Donald Trump has announced controversial tariffs against several countries (Image: Getty)
US stocks plunged to what is believed to be the worst day of 2025, as concessions made by the Trump administration on tariffs appear to have failed to calm the markets.
‘s decision to slap steep tariffs on Canada, Mexico and China in recent days have rocked the US market.
On Thursday, Mr Trump announced that most goods imported from Mexico and some products coming in from Canada would be exempt from his controversial regime of tariffs, at least for the next four weeks.
This came just days after the 25% charges were imposed.
But the news didn’t seem to give the US stocks a boost, with the Dow Jones Industrial Average sliding 427.51 points lower after already falling more than 600 points at session lows.
The S&P 500 also plunged 1.7% to 5,738.52.
And the Nasdaq Composite dropped 2.61%, to 18.069.26, closing in what is called correction territory – when an index falls by 10% from a recent high.
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