Trump Tariff Threat Erases $2 Trillion From U.S. Markets As Stocks Plunge On Trade War With China

Benzinga

The S&P 500 plunged 2.7%, wiping out $2T in value after Trump vowed steep new tariffs on China. His Truth Social post sent Nvidia and AMD tumbling as renewed trade war fears rattled markets ahead of the Xi summit.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02The S&P 500 briefly approached a record high on Friday before a Truth Social post from Trump

00:08erased $2 trillion in market value, according to CNBC. The index plunged 2.7% after Trump threatened

00:16a massive increase of tariffs on Chinese imports, its worst day since April's Liberation Day

00:22sell-off. The Nasdaq tumbled 3.56% and the Dow fell 879 points as chipmakers NVIDIA and AMD-led

00:31losses, sinking 5% and 8%, respectively. Trump's comments accused China of holding the world

00:39captive through its rare-earth monopoly, deepening fears of a renewed trade war ahead of his planned

00:44meeting with Xi Jinping at the Apex Summit. Late Friday, Trump doubled down, pledging 100% tariffs

00:51and export controls on critical software, which could further strain AI sector ties with

00:57China. For all things money, visit Benzinga.com.

Category

Transcript

Be the first to comment

Recommended