1 week Ago By [email protected] (Gunjan Rajput)
Updated April 11th 2025, 08:01 IST Wall Street plunged after the Trump administration reversed its tariff pause, hiking levies on Chinese goods to 145%. Less than a day after US President Donald Trump attempted to calm markets by pausing his aggressive tariff agenda, Wall Street took another beating as the White House backtracked, confirming a sharper-than-expected increase in duties on Chinese imports. On Thursday, markets swung wildly before closing sharply lower, with fears of a global recession back on the table.
Tariff turmoil triggers selloff Markets tumbled after the Trump administration announced that levies on Chinese goods would be raised to 145%, instead of the previously floated 125%. The Dow Jones Industrial Average plunged over 2,100 points at its session low before recovering slightly to close down 1,014 points, or 2.5%.
The S&P 500 fell 3.46%, and the Nasdaq Composite dropped 4.31%, led by a heavy selloff in tech.
Tech Stocks Down High-growth tech names were among the worst hit. Tesla slumped 8%, Apple dropped over 4%, while Nvidia and Meta each slid nearly 7%. The 10-year Treasury yield, closely watched amid bond market turbulence, remained relatively unchanged at 4.
39%. Tariff structure at a glance: 145% duty on all Chinese imports 25% tariffs on aluminium, autos, and non-USMCA goods from Canada and Mexico 10% levy on all other imports Rebound erased The losses reversed a significant portion of Wednesday’s dramatic rally, when the S&P 500 soared over 9% — its third-biggest single-day gain since World War II. The Dow saw its largest percentage increase since March 2020, while the Nasdaq marked its second-best day on record.
Read More US Market Bloodbath Worsens as China Strikes Back with 34% Tariffs on American Goods Asia-Pacific rallies amid selective optimism Despite Wall Street’s reversal, Asia-Pacific markets surged on Thursday as investors hoped that the renewed tariffs would remain China-specific. Japan’s Nikkei 225 led the charge, jumping 9.13% to 34,609, with the Topix up 8.
09%. South Korea’s Kospi climbed 6.60%, while the Kosdaq rose 5.
97%. Australia’s S&P/ASX 200 ended 4.54% higher, and Hong Kong’s Hang Seng Index gained 2.
06%. Mainland China’s CSI 300 edged up 1.31%.
Published April 11th 2025, 08:01 IST.
