Updated April 3, 2025, 9:00 a.m.
The Dow Jones Industrial Average plummeted 1,581 points, or 3.8%, to 40,634 in Thursday morning trading, as investors grappled with the implications of the Trump administration’s latest tariff measures.
On Wednesday, President Trump unveiled a sweeping 10% baseline tariff on all U.S. trading partners and raised duties on multiple countries that impose higher taxes on American exports. The administration argues that these tariffs aim to create a fairer global trading environment, encourage domestic business expansion, and boost federal revenue.
However, economic experts caution that the aggressive tariff hikes—along with potential retaliatory actions from other nations—could stoke inflation, curb consumer and business spending, and slow economic growth.
The tech-heavy Nasdaq took a significant hit, plunging 1,000 points (5.7%), while the S&P 500 fell 4.4%. This decline represents a staggering $1.9 trillion loss in market value during morning trading, according to FactSet. The S&P 500 is now on track for its worst single-day performance since 2022.
“Market uncertainty is expected to remain high in the coming weeks, as investors weigh potential downward revisions to U.S. economic and corporate earnings forecasts, the likelihood of escalating trade tensions, and the prospect of negotiated tariff reductions,” said Solita Marcelli, Chief Investment Officer Americas at UBS Global Wealth Management.
Global markets also felt the strain. In Asia, Japan’s Nikkei 225 briefly dipped 4% before closing 2.8% lower, with automakers and financial stocks suffering heavy losses. South Korea’s Kospi declined 1.1%. Meanwhile, in Europe, Germany’s DAX slid 2.4%, France’s CAC 40 fell 2.7%, and Britain’s FTSE 100 lost 1.5% by midday.
Speaking on CNN Thursday, White House Press Secretary Karoline Leavitt remained optimistic, urging investors to have faith in the administration’s economic strategy. “To anyone on Wall Street this morning, I would say trust in President Trump,” she stated, despite the overnight market turmoil.
Following Trump’s re-election in November, financial markets initially surged, fueled by expectations of tax cuts and deregulation. Many investors assumed that Trump’s tariff threats were primarily a negotiating tactic rather than a full-scale attempt to overhaul global trade.
However, stock markets have reversed course since reaching record highs in February, as the administration has demonstrated its commitment to implementing sweeping trade restrictions. The scale and speed of these tariff increases have caught investors off guard.
Unlike Trump’s first term, when tariffs were imposed on roughly $380 billion worth of imports over four years, his administration has levied over $3 trillion in tariffs within just three months, according to the Economic Policy Institute, a left-leaning think tank.
“Markets may still be underestimating the broader consequences, particularly if these tariff rates hold, given the potential ripple effects on global consumption and trade,” warned Sean Sun, portfolio manager at Thornburg Investment Management.
Year-to-date, the S&P 500 has dropped 7.3%, the Dow has fallen 4.1%, and the Nasdaq has tumbled 13%, with Thursday’s sell-off deepening investor concerns over the market’s trajectory.
RELATED: Here Are Some Notable Moments Of Black Culture In 2025
RELATED: Rest In Power: Notable Black Folks Who We’ve Lost In 2025
From politics to weather, keep scrolling for some of the major news stories we have witnessed in 2025.
The Biggest News Stories Of 2025 was originally published on 92q.com
1. Global stock markets tumble after Trump’s tariffs news
2. Trump announces 10% baseline tariff on all countries
3. Trump’s tariffs will go into effect immediately after announcement, White House says
4. Watch: Cory Booker breaks record for longest Senate floor speech with 24-hour Trump protest
5. White House confirms recent firings of 50 U.S. attorneys and deputies
6. Trump says he’s considering ways to serve a third term as president
7. More than 1,000 dead in severe earthquake
8. Trump moves to revoke collective bargaining rights for most federal workers
9. TikTok faces U.S. ban deadline: What happens after April 5?
10. U.S. Department of Health and Human Services will cut thousands of jobs
11. FBI creates task force to investigate Tesla threats
12. DOJ defends deportations to El Salvador, Elon Musk meets with Pentagon officials
13. Boston Celtics sold to group led by William Chisholm, Sixth Street for $6.1B
14. Trump to sign executive order to start dismantling Department of Education
15. Judge blocks Trump order banning transgender people from military service
16. NASA astronauts Suni Williams and Butch Wilmore return after 286 days in space
17. Trump deportations challenged in court
18. Wildfires, tornadoes sparked by storm system that killed at least 40 across U.S.
19. Trump considers four bids to buy TikTok as deadline for deal looms
20. Johns Hopkins University says it’s laying off 2,200 due to USAID funding cuts
21. Senate passes short-term funding bill, averting a government shutdown
22. American Airlines passenger plane erupting in flames
23. USDA cuts funding for school, food bank programs
24. “Stranded” astronauts’ return delayed again after SpaceX mission scrubbed
25. Social Security Administration plans to take back overpayments to Americans
26. Trump administration to roll back Biden-era environmental protections
27. Measles on the rise in U.S. with infections reported in 15 states
28. Department of Education slashing nearly 50% of workforce
29. Inflation rises by 2.8% in February
30. 25% tariffs on all steel and aluminum imports to U.S. take effect
31. 5 years since WHO declared COVID-19 a pandemic
32. Southwest Airlines To Start Charging For Checked Bags
33. U.S. stocks plunge as Americans worry about a recession
34. DC removes Black Lives Matter plaza
35. X Down, Elon Musk says its a massive cyberattack
36. The government tries to avoid a shutdown
37. Stocks take another tumble after Trump’s weekend comments on inflation
38. South Carolina man executed via firing squad, first in 15 years
39. New Trump executive orders expected as he threatens reciprocal tariffs on Canada
40. Experts warn of lasting immune effects as measles outbreak spreads
41. President Trump pauses Mexico and Canada tariffs until April 2
42. Trump expected to issue executive order to eliminate Education Department
43. Trump addresses Congress
44. Trump’s tariffs on Mexico, Canada take effect
45. Trump signs executive order making English the official language of the US
46. Heated Trump-Zelenskyy meeting in Oval Office
47. Iowa becomes first state to remove civil rights protections for transgender people
48. 3 injured in flight from Maryland after plane crashes in Vermont
49. Egg prices will rise more than 40% this year: USDA
50. DoorDash to pay $16.75 million to settle claims that it unfairly used customer tips to subsidize delivery worker wages
51. MSNBC cancels Joy Reid’s show
52. The Associated Press sues Trump White House officials
53. Federal employees suing Elon Musk over tasks email
54. Dan Bongino named FBI deputy director
55. Luigi Mangione makes first court appearance of 2025
56. Pope Francis remains in critical condition with early kidney failure, Vatican says
57. Trump declares Mexican cartels as foreign terrorist organizations
58. Delta offers $30,000 to passengers who survived Toronto plane crash
59. Two people dead after mid-air plane crash at southern Arizona airport
60. Trump administration gives schools a deadline to end DEI programs or risk losing federal money
61. Delta plane crash landed and flipped at Toronto airport caught on camera
62. Elon Musk’s Department of Government Efficiency (D.O.G.E.) is makes a push to gain access to an IRS system
63. 15,000 IRS workers facing potential layoffs in the middle of tax season
64. Two killed in small plane crash in Atlanta
65. Army bans transgender people from enlisting, halts gender transition procedures
66. Tony Buzbee drops civil lawsuit alleging rape against Jay-Z and Sean ‘Diddy’ Combs
67. Andrew Lester enters guilty plea to lesser charge in shooting of Ralph Yarl
68. TikTok Is Back on U.S. App Stores—For Now
69. Robert F. Kennedy Jr. confirmed as HHS secretary in 52-48 vote
70. Navy investigating fighter jet crash off San Diego
71. Private Jet Collides At Arizona Airport
72. ‘Gulf Of America’ Arrives on Google Maps
73. The Philadelphia Eagles win the Super Bowl
74. Judge blocks DOGE from accessing Treasury data after lawsuit against Trump administration
75. Trump appoints controversial NOAA head
76. Judge temporarily blocks 2,200 USAID workers from being put on leave
77. Trump says he’s revoking Biden’s security clearance
78. Shoppers report paying fees to receive their international packages
79. Small plane crashes in Alaska, all 10 dead
80. President Trump signs executive order banning transgender athletes in sports
81. Rep. Al Green is filing new impeachment articles against Trump
82. USPS now says it will accept international mail from China and Hong Kong
83. President Trump considering dismantling Department of Education
84. Trump imposes Tariffs on Canada, Mexico, and China; Canada retaliates
85. American Airlines flight collides with helicopter in Washington, D.C.
86. White House rescinds federal aid freeze
87. Federal judge blocks Trump administration freeze on federal grants
88. White House orders freeze on all federal financial assistance
89. Target Scales Back Diversity, Equity, and Inclusion Efforts
90. Judge blocks Donald Trump’s plan to end US birthright citizenship
91. Trump administration directs all federal DEI staff be put on leave
92. Trump pardons Capitol rioter and signs a series of executive actions
93. Biden pardons family members minutes before Trump sworn in
94. Donald Trump Is Sworn in as 47th U.S. President
95. Biden issues preemptive pardons for Milley, Fauci and Jan. 6 committee members
96. TikTok begins restoring after Trump comments less than 24 hours after going dark in U.S.
97. TikTok goes dark as U.S. ban takes effect
98. Supreme Court upholds TikTok ban
99. President Joe Biden’s farewell address to the nation warns of an oligarchy
100. Israel & Hamas agree to ceasefire deal
101. Texas man charged with stalking Indiana Fever star Caitlin Clark
102. Supreme Court hears arguments on TikTok ban
103. Judge Juan Merchan has sentenced Donald Trump to unconditional discharge in hush money cas
104. Former President Jimmy Carter honored in Washington, D.C.
105. Fast-moving Pacific Palisades fire grows to more than 2,900 acres
106. Trump says he plans to change Gulf of Mexico’s name to “Gulf of America”
107. First bird flu-related human death reported in Louisiana
108. Canada’s PM Justin Trudeau announces resignation
109. Apple to pay $95M to settle lawsuit accusing Siri of eavesdropping
110. Georgia judges takes his own life in courtroom
111. 10 hurt in shooting in Queens, NY
112. 10 dead, dozens injured in New Orleans truck ‘terrorist attack’
