Mumbai, April 7 -- The S&P 500 plummeted 322.44 points (6%) to 5,074.08, the Nasdaq dove 962.82 points (5.8%) to 15,587.79 and the Dow tumbled 2,231.07 points (5.5%) to 38,314.86. The extended nosedive on Wall Street came amid ongoing concerns about a global trade war after China announced retaliatory tariffs on U.S. goods in reaction to President Donald Trump's new levies.

China's finance ministry announced a 34% tariff on all U.S. imports starting April 10, matching Trump's planned "reciprocal tariff," raising China's total effective rate to 54% with existing duties. Calling Trump's move unilateral and bullying, China urged the U.S. to resolve trade issues through mutual consultation. Trump responded on Truth Social, saying China "pani...