Stocks crater as nations vow to retaliate against Trump's tariffs.

quote:

---

U.S. stocks plummeted Thursday amid retaliation warnings from around the world a day after President Donald Trump unveiled his wide-ranging tariff program aimed at making U.S.-made products more attractive to American consumers amid claims from critics that the plan will trigger inflation and could spin the economy toward recession.

Trump declared sweeping tariffs of 10% on imports from all countries and much higher levies on about 60, including the European Union and other trade rivals, which could fuel tensions in a global trade war and shake already wobbly financial markets. The announcement fulfilled the president's vow to punish countries he says have treated the U.S. unfairly.

Trump was upbeat Thursday morning, posting on Truth Social that "the operation is over! The patient lived and is healing. The prognosis is that the patient will be far stronger, bigger, better and more resilient than ever before. Make America Great Again!!!"

Ursula von der Leyen, president of the European Commission, was less optimistic, calling Trump's levies "a major blow" that will fuel inflation around the world. She said the EU would respond with countermeasures but provided no details.

"I know that many of us feel let down by our oldest ally," von der Leyen said Thursday. "It is not too late to address concerns through negotiations. Let’s move from confrontation to negotiation.”

The timing of the tariffs was curious to many economists.

---