U.S. stock losses closed sharply lower, with the blue-chip Dow losing nearly 1,700 points and the broad S&P 500 tumbling about 275 points, after President Donald Trump unveiled his tariff plan late Wednesday.
Trump announced sweeping tariffs of at least 10% on all countries, effective April 5, and even higher levies for some countries to start soon. Some of China's neighbors and biggest trading partners such as Bangladesh, Vietnam, Laos and Cambodia were slapped with the highest tariffs. Some multinational companies have moved their supply chains to these countries as they looked to diversify away from China.
Shares of companies like Walmart, Target, Five Below, Gap, Dollar Tree and Amazon that import a bulk of their goods from Asia dropped.
Federal Reserve chair Jerome Powell said earlier this morning that the central bank would likely have...
Procter & Gamble will cut up to 7,000 jobs, or approximately 6% of its global workforce,...
