Trump is on fire, global markets tariffied: Trading Day

U.S. stocks, dollar and oil cratered on Thursday , bond yields plunged and volatility soared.

The S&P 500 tumbles 4.8% , the Dow 4% , the Nasdaq 6% and the Russell 2000 6.6% .

The "Magnificent Seven " group of Big Tech shares is backin a bear market.

The MSCI World index falls 3.4% for its biggest loss innearly three years .

The total tariff rate on U.S. imported goods from China is now a whopping 54% .

This will be a financial hit to Beijing that will likely hinder its efforts to address its lingering real estate crisis, boost consumption, build its military might, and fund its myriad investments.

China can't rely on funneling exports and investment through 'plus one' countries in Asia to mitigate the tariff shock because those nations have also been hit with punitive levies.

China 's room for further policy stimulus is already fading.

US investors caught off-guard by depth of tariffs arebraced for more pain Opinions expressed are those of the author. They do not reflect the views of Reuters News , which, under the Trust Principles , is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning . Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. (By Jamie McGeever , editing by Nia Williams ).