U.S. stocks tumbled on Thursday after the White House clarified that tariffs on Chinese imports will total 145%, not the previously stated 125%, reigniting investor fears over the global trade outlook.
The market losses accelerated after the White House issued a clarification on President Donald Trump’s latest tariff move. While Trump had originally stated that Chinese goods would face a 125% tariff, the administration confirmed on Thursday that the final rate will be 145%.
The earlier 125% figure, which Trump had posted on social media and mentioned during a press conference on Tuesday, was already higher than any previous U.S. tariff rate on Chinese goods. It sparked brief panic across global markets before investors recovered on hopes the escalation might be temporary or subject to negotiation.
However, Thursday’s clarification by the White House dashed those hopes. Officials explained that the 125% figure only accounted for the latest round of increases, and when combined with prior tariffs already in effect, the total effective rate on most Chinese imports is 145%.
"While yesterday seemed to be a significant rally in the face of good news in terms of the potential for negotiations, the bad news is the trade war with China continues to escalate," said Art Hogan, chief market strategist, B Riley Wealth.
Even a better-than-expected U.S. inflation report failed to lift markets. Investors remain concerned that the steep tariffs will disrupt global supply chains, drive up prices for consumers, and hurt U.S. businesses dependent on Chinese goods.
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Danish Prime Minister Mette Frederiksen said “you cannot spy against an ally” following reports that the U.S. has increased intelligence efforts in Greenland, a semi-autonomous Danish territory.
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Ten blasts were reported near Srinagar International Airport in India-administered Kashmir as tensions between India and Pakistan continue to escalate, prompting global concern over a potential wider conflict.
Ukraine and Hungary announced on Friday the mutual expulsion of two diplomats each, following accusations from both sides of espionage activities.
Pope Leo XIV marked his first full day as head of the Roman Catholic Church with a solemn Mass in the Sistine Chapel on Friday, just one day after his historic election as the first American pope.
The swift election of Pope Leo XIV reflects a clear consensus among cardinals for continuity, unity, and a leader capable of bridging divides both within the Church and across the globe.
Danish Prime Minister Mette Frederiksen said “you cannot spy against an ally” following reports that the U.S. has increased intelligence efforts in Greenland, a semi-autonomous Danish territory.
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The United States, along with its European allies, is finalizing a proposal for a 30-day ceasefire in Ukraine, with a strong warning that new sanctions will be imposed on Russia if the truce is not honored, according to a French diplomatic source on Friday.
Ten blasts were reported near Srinagar International Airport in India-administered Kashmir as tensions between India and Pakistan continue to escalate, prompting global concern over a potential wider conflict.
Ukraine and Hungary announced on Friday the mutual expulsion of two diplomats each, following accusations from both sides of espionage activities.
Pope Leo XIV marked his first full day as head of the Roman Catholic Church with a solemn Mass in the Sistine Chapel on Friday, just one day after his historic election as the first American pope.
The swift election of Pope Leo XIV reflects a clear consensus among cardinals for continuity, unity, and a leader capable of bridging divides both within the Church and across the globe.
Ten blasts were reported near Srinagar International Airport in India-administered Kashmir as tensions between India and Pakistan continue to escalate, prompting global concern over a potential wider conflict.
Ukraine and Hungary announced on Friday the mutual expulsion of two diplomats each, following accusations from both sides of espionage activities.
Pope Leo XIV marked his first full day as head of the Roman Catholic Church with a solemn Mass in the Sistine Chapel on Friday, just one day after his historic election as the first American pope.
The swift election of Pope Leo XIV reflects a clear consensus among cardinals for continuity, unity, and a leader capable of bridging divides both within the Church and across the globe.
Danish Prime Minister Mette Frederiksen said “you cannot spy against an ally” following reports that the U.S. has increased intelligence efforts in Greenland, a semi-autonomous Danish territory.
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