Trump’s tariff war triggers $5tn wipeout as US markets suffer worst week since 2020
A $5 trillion loss hit Wall Street as the S&P 500 dropped 6% after Donald Trump’s tariff hikes sparked fear of a global recession. China's retaliatory tariffs intensified market losses. Federal Reserve Chair Jerome Powell warned of higher inflation and slower growth, while Trump remained defiant, labeling the economic turbulence as necessary for correcting trade imbalances.
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