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Live from NPR news in Washington, I'm Jack Spear. Stocks in the U.S. were in a free fall for a second straight day today as a defiant President Donald Trump continues to push retaliatory tariffs against

much of the world. The Dow fell more than 2,000 points for just the fourth time in history.

The broader market suffered even higher percentage point losses. Speaking today to the Society

for Advancing Business, editing and writing, Federal Reserve Chair Jerome Powell, said the

Central Bank is taking a wait-and-see approach. We've taken a step back and we're watching to for advancing business, editing, and writing. Federal Reserve Chair Jerome Powell said the central

bank is taking a wait and see approach. We've taken a step back and we're watching to see what the

policies turn out to be and the ways in which they will affect the economy, and then we'll be

able to act. Fortunately, our policy stance is in a good place for us to do that.

President Trump, meanwhile, has called on the Fed to take some action, though most economists are calling the current market plunge self-inflicted and outside the Fed's mandate

of full employment and moderate inflation. Johnny, meanwhile, hitting back at the U.S.

after the Trump administration's latest round of tariffs, NPR's John Ruich reports Beijing will

impose tit-for-tat tariffs on U.S. goods and take several other countermeasures.

In coordinated statements, government ministries laid out the details of China's retaliation, which sharply escalates the trade war between the world's two biggest economies.

The finance ministry will impose a 34% tariff on all U.S. imports.

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