US stocks plummeted on Thursday, with the Dow Jones Industrial Average falling 535 points, or 1.3%, in a deepening loss suffered since the outbreak of a trade war triggered by President Donald Trump’s tariffs. The S&P 500 dropped 1.4% and the Nasdaq declined nearly 2%.
The decline marks the index’s first correction since October 2023 and is now over 10% lower than its peak last month, making it an official market correction.
In a statement on Thursday, Trump threatened to impose a 200% tariff on champagne and other alcohol products from the European Union, escalating the global trade war. However, he stood firm on his tariff plans, saying “I’m not going to bend at all.”
Tesla, the electric carmaker run by Elon Musk, fell 5.5% in early trading after Trump announced plans to purchase Tesla vehicles at an event at the White House. The stock value has fallen over 40% this year.
A looming government shutdown with a deadline on Friday and ongoing back-and-forth over international tariffs continue to hang over the US economy.
Source: https://abcnews.go.com/Business/stock-futures-thursday-trump-trade-war-wall-street/story?id=119745099