$3 Trillion Wiped Out as Trump’s Tariffs Spark U.S. Stock Market Selloff
Global financial markets were thrown into turmoil today as investors reacted to President Donald Trump’s sweeping new tariffs, triggering a massive selloff in U.S. stocks. The S&P 500 Index plunged 4%, while the tech-heavy Nasdaq 100 tumbled nearly 5%, wiping out an estimated $3 trillion in market value.
Companies heavily reliant on international trade and overseas production, such as Apple Inc. and Nike Inc., saw their stocks take a severe hit. The selloff was fueled by concerns that Trump’s aggressive trade measures could disrupt global supply chains and weaken economic growth.
In the early hours of today, Trump announced a sweeping 10% tariff on all countries exporting to the United States. The tariff, which affects key U.S. trading partners such as the European Union and smaller economies like Nigeria, marks Trump’s most expansive trade measure since his return to the White House.
The fallout extended beyond stocks. The U.S. dollar plummeted by its biggest margin in at least two decades as investors pulled back, pushing the euro, yen, and Swiss franc sharply higher. Oil prices also dropped on fears of reduced demand, while U.S. Treasuries saw a rush of investors seeking safety, briefly pushing the 10-year yield below 4%.
Checks by Neusroom show that as of 4:33 PM Nigerian time, Apple’s stock had lost 8.61%, while Google’s parent company, Alphabet Inc., saw its value decline by nearly 4%. Tesla, the electric carmaker owned by Trump ally Elon Musk, dropped over 5%. NVIDIA Corp, a key supplier of AI chips, suffered a nearly 7% loss.
