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News in Washington, I'm Giles Snyder.
U.S. stock market had its worst week in five years as president Trump's latest.
Tariffs escalated a trade war.
NPR's Maria Aspen reports that the Dow.
Jones plummeted nearly 8% from a week earlier.
The president this week announced steep new taxes on almost all U.S. imports,
including from some of the country's closest allies.
These taxes are widely expected to increase the prices consumers pay on a wide range of goods.
They're sparking retaliation from China.
And JP Morgan warns they risk pushing both the US and the world into a recession.
In just two days, U.S. stock markets have lost more than $6 trillion in value.
That sell off is hitting the retirement savings and other investment accounts of people across the nation.
About 60% of U.S.
households own stocks, according to the Federal Reserve.
Maria Aspen, NPR News, New York.