U.S. stocks plummeted following the rollout of Trump’s tariffs

Wall Street experienced its worst day since the pandemic in response to President Trump’s significant tariff imposition on U.S. imports, with countries severely affected by the impact contemplating retaliatory measures. Stock markets in Asia and Europe also witnessed declines.

European leaders promised retaliation after Trump levied a 20% tariff on the E.U. “If you take on one of us, you take on all of us,” declared Ursula von der Leyen, the European Commission president.

China, which faces a new 34% tariff in addition to the blanket import tax imposed earlier this year, pledged to respond in order to “safeguard its own rights and interests.” Britain stated that negotiations with the U.S. would continue.

The S&P 500 plummeted by 4.8%, its most significant decline since June 2020, the peak of the coronavirus pandemic, suggesting the magnitude of tariffs caught investors off guard. Apple spearheaded a tech sell-off, its stock dropping around 9%.

Reactions: Prime Minister Mark Carney announced that Canada has levied a 25% tariff on vehicles and called for a new global trade order excluding the U.S. President Claudia Sheinbaum of Mexico announced plans to bolster domestic production of food, energy, textiles, and other products to mitigate the effects of tariffs. Emmanuel Macron, the French president, urged European companies to halt all investments in the U.S. “until things have been clarified.”

Asia hard hit: Stringent tariffs targeting Vietnam, Cambodia, Thailand, and others in the region endanger their status as manufacturing hubs for the U.S. market and as alternatives to China. Trump’s tariffs severely affected garment makers in Bangladesh and Sri Lanka. Discover countries with the highest tariff rates.

Vehicles: New 25% tariffs on all vehicles produced outside the U.S. took effect. While Trump claimed these tariffs would spur investment in U.S. factories, experts countered that car buyers would bear the costs. Dive deeper into tariffs.

An Israeli strike hits a shelter in Gaza

An Israeli airstrike on a school-turned-shelter in Gaza City killed dozens of people, according to local health authorities. The Israeli military confirmed it was investigating reports of the incident but was unable to provide an immediate comment.

The deadly strike occurred amid Israel’s escalating military campaign in Gaza. The Gaza health ministry reported that 27 bodies arrived at a hospital following the strike, which targeted a school in the Tuffah neighborhood of Gaza City where civilians were seeking refuge. Videos verified by The Times depicted people transporting victims, including children, to ambulances against a backdrop of fires.

Syria: Israel launched what appears to be one of its most profound and lethal raids into the country.

South Korea’s highest court ousts the president

South Korea’s Constitutional Court unanimously ruled to remove Yoon Suk Yeol from office. This ruling cannot be appealed, and the country will now prepare for a national election to choose his successor within the next 60 days.

Moon Hyungbae, the acting chief justice, stated that Yoon had violated the “constitutional order” and “betrayed the trust of the people.” Get the latest updates.

Context: Yoon is the second president in the country’s history to be ousted via impeachment. He was suspended and impeached after declaring martial law on Dec. 3, accusing the opposition-controlled National Assembly of obstructing his government.

Reactions: Anti-Yoon protesters gathered outside the court celebrated and waved their fists when the decision was announced. Some were in tears as they embraced each other. A protest leader led the chant, “We won!”

The surf scene in Hong Kong — a territory comprising over 250 islands — isn’t ideal. Surfers ride waves known as slabs, which quickly crash on rocks. They exploit these waves for a few seconds. One surfer noted, it’s all about “transforming nothing into something.“

Lives lived: Richard Bernstein, a Times correspondent, critic, and author, passed away at 80.

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Bruce Springsteen’s ‘Lost Albums’

Fans have long been aware of Bruce Springsteen setting aside songs throughout his career. Now, he is opening his vault.

Springsteen announced yesterday that he would release “Tracks II: The Lost Albums” in June. Of the 83 songs featured on these seven albums, 74 have never been released in any form. Among them are working tapes from Springsteen’s fruitful era preceding “Born in the U.S.A.” and a hip-hop-influenced album from the early 1990s.