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U.S. stock markets experienced significant losses, with the Dow down 5.5%, Nasdaq down 5.8%, and S&P 500 down nearly 6%, marking the worst two-day stretch since March 2020, amid global trade war fears following President Trump’s announcement of reciprocal tariffs. China retaliated with a 34% tariff on U.S. goods, exacerbating market fears, while Federal Reserve Chair Jerome Powell warned of potential higher inflation and unemployment. Critics accused Trump of being disconnected from economic struggles as he attended a golf tournament, though he remained defiant in his trade policies.
