Dow tumbles 1,000 points after China retaliates against Trump’s tariffs
US stocks opened sharply lower Friday after China retaliated against the United States for President Donald Trump’s tariffs in a tit-for-tat that escalates a global trade war. The Dow fell 1,000 points, or 2.5%, and the broader S&P 500 was 2.6% lower. The tech-heavy Nasdaq was 3% lower and flirting with bear-market territory — a decline of 20% from its peak in December. Investors had been fearful that a dramatic escalation of the trade war could plunge the US and global economies into a recession. JPMorgan analysts said Thursday that America’s economy and the broader world economy both had a 60% chance of sinking into a recession this year. The analysts also said odds of a recession would rise if countries began to retaliate against the United States — and China did so Friday. Retaliation raises the risk of further escalation and could […]
