成人X站

Stock markets worldwide are careening even lower Friday after聽聽President Donald Trump鈥檚聽聽in tariffs in an聽. Not even a聽聽on the U.S. job market, which is usually the economic highlight of each month, was enough to stop the slide.

The S&P 500 was down 3.8% in midday trading, after earlier dropping more than 5%, following its聽聽wrecked the global economy in 2020. The Dow Jones Industrial Average was down 1,349 points, or 3.3%, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 3.8% lower.

So far there are few, if any, winners in financial markets from the trade war. European stocks saw some of the day鈥檚 biggest losses, with indexes sinking roughly 4%. The price of crude oil tumbled to its lowest level since 2021. Other basic building blocks for economic growth, such as copper, also saw prices slide on worries the trade war will weaken the global economy.

China鈥檚 response to U.S. tariffs caused an immediate acceleration of losses in markets worldwide. The Commerce Ministry in Beijing said it would respond to the 34% tariffs imposed by the U.S. on imports from China by imposing a 34% tariff on imports of all U.S. products beginning April 10. The United States and China are the world鈥檚 two largest economies.

Markets briefly recovered some of their losses after the release of Friday morning鈥檚 U.S. jobs report, which said employers accelerated their hiring by more last month than economists expected. It鈥檚 the latest signal that the U.S. job market has remained relatively solid through the start of 2025, and it鈥檚 been a linchpin keeping the U.S. economy out of a recession.

But that jobs data was backward-looking, and the fear hitting financial markets is about what鈥檚 to come.

鈥淭he world has changed, and the economic conditions have changed,鈥� said Rick Rieder, chief investment officer of global fixed income at BlackRock.

The central question is: Will the trade war cause a global recession? If it does, stock prices will likely need to come down even more than they have already. The S&P 500 is down roughly 15% from its record set in February.

Much will depend on how long Trump鈥檚 tariffs stick and what kind of retaliations other countries deliver. Some of Wall Street is holding onto hope that Trump will lower the tariffs after prying out some 鈥渨ins鈥� from other countries following negotiations. Otherwise, many say a recession looks likely.

For his part, Trump has said Americans may feel聽聽because of tariffs, but he has also said the long-term goals, including getting more manufacturing jobs back to the United States, are worth it. On Thursday, he聽, where the U.S. economy is the patient.

鈥淔or investors looking at their portfolios, it could have felt like an operation performed without anesthesia,鈥� said Brian Jacobsen, chief economist at Annex Wealth Management.

But Jacobsen also said the next surprise for investors could be how quickly tariffs get negotiated down. 鈥淭he speed of recovery will depend on how, and how quickly, officials negotiate,鈥� he said.

Vietnam said its deputy prime minister would visit the U.S. for talks on trade, while the head of the European Commission has vowed to fight back. Others have said they were hoping to negotiate with the Trump administration for relief.

Trump criticized China鈥檚 retaliation on Friday, saying on his Truth Social platform that 鈥淐HINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!鈥�

On Wall Street, stocks of companies that do lots of business in China fell to some of the sharpest losses.

DuPont dropped 11.3% after China said its regulators are launching an anti-trust investigation into DuPont China group, a subsidiary of the chemical giant. It鈥檚 one of several measures targeting American companies and in retaliation for the U.S. tariffs.

GE Healthcare got 12.3% of its revenue last year from the China region, and it fell 13.3%.

In the bond market, Treasury yields continued their sharp drop as worries rise about the strength of the U.S. economy. The yield on the 10-year Treasury tumbled to 3.94% from 4.06% late Thursday and from roughly 4.80% early this year. That鈥檚 a major move for the bond market.

The Federal Reserve could cut its main interest rate to relax the pressure on the economy, as it was doing late last year before pausing in 2025. But it may have less freedom to move than it would like.

Fed Chair Jerome Powell said in written remarks being delivered in Arlington, Virginia that tariffs could also drive up expectations for inflation. That could be even more damaging than high inflation itself, because it can drive behavior that begins a vicious cycle that only worsens inflation. U.S.聽they鈥檙e bracing for sharp increases to their bills.

鈥淥ur obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem,鈥� Powell said.

That could indicate a hesitance to cut rates because lower rates can give inflation more fuel.

In stock markets abroad, Germany鈥檚 DAX lost 4.3%, France鈥檚 CAC 40 dropped 3.7% and Japan鈥檚 Nikkei 225 fell 2.8%.

The Associated Press writers Jiang Junzhe, Huizhong Wu and Matt Ott contributed to this reporting