New Delhi, April 11 -- As the US stock market plunged on Thursday following White House clarification on reciprocal tariffs, US President Donald Trump's top trade advisor, Peter Navarro, argued it was a typical market correction after a significant increase.

"In terms of market analysis, I mean that to me is pure spin," Navarro told CNN. "You had the highest rise in stock market history yesterday. Of course there's gonna be a little pullback. The question is: What spin are you gonna put on it? It's just normal retracement after a big day. It's no big deal," he added.

On Thursday, stocks fell after a historic surge on Wednesday after the White House clarified its plan for a whopping 145% tariff on China.

The S&P 500 sold slipped 3.46% a...