Wall Street Woes: Markets Plummet as Tariff Concerns Resurface

US stocks stumbled as Wall Street reconsidered the impact of a trade war. The S&P 500 fell by 5%, the Dow lost 1,746 points, and Nasdaq sank 5.8%. Tariff uncertainty overshadowed a positive inflation report, weighing heavily on the markets as clarity on Chinese import tariffs emerged.

Wall Street faced a turbulent session as US stocks relinquished previous gains amid fresh trade war concerns. The S&P 500 fell by 5%, while the Dow Jones Industrial Average shed 1,746 points, and the Nasdaq composite dropped 5.8%.

The volatility came after the White House clarified that tariffs on Chinese imports would be set at 145%, rather than the 125% earlier mentioned by President Donald Trump. This announcement added to the market's anxieties, negating the effects of a favorable inflation report that had initially buoyed some investor confidence.

As investors processed the reinforced tariff stance, the outlook on economic growth became increasingly murky, sparking further sell-offs in the market. This recent downturn highlights the ongoing unpredictability and sensitivity of the global markets to trade policy developments.

(With inputs from agencies.)