Stocks plunge for second day as Trump tariff turmoil deepens
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Stocks fell sharply as China retaliated against Trump's tariffs; S&P 500 down 4%, Nasdaq down 4.3%; FTSE 100 dropped almost 5%, its steepest fall in five years; Trump's tariffs include 10% import taxes on goods from multiple countries, with China facing a 34% tariff; analysts warn of potential economic recession; Trump dismissed market concerns, claiming a strong US labor market; shares in Nike fell significantly, while Apple dropped 5%; Jerome Powell noted uncertainty in the economy due to higher-than-expected tariffs.
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