Trump tariffs hit U.S. stocks hard as Nasdaq tumbles more than 1,000 points

U.S. stocks extended their losses in early trading on Thursday, with the Dow falling more than 1,500 points and the Nasdaq tumbling more than 1,000 points. US President Donald Trump announced additional ‘reciprocal tariffs’ of between 10 per cent and 49 per cent on almost all countries, a move that could trigger a global trade war and hit the already weak US economy. US initial jobless claims fell unexpectedly last week. Trump tariffs and OPEC+'s plan to increase production sent oil prices reeling. The Dow fell 1,543.14 points, or 3.65 per cent, to 40,682.18, the Nasdaq dropped 1,004.16 points, or 5.71 per cent, to 16,596.89, and the S&P 500 fell 246.47 points, or 4.35 per cent, to 5,424.50.