US stocks sank on Thursday, giving back some of the huge gains that followed President Donald Trump's decision on Wednesday to temporarily lower his sweeping tariffs on dozens of countries, as investors assessed the status of his global trade war.
The S&P 500 index was down 5.2% on Thursday afternoon, while the Nasdaq dropped 6.1% and the Dow Jones fell 4.5%. The EU said it would pause its first counter-tariffs, and over a dozen countries have made offers to the US, according to White House economic adviser Kevin Hassett.
"We want to give negotiations a chance," European Commission President Ursula von der Leyen said on X. But she warned that the counter-tariffs could return if negotiations "are not satisfactory." China rejected what it called threats and blackmail from Washington. China will follow through to the end if the US persists, Commerce Ministry Spokesperson He Yongqian said.
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