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US stocks sink in 1st trading after Trump's tariffs announcement [Yahoo! Finance]
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The Dow Jones Industrial Average plummeted 1,100 points, or 2.6%, while the S&P 500 tumbled 3.3%. The tech-heavy Nasdaq declined 4.3%. The selloff hammered shares of some major multinational corporations with supply chains abroad. Nike plummeted 11%, while Apple fell nearly 8%. E-commerce giant Amazon slid 6%. The shares of U.S. retailers that depend largely on imported products also tumbled, with Dollar Tree down 11% and Five Below seeing 25% losses. While Trump said the tariffs would free the U.S. from dependence on foreign goods, fears of a deepened international trade war appeared to influence the stock market reaction. MORE: What's in Trump's sweeping new tariff plan? During the event at the White House on Wednesday, Trump unveiled a sweeping set of baseline tariffs on all trading partners and what he described as "kind reciprocal" tariffs on nations he claimed were the worst offenders in trade relations with the U.S. "My fellow Americans, this is Liberation Day,"
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