Wall Street and global financial markets are reeling from President Donald Trump’s new trade war, frightening members of his own party on Capitol Hill even as White House officials insist they have no intention of walking away from its tariff regime.
The Dow Jones Industrial Average is down about 2.8%. The tech-heavy Nasdaq composite fell by as much as 5%. The S&P 500 dropped by as much as 4%. Treasury yields dropped to a six-month low. The value of the euro, yen and other currencies surged against the dollar. Even crypto markets swooned a bit.
Bloomberg reports that the market is down 10% since Trump took office, the worst 10-week start in a new administration since George W. Bush took the White House in 2001 amid the collapse of the dot-com bubble.
