Wall Street ended its worst week since the onset of COVID-19, with the S&P 500 plunging 6% Friday after China retaliated against U.S. President Donald Trump’s tariff hikes with a matching 34% levy. The Dow Jones fell 2,231 points (5.5%), and the Nasdaq slid 5.8%, now over 20% below its December high. Canada’s S&P/TSX dropped 1,142 points, or 4.6%.
Only 12 of the S&P 500’s companies closed higher, while oil, copper, and other key growth indicators dropped sharply. China’s new tariffs, starting April 10, hit all U.S. imports, raising fears of a global recession.
Markets briefly steadied after a strong U.S. jobs report, but investors quickly refocused on long-term risks. Experts warned the outlook has turned “decidedly darker,” with uncertainty over how low markets could still fall.
Despite Canada avoiding direct U.S. tariffs, its markets remain volatile. Analysts now eye the Bank of Canada’s April 19 meeting for potential rate cuts to calm investor nerves.
Major firms like GE Healthcare and DuPont, with heavy exposure to China, led Friday’s declines. Meanwhile, Trump maintained his tough stance from Mar-a-Lago, suggesting tariffs could still lead to deals.
Yields on U.S. Treasuries dipped amid uncertainty, while global indices mirrored Wall Street’s slump: Germany’s DAX lost 5%, France’s CAC 40 fell 4.3%, and Japan’s Nikkei dropped 2.8%.
As the U.S.-China economic clash intensifies, investors brace for continued turbulence and potential global fallout.
Source: Swifteradio.com
