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US stock market drops sharply in early trading after Trump unveils global tariffs

  • US stock markets dropped sharply after President Donald Trump announced a 10% minimum tariff on all imports, causing investors to react negatively.
  • The Dow fell more than 1,100 points, or 2.7%, while the S&P 500 and Nasdaq also experienced significant declines, leading to one of the worst days since September 2022.
  • Financial pundit Ross Gerber described Trump's tariffs as a 'disaster of idiocy,' noting potential worse consequences in the market.
  • The US dollar weakened by over 2% against several currencies, reflecting a loss of confidence from foreign investors in US investments.
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ABC Australia broke the news in Australia on Wednesday, April 2, 2025.
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