Wall Street selloff caps brutal week for markets as Trump tariffs rattle investors

Slumps on S&P 500, Dow and Nasdaq cap dismal day for global indices but US president doubles down on tariff plan

Wall Street suffered its worst week since the onset of the Covid-19 crisis five years ago as investors worldwide balked at Donald Trump's risky bid to overhaul the global economy with sweeping US tariffs.

The US president doubled down on his plan on Friday, insisting he would not back down even as the chairman of the Federal Reserve warned it would likely raise prices and slow down economic growth.