U.S. President Donald Trump’s big raise in tariffs has triggered an escalating trade war and sent global markets plummeting. The S&P 500 fell 6% Friday, the Dow Jones Industrial Average plunged 5.5% and the Nasdaq composite dropped 5.8%. China announced Friday that it will impose a 34% tax on all U.S. imports next week, part of a flurry of retaliatory measures to Trump’s new tariffs. Trump has doubled down on his commitment to tariffs, maintaining that his new levies will bring trillions of dollars of investment to the U.S. while also criticizing other countries’ retaliatory measures. Billionaire Elon Musk said Saturday that he hopes the U.S. and Europe can create a close partnership and reach a “zero-tariff zone.”
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