now
18.23 BST
Summary
of the day so far
US stocks
tumbled on Thursday, a day after surging on relief over Donald Trump’s pause on
most of the new tariffs announced last week.
As of
around noon ET, the S&P 500 index, the broad measure of the US stock
market, lost 298.72 points, or 5.45%, to 5,158.18. The Dow Jones industrial
average fell 1,872.86 points, or 4.61%, to 38,735.59. The tech-focused Nasdaq
index lost 1,091.78 points, or 6.38%, to 16,033.20.
Here’s a
recap of the day’s developments:
Global
stock markets rebounded after Trump’s announcement of the sudden pause,
following the most volatile period in financial markets since the pandemic.
Markets across Asia rose sharply earlier on Thursday, while European markets
showed most indexes recording their biggest one-day gains since 2022.
The
market moves were further supported by concessions from the EU. The European
Commission president, Ursula von der Leyen, confirmed on Thursday that the EU
will put its own tariff countermeasures against the US – which were due to kick
in on 15 April – on hold for 90 days.
The
overall US tariff rate on Chinese imports has risen to 145%. Trump’s
announcement on Wednesday, where he said Chinese imports would be tariffed at
125% did not include the additional 20% tariff on China for its role in the
production of fentanyl.
China
said Trump’s trade war with Beijing “will end in failure” for Washington.
Beijings own 84% retaliatory tariffs on US imports came into effect on
Thursday, while its foreign ministry said it not interested in a fight “but
will not fear if the United States continues its tariff threats.
Trump is
facing accusations of market manipulation over a Truth Social post on Wednesday
where he said it was a “great time to buy” just hours before he made a dramatic
U-turn on his trade war that led to big rises in stock markets around the
world.
The price
of eggs continues to soar for American consumers, rising by almost 6% in March
to an average cost of $6.23 for a dozen large eggs. That is more than double
the price just 12 months earlier.
Former US
treasury secretary Janet Yellen said Trump’s tariffs are “the worst
self-inflicted wound that I have ever seen an administration impose on a
well-functioning economy.” She accused the US president of having “taken a
wrecking ball” to the American economy.
Argentina’s
largest workers’ unions kicked off a massive 24-hour strike on Thursday,
bringing trains, planes and ports to a halt as they protested against sweeping
austerity measures from libertarian president Javier Milei’s government.
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