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2025 stock market crash

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2025 stock market crash
The decline of the S&P 500 (dark blue), Nasdaq (light blue), and Dow Jones (pink) on April 3–4. This graph is over a period of three months.
DateApril 2–9, 2025
(1 week)
Type
Cause

On April 2, 2025, global stock markets began to experience downturn, as a result of tariffs and trade wars initiated by U.S. president Donald Trump. On that day, President Trump declared "Liberation Day", announcing sweeping tariffs that would affect almost all aspects of the U.S. economy. Global stock markets, including in the United States, following "Liberation Day" experienced panic selling. It is currently the largest decline in the global stock market since the 2020 stock market crash, which was part of a recession caused by the COVID-19 pandemic.[1]

Trump's second term inherited a particularly strong domestic stock market.[2] This was maintained for a period of a few weeks after his inauguration. The Trump administration began making and announcing increasingly aggressive trade policies in an attempt to practice protectionism and economic pressure, including heightening the ongoing trade war with China, starting a trade war with Canada and Mexico, imposing heavy tariffs, and increasing tensions with allies,[3] most prominently with Canada. As the administration continued to practice these policies, markets began to experience continued turbulence, volatility, and general uncertainty.[2]

The Dow Jones index lost 4,000 points in the span of 48 hours, the first back-to-back 1,500+ point loss in its history.[4] Japan's Nikkei dived nearly 8%, triggering a trading curb.[5] The Canadian TSX decreased by 4.8% in one day. VIX market volatility doubled, skyrocketing to more than half of the heights it had achieved during the pandemic; an increased risk of a recession[2] and the possibility of economic retaliation exacerbated the effects.[4]

Background

[edit]
Some of the tariffs introduced on April 2, 2025. Note that the figures for "Tariffs Charged to the U.S.A." are based on trade deficits, not tariffs.[6]
See also: Tariffs in the second Trump administration and Donald Trump's Liberation Day speech

Since the start of his second term, Donald Trump has pursued a policy of economic autonomy and economic protectionism, in an attempt to incentivize U.S.-based industry growth and reduce the country's trade deficit.[7] As part of this, the Trump administration began using tariffs to induce other countries to buy and invest in American products and industry.[8] This heightened tensions in the already ongoing U.S−China trade war as higher tariff rates were introduced,[9] and initiated a trade war with Mexico and Canada through new tariffs on Mexican and Canadian imports. This gradually created stock market instability and raised fears of a possible recession.[2] By February 2025, the stock market had entered a decline.[10]

On March 21, 2025, Trump announced a "Liberation Day" on which he would present large-scale tariffs onto countries with a trade deficit. Though no specifics were provided beyond promising larger tariffs, fears of a larger trade war began to create more market volatility. Prior to the announcement, the S&P 500 dropped by 10.1% by March 13 of that year, following its February peak.[11] Donald Trump announced Liberation Day would occur on April 2, because he "didn't want [it] to be April Fool's Day because then nobody would believe what I said",[12] and that on that day, he would introduce worldwide tariffs.[13] Trump imposed the tariffs unilaterally under powers granted by the International Emergency Economic Powers Act by declaring that the United States' ongoing trade deficit was a national emergency.[14] Upon their introduction, the new tariffs were considered incredibly sweeping, including but not limited to: a 10% "baseline" tariff imposed on all imports barring a few resource exceptions (including on the uninhabited McDonald Islands), a 54%[15] rate for China, a 20% rate for the European Union, 46% for Vietnam, 36% for Thailand, 24% for Japan, 49% for Cambodia, and 32% for Taiwan.

While economic protectionism became increasingly popular among Americans over the last decade, the sweeping tariffs immediately faced heavy backlash from many Americans, including protectionists,[16] both Republican Party[17] and Democratic Party officials,[18][16][19] and economists[20][21] citing it as an abuse of power, an over-extension of economic policy, a "worse than the worst case scenario" for U.S markets or a potential "Black Monday" related-event.[22][23] The tariffs also precipitated concern among world leaders.[24]

Initial downturn

[edit]

North America

[edit]

Immediately after Trump's afternoon announcement on April 2, stock futures tumbled. Futures linked to the S&P 500 lost 3.9%. Nasdaq-100 futures lost 4.7% while Dow Jones Industrial Average futures dropped 2.7%.

On April 3, the Nasdaq Composite lost 1,600 points, the worst sell-off since the start of the COVID-19 pandemic. The S&P 500 lost 6.65% of its value on April 3, nearly initiating a trading curb. The Dow also fell 1,679 points or 3.98%. The Russell 2000 lead losses by falling 6.59%, entering a bear market.

The following day, April 4, China imposed a 34% retaliatory tariff.[4] The Dow Jones fell 2,231 points or 5.5%. The S&P 500 lost 5.97%, the second straight day of losses. The Nasdaq Composite lost 5.8%, entering it into bear market territory.

Within two days, the Dow Jones index lost over 4,000 points (9.48%), S&P losing 10%, and Nasdaq losing 11%. Over $6.6 trillion dollars was lost -- the largest two-day loss in history.[25] That period was also the first time that the Dow Jones Industrial Average shed over 1,500 points consecutively over multiple days. It was also the worst ever two-day period for the S&P 500.[26] Over those two days, the Chicago Board Options Exchange's VIX benchmark, nicknamed "Wall Street's fear gauge", spiked 15 points to close at 45.31 points, the highest close since the 2020 stock market crash. Oil prices fell over 7% by April 4, closing at 2021 levels.[27]

After markets opened on April 7, stocks plunged further. The three-day losses became the worst since Black Monday. Just after 10 a.m. EDT on April 7, anonymous Twitter user "Walter Bloomberg" (@Deltaone) claimed that Kevin Hassett, director of the National Economic Council, stated that the Trump administration was considering a 90–day pause on all tariffs excluding China,[28] resulting in a market spike.[29][30][31] Within forty minutes, at around 10:40 a.m. EDT, the Rapid Response 47 Twitter account indicated that this was "fake news".[32][33] The markets responded by decreasing once again in a hour. By the time that the US markets had closed on that day, modestly lower than the previous day on April 6, the Dow Jones index ended up losing over 300 points, though Nasdaq had a slight increase after recording the largest intraday comeback since 2008.[34][35]

By the following day, on April 8, US markets significantly improved, with the Dow Jones index earning 400 points, while the S&P and Nasdaq received less than 1% more.[36] This was due to comments by Trump about Japan negotiating with the US.[37] However, markets began to fall within a few hours of Trump's announcement of plans to increase levies in China by 84%, bringing the total tariffs to 104%, which was expected to go into effect by midnight.[38] As a result, the Dow Jones index lost all of its morning gains and fell by around 300 points, as did the S&P 500 and Nasdaq, which erased their gains and dropped 1% and 2%, respectively.[37] The stock market surged significantly on April 9, immediately after Trump confirmed a 90-day pause on all tariffs except those imposed on China.[39]

International

[edit]

Crude oil began to experience a significant decline in price.[40] By April 8, crude oil closed at around $60 per barrel, the lowest level since 2021.[41] West Texas Intermediate (WTI) showed a sharp decline, dropping below $60 per barrel. It reached as low as $58.95 before a slight recovery but maintained the weakest position since 2021. Brent crude fell by 3.7% to $63.15 per barrel, also marking its lowest level since 2021. These drops occurred due to the fears of a possible recession and thereby a decrease in the demand for oil.[40] Similarly, base metals, such as copper, and the coffee industry both[42][43] saw a decline in price amid recession fears. The coffee industry is almost entirely located[44] within regions with tariffs applied by the United States, a country that intakes a large sum of coffee grounds through imports.

The Canadian TSX decreased by 3.8% within 24 hours, followed by 4.6% the following day, April 4. Three days later on April 7, TSX reached a seven-month low since September 6 of last year, as well as energy shares and financial shares.[45]

Asia

[edit]

In Korea, the KOSPI Composite Index fell over 5%. In Japan, the Nikkei 225 experienced its largest loss since March 2020 at 7%, triggering a trading curb, and extending the economic downturn it had experienced over the last week at 9%. On April 6, the Nikkei 225 suffered its third-largest daily point loss, eventually closing with its lowest finish since October 2023. However, the stock market rose the following day, gaining more than 1,800 points.[46] Futures trading was temporarily halted due to the trading curb.[47] The S&P/ASX 200 was resilient the first few days, sustaining only a small decrease, however, April 7 saw it drop by 6% within 30 minutes.

Europe

[edit]

The STOX 600 index saw a decrease of 2.6% on 3 April before falling 3.1% the next day.[48] The week's 8.4% loss was the index's worst week in five years.[49] The following trade week, starting April 7, it fell by 6% before closing at a 4.54% decrease.[49] On 7 April, Barclays downgraded its end of year predictions for the index from 580 to 490 while warning that its forecast had little weight because "there is no precedent, nor fundamental framework to rely on for this crisis."[50]

The FTSE 100 dropped almost 5% on April 4, marking a three−month low and the largest daily drop since March 2020; every stock on the index fell except from JD Sports.[51] The FTSE 250 also fell, dropping 4.4% to a 16−month low.[51] Upon opening on April 7, the FTSE 100 fell by more than 6% but recovered slightly by the end of the day, resulting in a decrease of 4.25%.[52]

The Spanish IBEX fell 5.83% on 4 April, its largest decrease of the year.[53] On 7 April, it dropped a further 7% before closing 5.12% down, with the prices of all of the constituent stocks falling.[54]

Africa

[edit]

The Johannesburg Stock Exchange, the largest in Africa, experienced its greatest decrease of the year, losing more than 9% of its value after Trump ordered tariffs of 30% on South Africa.[55]

Index changes

[edit]
Index Country April 3 April 4 April 7 April 8 April 9
Close Change Close Change Close Change Close Change Close Change
Dow Jones  United States 40,545.93 Decrease−1,679.39 (−3.98%) 38,314.86 Decrease−2,231.07 (−5.50%) 37,965.60 Decrease−349.26 (−0.91%) 37,645.59 Decrease−320.01 (−0.84%) 40,608.45 Increase2,962.86 (+7.87%)
Nasdaq 16,550.60 Decrease−1,050.44 (−5.97%) 15,587.79 Decrease−962.82 (−5.82%) 15,603.26 Increase15.48 (+0.099%) 15,267.91 Decrease−335.35 (−2.15%) 17,124.97 Increase1,857.06 (+12.16%)
S&P 500 5,396.52 Decrease−274.45 (−4.84%) 5,074.08 Decrease−322.44 (−5.97%) 5,062.25 Decrease−11.83 (−0.23%) 4,982.77 Decrease−79.48 (−1.57%) 5,456.90 Increase474.13 (+9.52%)
Russell 2000 1,910.55 Decrease−134.82 (−6.59%) 1,830.26 Decrease−80.29 (−4.20%) 1,810.14 Decrease−16.89 (−0.92%) 1,760.71 Decrease−49.43 (−2.73%) 1,913.16 Increase152.45 (+8.66%)
EURO STOXX 50  Eurozone
List
 5,113.28 Decrease−190.67 (−3.59%) 4,878.31 Decrease−234.97 (−4.60%) 4,656.41 Decrease−221.90 (−4.55%) 4,773.65 Increase117.24 (+2.52%) 3,968.17 Decrease-156.75 (-3.80%)
SSE Composite  China 3,342.01 Decrease−8.12 (−0.24%) Closed due to market holiday 3,096.58 Decrease−245.43 (−7.34%) 3,145.55 Increase48.97 (+1.58%) 3,186.81 Increase41.26 (+1.31%)
DAX index  Germany 21,717.39 Decrease−673.45 (−3.01%) 20,641.72 Decrease−1,075.67 (−4.95%) 19,789.62 Decrease−852.10 (−4.13%) 20,280.26 Increase490.64 (+2.48%) 19,670.88 Decrease-609.38 (-3.00%)
Nikkei 225  Japan 34,735.93 Decrease−989.94 (−2.77%) 33,780.58 Decrease−955.35 (−2.75%) 31,136.58 Decrease−2,644.00 (−7.83%) 33,012.58 Increase+1,876.00 (+6.03%) 31,714.03 Decrease-1,298.55 (-3.93%)
KOSPI  South Korea 2,486.70 Decrease−19.16 (−0.76%) 2,465.42 Decrease−21.28 (−0.86%) 2,328.20 Decrease−137.22 (−5.57%) 2,334.23 Increase+6.03 (+2.06%) 2,293.70 Decrease-40.53 (-1.74)
S&P/ASX 200  Australia 7,859.70 Decrease−75.00 (−0.94%) 7,667.80 Decrease−192.20 (−2.44%) 7,343.30 Decrease−324.50 (−4.23%) 7,510.00 Increase+166.70 (+2.27%) 7,375.00 Decrease-135.00 (-1.80%)
S&P/TSX  Canada 24,335.77 Decrease−971.41 (−3.84%) 23,193.47 Decrease−1,142.30 (−4.70%) 22,859.46 Decrease−334.01 (−1.44%) 22,506.90 Decrease−352.56 (−1.54%) 23,727.03 Increase1,220.13 (+5.42%)

Response

[edit]

United States

[edit]

Republican Party officials

[edit]

Following "Liberation Day", after the US stock market lost significant value, President Donald Trump said on April 3 regarding his tariffs that events were "going very well", as the "markets are going to boom, the stock is going to boom, the country is going to boom".[56] The next day, Trump addressed investors, declaring on social media: "my policies will never change. This is a great time to get rich, richer than ever before!!!"[57] Treasury Secretary Scott Bessent commented on April 6: "I see no reason that we have to price in a recession".[58]

Stephen Moore, who served as an economic advisor to Trump, expressed his concerns about the president's trade approach, stating that “It’s a question of what the pain threshold is for the American people and the Republican voters" and adding that “We’ve all lost a lot of money".[59] Bill Ackman, who supported Trump in his 2024 presidential campaign, said that “business investment will grind to a halt, (and) consumers will close their wallets”.[60] Nebraska's 2nd congressional district representative Don Bacon warned about Trump's tariffs and said that "we learned from that, that tariffs and protectionism does not work".[61] Texas senator Ted Cruz commented on a potential “bloodbath” in the 2026 midterms in the event that a recession took place, claiming that it “would destroy jobs here at home, and do real damage to the US economy”.[62]

Despite Trump's insistence, Chair of the Federal Reserve Jerome Powell refused to issue emergency cuts to lower interest rates.[63] On April 4, Trump shared a video on social media claiming that he is crashing the stock market on purpose to force the Fed to lower interest rates.[64][65]

Democratic Party officials

[edit]

DNC chair Ken Martin blamed Trump for the stock market crash, claiming Trump "is actively driving the economy off the rails."[66] Rep. Hakeem Jeffries, the Democratic leader in the House of Representatives, also blamed the stock market crash on President Trump.[65]

Golf trip controversy

[edit]

Trump received widespread criticism for continuing with a planned golf trip and fundraising event at his Mar-a-Lago resort estate in Florida during the crash. On April 7, he responded with a social media post telling people "Don't be a PANICAN (a new party based on Weak and Stupid people!)"[67][68]

Senator Adam Schiff stated on NBC's Meet the Press that "people have seen their retirement savings on fire. And there he is out on the golf course".[69]

International

[edit]

Germany

[edit]

In response to the tariffs, the German Chancellor Olaf Scholz stated "This is an attack on a trade order [...] that is essentially a result of American efforts".[70]

Australia

[edit]

The prime minister of Australia Anthony Albanese reacted to the tariffs on the Heard Island and McDonald Islands, an uninhabited external territory of Australia, saying "It just shows and exemplifies the fact that nowhere on Earth is safe from this".[71] On April 7, Australian stocks began to fall substantially.[72]

China

[edit]

On the same day as "Liberation Day", China announced retaliatory tariffs of 34% against the United States, as a response to the tariffs placed on them, starting on April 10.[73][27] Donald Trump responded to this on Truth Social proclaiming "China played it wrong, they panicked − the one thing they cannot afford to do!" implying that the tariffs on China would not be lifted, eventually leading to another drop in stocks.[74]

The Chinese stock market lost considerable value along with other global markets. In response, China suspended imports from some American companies and put export controls on earth minerals and various technologies.[75] Foreign Ministry spokesperson Lin Jian called the tariffs "protectionist bullying", while imploring American companies to take steps to safeguard the stability of the global supply chain.[76][77] On April 8, some Chinese state-owned enterprises announced plans to increase share investment to calm markets in response to U.S. tariffs.[78]

Corporations

[edit]

Companies Klarna, Chime, and StubHub all paused IPO plans due to the stock market's volatility.[79]

See also

[edit]

References

[edit]
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