The S&P 500 fell almost 5 percent on Thursday, its worst drop since June 2020, as allies and adversaries alike criticized President Trump’s action and weighed their responses.The New York Times reports that the current time in Washington, D.C. is 1:16 p.m. on April 3. In Brussels, it is 7:16 p.m. on April 3, while in Beijing it is 1:16 a.m. on April 4. These times are subject to change as the day progresses.
The stock market in the United States, Asia, and Europe has taken a sharp downturn in response to President Trump’s announcement of major tariffs on U.S. imports. This move has sparked swift reactions from officials in the world’s largest economies, with some countries warning of retaliation.
In response to the tariffs, the S&P 500 has fallen more than 4 percent, mirroring similar declines in Asia and Europe. China has promised to take countermeasures to protect its own interests, while its state media has described the tariffs as “self-defeating bullying.”
President Trump had previously stated his intention to impose “reciprocal tariffs” on both allies and adversaries, but the actual tariffs announced on Wednesday were higher than expected and are likely to result in increased prices for American consumers and manufacturers.
European Commission President Ursula von der Leyen has stated that the European Union will stand united in its response, with French President Emmanuel Macron calling on European companies to suspend investments in the United States until the situation is clarified. Germany, the largest economy in Europe, is particularly vulnerable to the tariffs and is already facing economic stagnation.
Japan, the largest overseas investor in the United States, has expressed regret over the tariffs, but has not yet indicated any plans for retaliation. British Prime Minister Keir Starmer has stated that negotiations for a trade deal with the United States will continue, rather than immediately retaliating.
The tariffs have been met with widespread criticism from business groups, trade experts, economists, and lawmakers from both parties. Some industries are also scrambling to understand how they will be affected.
President Trump has defended his policies as necessary to boost domestic production and has declared a national emergency. Despite the market turmoil, Secretary of Commerce Howard Lutnick has expressed confidence in the long-term success of American markets.
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