The US stock market tumbled deeply into the red on Thursday as the White House clarified its plan for a massive 145% tariff on China, escalating a trade war.The Dow, after rising nearly 3,000 points Wednesday, had a volatile day in the red on Thursday. The blue-chip index fell 1,015 points, or 2.5%, pulling back after tumbling as much as 2,100 points midday.
The S&P 500 fell 3.46% and the Nasdaq Composite slid 4.31%. The S&P 500 was coming off its best day since 2008, and the Nasdaq on Wednesday posted its second-best daily gains in history.
After taking a victory lap Wednesday, the president on Thursday acknowledged some “transition problems” could be expected.
“A big day yesterday. There will always be transition difficulty — but in history, it was the biggest day in history, the markets. So we’re very, very happy with the way the country is running. We’re trying to get the world to treat us fairly,” Trump said in the Cabinet Room.
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