The stock market plummets again with news China is putting hefty new tariffs on American goods.

I'm David Brancaccio in Los Angeles. The news out of China today can be summarized like this.

We see your 34% tariffs United States and we match with new 34% tariffs of our own.

If we were hesitant to use the phrase trade war before, it seems more apt now.

And the Dow is down another 1,052 points, 2.6%.

The S&P is down 3%.

The NASDAQ is down 3.1%.

With yesterday's 4% drop on the NASDAQ, the deepest skid since the

first pandemic lockdowns in 2020. There is also news this morning the U.S. economy added 228,000

more jobs in March, surprisingly strong, but not if you widen out to the whole financial quarter.

The average job gain in the quarter, 157,000 is a little weaker than the fourth quarter.

It's not all that inspiring.

Christopher Lowe is chief economist at FHN Financial in New York.

Meanwhile, the House-to-house survey finds the unemployment rate unexpectedly going the wrong way up slightly to 4.2%. Okay, but looking for something positive to cling to during times like these, interest rates are way down with the 10-year benchmark below 4% for the first time in a year and a half.

Yeah, I like the way you call it cheer. Yes, it doesn't. for the first time in a year and a half. Yeah.

I like the way you call it cheer.

Yes, it does mean if you're borrowing money to pay for something,

it'll be cheaper in a sense.

Buying a house, for example,

we're likely to see the lowest mortgage rates in a while. But the reason those yields are down is because traders are

increasingly convinced the global economy is heading into a recession. And that obviously not great

news in terms of what we can expect for jobs and income going forward. I don't like the word global in what you just said. I've had a bunch of economists on this

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