Trillions Vanish: US Market Plummets Amid New Tariffs

US financial markets suffered a severe hit following President Trump's implementation of comprehensive tariffs on foreign imports. Major sectors experienced significant value loss, with cumulative damage exceeding USD 2 trillion. The tariffs are predicted to stall consumer spending, potentially ushering the global economy into recession.

In a dramatic turn of events, US financial markets witnessed trillions of dollars in value wiped off on Thursday. This comes after President Donald Trump stunned the business community by imposing sweeping tariffs on foreign imports, a move that has sent shockwaves across virtually every sector.

The market close on Thursday marked the biggest single-day drop since the COVID-19 pandemic severely disrupted global economies five years ago. Affected sectors include banks, retailers, airlines, technology companies, and more, each grappling with fears of reduced consumer spending as tariffs escalate prices of goods and services.

According to experts, these tariffs represent an unprecedented business tax that will ripple through to consumers, affecting spending habits and potentially stalling economic growth. Howard Silverblatt from S&P Dow Jones Indices noted a steep 4.8% drop in the S&P 500 index, translating to over USD 2 trillion vanishing from market value.

(With inputs from agencies.)