Summary

U.S. stocks and the dollar plunged Thursday after the White House confirmed a 145% tariff on Chinese imports, worsening trade tensions.

The Dow fell 1,015 points, the S&P 500 dropped 3.46%, and the Nasdaq slid 4.31%.

Despite Trump pausing some tariffs, core tariffs remain, and economists say damage is done, with recession risks still high.

The U.S. dollar hit a six-month low, gold surged to a record $3,170, and China enforced 84% retaliatory tariffs. Wall Street’s volatility index jumped 40%, underscoring investor anxiety about trade policy and economic stability.