US Stock Market Plunges to 2020 Lows Following Trump's Tariff Announcement: S P 500 Down 4.8%, Nasdaq 6%, Dow Jones 4%

The U.S. stock market experienced a significant downturn on April 4, triggered by President Trump's announcement of global and reciprocal tariffs. The S&P 500 plummeted by 4.8%, marking its largest loss since the 2020 Covid-19 pandemic. The Nasdaq fell by 6%, and the Dow Jones decreased by 4%. Shares of Nike, Apple, and Target were heavily impacted, each declining by over 9%. Effective April 5, the White House declared a 10% baseline import tariff and varying reciprocal tariffs for 60 countries. A 25% tariff will be imposed on all foreign cars and auto parts imported into the U.S. The new tariffs are projected to generate hundreds of billions annually, but risk causing a sudden economic slowdown due to potential price increases for consumers and businesses. The announcement has sparked global reactions from world leaders and business associations.