Wall Street faced another brutal selloff on Friday, with major US stock indexes suffering their worst two-day decline since the pandemic era, as China fired back with sweeping retaliatory tariffs against American goods.
Investors are now bracing for a potential global recession sparked by escalating trade tensions under President Donald Trump’s administration.
The Dow Jones Industrial Average sank by a staggering 2,011 points, or 4.98%, marking its steepest one-day loss since June 2020.
Combined with Thursday’s 1,679-point plunge, the blue-chip index has now tumbled 14% from its recent record high as fears of a full-blown trade war with China intensify.