Wall Street faced one of its worst weeks in years as President Donald Trump’s aggressive tariff policies triggered a massive sell-off, erasing nearly $5 trillion from the US stock market. The S&P 500 plunged 6%, its steepest weekly drop since the pandemic-induced crash of March 2020, as fears of a global recession intensified.
Investors, already on edge, were further rattled after the Trump administration imposed steep new import duties on multiple trading partners, including China, which swiftly retaliated. Despite a stronger-than-expected jobs report, market confidence collapsed as trade tensions overshadowed economic data.
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Federal Reserve Chair Jerome Powell offered little comfort, adopting a cautious “wait and see” approach to potential rate cuts, dashing hopes for immediate relief. Analysts warn that the escalating trade war could derail global growth, with markets bracing for further volatility.
