Stock markets continued to fall on Thursday as the fallout from U.S. President Donald Trump’s tariff announcement was felt around the world.
The Dow Jones Industrial Average plummeted 1,679 points. The S&P 500 tumbled 4.8%, marking its worst trading day since 2020.
Meanwhile, businesses also continued to struggle. Nike plummeted 14%, while Apple fell 9%.
Speaking on Wednesday, Trump said the tariffs would help American businesses. He held up a chart as he announced a minimum baseline tariff of 10% on all trading partners.
The tariffs have sparked fears of a global recession. Japan’s Prime Minister Shigeru Ishiba said that the tariffs had created a “national crisis” as the countries stock also dived on Thursday.
Trump’s announcement means the U.S. will now have higher prices on everything from crars, groceries, and electronics. For example, if Apple passes the tariff onto its customers, a new iPhone could cost nearly $2,300.
The global economy is fundamentally different today than it was yesterday,” Canadian Prime Minister Mark Carney said Thursday.
Meanwhile, China vowed retaliation for Trump’s 54% tariffs and French President Emmanuel Macron called for European countries to suspend investment in the United States.
As he was leaving the White House Thursday, Trump said the tariffs give the United States the power to negotiate, counteracting his own staff.
“The tariffs give us great power to negotiate. Always have. I used it very well in the first administration, as you saw, but now we’re taking it to a whole new level,” he said.
