Dow Jones plunges more than 1,500 points as stock market reacts to Trump tariff shock
CBSN
The Dow Jones Industrial Average plunged 1,581 points, or 3.8%, to 40,634, in morning trade Thursday as spooked investors tried to assess the impact of the latest round of Trump administration tariffs.
President Trump on Wednesday announced a 10% baseline tariff on all U.S. trading partners and increased levies on dozens of countries that charge higher taxes on American exports. Mr. Trump has said the goal is to make global commerce more fair, spur companies to expand in the U.S. and generate federal revenue.
But experts warn that sharply ramping up tariffs on imports, coupled with any retaliatory measures from other nations, could drive up inflation, dampen spending by consumers and businesses, and hurt economic growth.
Target will invest another $2 billion in its business this year to spruce up stores, remodel locations and invest in workers, the retailer said Tuesday as it outlined plans to try to reverse a persistent sales malaise and reclaim its footing in fashion and home categories. In:
Defense Secretary Pete Hegseth deemed artificial intelligence firm Anthropic a "supply chain risk to national security" on Friday, following days of increasingly heated public conflict over the company's effort to place guardrails on the Pentagon's use of its technology. Jo Ling Kent contributed to this report. In: