04/04/2025

Wall Street Opens Sharply Lower after China Strikes Back with Retaliatory Tariffs

China announces extra 34 percent tariff on all U.S. goods

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 percent from a recent record high.

The index was last 3.8 percent lower.

The Nasdaq Composite index is down about 20 percent from its December 16 record closing high of 20,173.89. A bear market is confirmed when an index closes down at least 20 percent from its most recent record closing high, according to a widely used definition. Trump's tariffs and fears of retaliation by other trade partners have weighed on markets.

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