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US stocks tumble, dollar weakens after Trump unveils sweeping tariffs
The News
US stocks plunged almost immediately after market open Thursday, as investors reacted to President Donald Trump’s sweeping tariffs announcement of at least 10% on all imports.
The Dow Jones Industrial Average tumbled more than 1,200, or 2.9%, within minutes of opening. The S&P 500 index fell by 3.4%, while the tech-heavy Nasdaq was down 4.5% in early trading.
The dollar fell 2.2% against a basket of other major currencies, a six-month low. “ The collapse is a loss of confidence in dollar-denominated assets in general,” a currency strategist told the Financial Times.
Shares of US companies with large overseas footprints have largely cratered. Apple — which makes a lot of its products and parts in China — saw its stock drop 9% in early trading, wiping some $250 billion off its market value.