US Stocks Plunge $2 Trillion Following Trump's Tariff Announcement

U.S. stocks plummeted following President Donald Trump's announcement of sweeping tariffs, with the S&P 500 dropping over 3% and the Dow Jones Industrial Average falling by more than 1,160 points. The tariffs, which include a minimum 10% tax on imports and higher rates on countries like China, have raised fears of increased inflation and slowed economic growth, potentially impacting U.S. GDP by 2% this year. Critics argue the tariffs will immediately hurt American consumers, particularly farmers, while administration spokespersons claim they will generate significant revenue and job growth. Globally, markets reacted negatively, with substantial declines in Europe and Asia, as the U.S. dollar weakened against other currencies. The announcement has triggered widespread concern among investors, with estimates indicating a $2 trillion loss in market capitalization for the S&P 500 within minutes of the tariffs being revealed. As the situation develops, the administration faces increasing scrutiny over the economic implications of these tariffs.