US stocks dive as euphoria on Wall Street reverts to fear about US-China trade war

What to Know

• U.S. stocks surrendered a chunk of their historic gains from the day before as President Donald Trump’s trade war continues to threaten the economy.
• The European Union said it was pausing its own countermeasures to try and work things out with the Trump administration, while China has doubled down on its own retaliatory duties.
• China will now come under an even larger hike in levies on its products, totaling 145%.
• House Republicans narrowly approved their budget framework on Thursday, a political turnaround after Speaker Mike Johnson worked into the night to satisfy GOP holdouts.
• A federal judge said she will halt the Trump administration from ending a program that allowed hundreds of thousands of Cubans, Haitians, Nicaraguans and Venezuelans to temporarily live in the U.S.
• A federal judge allowed the Trump administration to move forward with a requirement that everyone in the country illegally register with the federal government