Chinese tariffs shake US stock market

Following China’s announcement of a 34% tariff on US goods, US stock indices continued to decline, The Economist reported.

The Dow Jones index fell by 2.2%, the S&P 500 by 2.5%, and NASDAQ by 2.6%. Tesla and Apple shares dropped by 6% each. Alphabet, Microsoft, Nvidia, and other major tech firms also saw their stock prices fall.

JPMorgan Chase, the largest US bank by assets, saw its shares fall by 7.3%. Goldman Sachs and Morgan Stanley experienced similar drops.

Major oil companies also took hits: Exxon shares fell by 4.8%, Chevron by 4%, and Marathon Petroleum — the country’s largest oil refiner — dropped by 4.6%.

China’s stance on tariffs raised investor concerns that the countries may resort to retaliatory measures rather than negotiations, increasing the likelihood of a broader trade war.

A day earlier, following news that Donald Trump planned new import tariffs on goods from other countries, the global market capitalization of companies had already declined by $3.1 trillion. Main stock indices lost 5–6% as a result. Follow “Zamin” news on “Telegram”