China now set to impose 34% tariffs on its goods coming to the U.S., economists warn that these tariffs could push consumer prices higher and curb spending.
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00:00On Thursday, U.S. stocks suffered their sharpest single-day decline since the COVID pandemic,
00:05with the S&P 500 plunging 4.8 percent and wiping out over $2 trillion in market value.
00:12The selloff was driven by anxiety over new tariffs by President Donald Trump on foreign
00:16imports, which were more extensive and severe than expected.
00:21China is now set to impose 34 percent tariffs on its goods coming to the U.S. in retaliation.
00:26Experts warn these tariffs could push consumer prices higher, curb spending, and increase
00:31the risk of a recession both domestically and around the world.
00:35Sectors like retail, technology, manufacturing, and the major airlines were among the hardest
00:40hit, with major companies like Kohl's, Best Buy, Dell, and United Airlines seeing steep
00:45losses in the session.
00:46Although automakers were relatively shielded due to their dependence on U.S. materials,
00:51the broader market turbulence highlights mounting concerns over tariffs' impact on
00:55the economy.