.m. ET: Maros Sefcovic told the Associated Press he had a two-hour discussion Friday with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, and told them the US tariffs are damaging and unjustified.
"EU’s committed to meaningful negotiations but also prepared to defend our interests," Sefcovic wrote on X. In terms of concrete results from the discussion, Sefcovic could only offer, "We stay in touch."
President Donald Trump picked 20% as his rate for taxing European imports as part of a sweeping set of tariffs on countries that trade with the U.S.
Democratic leader says Trump’s tariffs trap American families. Republican wants more dealmaking
3 p.m. ET: Sen. Chuck Schumer called them "a brutal pincer movewith American families trapped in the middle," the Associated Press reported.
"Trump’s tariffs raise costs on one side, and Trump’s budget cuts rob people of health care, nutrition, Medicaid, more on the other, and it squeezes them," Schumer said.
GOP senate leaders gave room for what they hope are presidential parleys with each nation’s leaders.
Sen. John Barrasso, a Wyoming Republican said Treasury Secretary Scott Bessent told Senate Republicans this week that the tariffs would be a "high level mark with the ultimate goal of getting them reduced" unless other countries retaliate.
Trump calls for Fed's Powell to cut interest rates and 'stop playing politics'
1 p.m. ET: President Donald Trump on Friday called on Federal Reserve Chairman Jerome Powell to cut interest rates, FOX Business reported.
"This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates," Trump said in a Truth Social post. "He is always 'late,' but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months - A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!
Powell said at a press conference in March, when the Fed held rates steady for its second straight meeting, that the central bank isn't in a hurry to cut interest rates and will look to assess the impact of the Trump administration's tariffs on inflation.
Trump's post came ahead of Powell's speech on Friday at the Society for Advancing Business Editing and Writing conference.
Posted by FOX Business Team
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Fed Chair Jerome Powell says Trump tariffs likely to raise inflation and slow US economic growth
12:30 p.m. ET: Federal Reserve Chair Jerome Powell said Friday that the Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth, and the Federal Reserve will focus on keeping price increases temporary, the Associated Press reported.
Powell explained that the tariffs, and their likely impacts on the economy and inflation, are larger than expected. Powell also noted that the import taxes are "highly likely" to lead to "at least a temporary rise in inflation," but added that "it is also possible that the effects could be more persistent."
The AP reported that Powell’s focus on inflation implies that the Fed will likely keep its benchmark interest rate unchanged at 4.3%. Wall Street investors now expect five interest rate cuts this year, a number that has increased since President Donald Trump announced the tariffs on Wednesday.
Trump tariff threatens Madagascar’s vanilla industry
12:15 p.m. ET: Madagascar’s export-dependent economy is facing one of the Trump administration’s highest tariffs, at 47%. According to the Associated Press, this threatens the Indian Ocean nation’s vital vanilla industry, which exports 70% of its produce to the U.S.
RELATED: Stocks tumble as Trump’s tariffs roil global markets
The country’s textile sector, which exports 40% of its total production to US markets, is also bracing for challenging times.
Madagascan ministers are feverishly trying to limit the harm, meeting with U.S. ambassador Claire Pierangelo this week as they try to mobilize "all diplomatic and commercial levers to guarantee fair access" for the nation’s products.
Trump defends tariff moves on social media
11:45 p.m. ET: President Donald Trump shared a video on Friday morning that said "Trump is crashing the stock market" and "he’s doing it on purpose" as part of "secret game he’s playing, and it could make you rich."
The Associated Press reported that Trump is at Mar-a-Lago, his private club in Florida, for the weekend. In another all-caps post, the president said he would stay the course despite fears about a potential recession.
"TO THE MANY INVESTORS COMING INTO THE UNITED STATES AND INVESTING MASSIVE AMOUNTS OF MONEY, MY POLICIES WILL NEVER CHANGE. THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE!!!" he wrote.
Later Friday morning, Trump criticized China's decision to match his tariffs with a 34% tariff on U.S. imports.
"CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" Trump wrote in a social media post.
Nasdaq falls into bear market
11:15 p.m. ET: The tech-heavy Nasdaq Composite sank into a bear market mid-morning Friday as investors continue to punish the tariff strategy. It is now down 20% from its record closing high of 20,173.89 hit last December.
Posted by FOX Business Team
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Dow drops another 1,000 points amid global selloff as China matches Trump's tariffs in escalating trade war
10:45 a.m. ET: The S&P 500 fell 2.7% early Friday, coming off its worst day since COVID wrecked the global economy in 2020.
According to the Associated Press, the Dow Jones Industrial Average dropped 1,000 points, and the Nasdaq composite tumbled 3%.
European stocks experienced some of the day’s biggest losses, and the price of crude oil dropped to its lowest level since 2021 on worries about how a trade war could cause a recession.
China retaliates and announces a 34% tariff on imports of all U.S. products
10 a.m. ET: China announced Friday that it will impose a 34% tariff on imports of all U.S. products starting April 10, part of a flurry of retaliatory measures following U.S. President Donald Trump’s "Liberation Day" slate of double-digit tariffs.
According to the Associated Press, the new tariff matches the rate of the U.S. "reciprocal" tariff of 34% on Chinese exports Trump ordered this week.
The Commerce Ministry in Beijing also said in a notice that it will impose more export controls on rare earths, which are materials used in high-tech products such as computer chips and electric vehicle batteries.
Safe haven?
9:45 a.m. ET: After hitting an all-time high earlier this week, gold is seeing some pressure as volatility spikes around the world following President Trump's tariffs, FOX Business reported.
Still, experts tell FOX Business the precious metal hasn't lost its shine and likely won't this year.
Click over to FOX Business for live market boards and check back here for updates throughout the day.
Wall Street appears on track for another day of crushing losses
9:30 a.m. ET: Major U.S. indexes fell before Friday’s opening bell, then doubled their losses after China matched Trump’s tariffs, the Associated Press noted.
Futures for the S&P 500 dipped 3.6% before the bell, while futures for the Dow Jones Industrial Average shed 3.4%, dropping below the 40,000 mark.
The AP noted that Nasdaq futures tumbled 4%. This comes after Thursday’s collapse, Wall Street’s worst day in five years.
Markets in Europe were having an even rougher time — by midday Friday, Germany’s DAX had lost 5%, the CAC 40 in Paris slipped 4.2% and Britain’s FTSE 100 gave up 3.8%. Meanwhile, oil prices fell as much as 8%.
The Source: FOX Business and The Associated Press contributed to this report, along with previous FOX Television Station reporting. This story was reported from Washington, D.C.