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Financial markets nosedived on Friday as Wall Street endured its worst crisis since the early days of the COVID-19 pandemic. The S&P 500 tumbled 6 per cent, and the Dow Jones Industrial Average sank by 2,231 points (5.5 per cent), after China hit back with retaliatory tariffs on US imports, escalating fears of a global recession
The market rout came just days after President Donald Trump announced a 34 per cent tariff on Chinese imports. In response, Beijing imposed a matching 34 per cent tariff on all U.S. goods starting April 10, sending shockwaves through global markets. The Nasdaq composite also fell 5.8 per cent, closing more than 20 per cent below its December record.
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