Scott Dyreng Duke University Fuqua School of Business

U.S. stocks are surrendering a chunk of their historic gains from the day before as President Donald Trump’s trade war continues to confuse and threaten the economy, even if its temperature has cooled a bit. The S&P 500 fell 3.6% Thursday. The Dow Jones Industrial Average dropped 1,135 points, and the Nasdaq composite sank 4.3%. Losses for stocks accelerated after the White House clarified that Chinese imports will be tariffed at 145%, not the 125% rate that Trump had earlier written about. Not even a better-than-expected report on inflation in the United States could help stocks. Scott Dyreng, from the Duke University School of Business, joined Jon Champion to discuss the about-face by President Trump