Stocks racked up more losses on Wall Street Tuesday as a trade war between the U.S. and its key trading partners escalated, wiping out all the gains since Election Day for the S&P 500.
The recent decline in U.S. stocks has wiped out all of the markets' gains since Trump’s election in November. That rally had been built largely on hopes for policies that would strengthen the U.S. economy and businesses.
Economic forecasts have been weakening. While some see slower growth, several commentators see the chance of an outright recession rising this year.
Beijing hits back with retaliatory tariffs and other measures after U.S. imposes additional 10% duties on China
Wall Street’s sell-off kicked back into gear after tariff whiplash and falling AI stocks dragged the market lower.
Stocks were rallying Wednesday after Commerce Secretary Howard Lutnick signaled the U.S. could be prepared to scale back its tariffs on Canada and Mexico, but the best-known measure of market uncertainty remained elevated.