US stock market plummets amid tariff fallout

The US stock market suffered a historic rout on Thursday, with all three major indices recording their largest single-day declines in nearly five years. 

The downturn follows growing concerns over the economic impact of the US government's tariff policies, which have sparked alarm and received criticism both domestically and abroad.

The Nasdaq Composite plunged 5.97 percent, the S&P 500 fell 4.84 percent, and the Dow Jones Industrial Average dropped 3.98 percent.

Economic burden on American families

US Senate Minority Leader Chuck Schumer highlighted the direct financial strain on American households due to tariffs. "It is estimated that the average American family will pay more than $5,000 out of their pocket to pay for these tariffs," Schumer stated, emphasizing the burden imposed by Trump's trade policies.

Australian Prime Minister Anthony Albanese warned that these trade policies would increase economic uncertainty worldwide and push up household expenses in the US. "It is the American people who will pay the biggest price for these unjustified tariffs," Albanese added.

French Prime Minister Gabriel Attal echoed these sentiments, calling the US tariff policy a disaster for Europe, the US, and the global economy. He stressed that these measures threaten international economic stability and trade relations.

Countries prepare countermeasures

Several nations and economic blocs, including key US allies, are preparing responses to the tariffs. 

"Uncertainty will spiral and trigger the rise of further protectionism," said President of the European Commission Ursula von der Leyen, adding that the European Union is readying further countermeasures should negotiations with the US fail, aiming to protect European business interests. 

Japanese Prime Minister Shigeru Ishiba on Thursday called for a comprehensive impact assessment to consider all possible counterstrategies, while Brazil is evaluating various response options to safeguard local producers. 

Similarly, Thai Prime Minister Paetongtarn Shinawatra announced that Thailand has completed an impact assessment and devised measures to mitigate the effects of US tariffs. Meanwhile, Vietnam is establishing a rapid response task force to proactively address potential tariff increases on Vietnamese exports to the US.