Markets plunge with S&P 500 down 6% and Dow down 2,200 after China retaliates against Trump tariffs

Traders work in their booth on the floor of the New York Stock Exchange, Friday, April 4, 2025. - Photo: AP

NEW YORK: (AP) Wall Street’s worst crisis since Covid slammed into a higher gear Friday (April 4). The S&P 500 lost 6% after China matched President Donald Trump’s big raise in tariffs announced earlier this week.

The move increased the stakes in a trade war that could end with a recession that hurts everyone.