American equities ended Thursday with steep declines, surrendering the substantial gains achieved during the previous day's historic surge following President Donald Trump's declaration of a 90-day pause on certain retaliatory duties and overshadowing positive inflation numbers. The European Union announced a similar 90-day delay on levies for US goods.
The market downturn intensified after CNBC received confirmation from the White House that the aggregate tariff rate on Chinese imports would reach 145%, combining the newly imposed 125% charge with the existing 20% levy implemented due to fentanyl concerns.
The Dow Jones Industrial Average sank by 2.5% or 1.014 points as Nike Inc. lost 8.29%. The Nasdaq 100 slid by 4.19% or 801 points with Microchip Technology Inc. slumping by 13.56%. The S&P 500 nosedived by 3.46% as Charles River Laboratories International Inc. decreased by 28.13%. The euro increased by 2.23% against the dollar at 3:58 pm ET to sell for $1.11932.
