(VOVWORLD) - The Wall Street suffered its worst week since the Covid-19 pandemic five years ago due to Donald Trump’s sweeping tariffs.
 A trader on the New York Stock Exchange in New York City (Photo: AFP/VNA)
|
On the New York Stock Exchange, on Friday, the S&P 500 index shrank 6% after China announced it would impose an additional 34% tariff on all US imports, equivalent to the reciprocal tariffs President Trump announced on April 2nd against Beijing.
This significant drop marked the worst week for the S&P 500 since March 2020, when the COVID-19 pandemic devastated the global economy.
The Dow Jones Industrial Average lost 2,231 points (equivalent to a 5.5% drop).
The Nasdaq Composite index dropped by 5.8%, marking a decrease of more than 20% from the record high set last December.
The stock prices of 486 out of the 500 companies in the S&P 500 index in the US dropped sharply. Global crude oil prices plunged to their lowest level since 2021.