原文标题：
Wall Street drops to its worst day since April after Trump's threats of
tariffs shatter its calm
原文连结：https://tinyurl.com/yrtu8rzf
发布时间：Updated Sat, October 11, 2025 at 4:16 AM GMT+8
记者署名：STAN CHOE
原文内容：
NEW YORK (AP) — A monthslong calm on Wall Street shattered Friday, and U.S.
stocks tumbled after President Donald Trump threatened to crank tariffs much
higher on China.
纽约 (美联社) — 华尔街持续数月的平静在周五被打破，此前总统唐纳德·川普威胁将
大幅提高对中国的关税，导致美国股市暴跌。
The S&P 500 sank 2.7% in its worst day since April. The Dow Jones Industrial
Average dropped 878 points, or 1.9%, and the Nasdaq composite fell 3.6%.
标准普尔 500 指数下跌 2.7%，创下自 4 月以来表现最差的一天。道琼斯工业平均指数
下跌 878 点，跌幅 1.9%，纳斯达克综合指数下跌 3.6%。
Stocks had been heading for a slight gain in the morning, until Trump took to
his social media platform and said he’s considering “a massive increase of
tariffs” on Chinese imports. He’s upset at restrictions China has placed on
exports of its rare earths, which are materials that are critical for the
manufacturing of everything from consumer electronics to jet engines.
股市在上午原本略微上涨，直到川普在他的社交媒体平台上表示，他正在考虑对中国进口
商品“大幅提高关税”。他对中国限制其稀土出口感到不满，稀土是制造从消费电子产品
到喷气发动机等一切产品的关键材料。
“We have been contacted by other Countries who are extremely angry at this
great Trade hostility, which came out of nowhere,” Trump wrote on Truth
Social. He also said “now there seems to be no reason” to meet with China’s
leader, Xi Jinping, after earlier agreeing to do so as part of an upcoming
trip to South Korea.
川普在 Truth Social 上写道：“我们已经收到其他国家的联系，他们对这种突如其来的
巨大贸易敌意感到极度愤怒。”他还表示，此前他同意在即将对韩国进行的访问中与中国
领导人习近平会面，但现在“似乎没有理由”再进行会面。
The ratchet higher in tensions between the world’s largest economies led to
widespread drops across Wall Street, with roughly six out of every seven
stocks within the S&P 500 falling. Nearly everything weakened, from Big Tech
companies like Nvidia and Apple to stocks of smaller companies looking to get
past uncertainty about tariffs and trade.
这两个全球最大经济体之间紧张局势的升级，导致华尔街出现大范围下跌，标准普尔 500
指数中约七分之六的股票下跌。几乎所有股票都走弱，从辉达（Nvidia）和苹果（
Apple）等大型科技公司，到希望摆脱关税和贸易不确定性的小公司股票。
The market may have been primed for a slide. U.S. stocks were already facing
criticism that their prices had shot too high following the S&P 500’s nearly
relentless 35% run from a low in April. The index, which dictates the
movements for many 401(k) accounts, is still near its all-time high set
earlier in the week.
市场可能已经为下滑做好了准备。美国股市此前已经面临批评，认为标准普尔 500 指数
自 4 月低点以来近乎不懈的 35% 上涨之后，其价格已飙升得太高。这个决定许多 401(k
) 账户走势的指数，仍接近本周早些时候创下的历史高点。
Critics say the market looks too expensive after prices rose much faster than
corporate profits. Worries are particularly high about companies in the
artificial-intelligence industry, where pessimists see echoes of the 2000 dot-
com bubble that imploded. For stocks to look less expensive, either their
prices need to fall, or companies’ profits need to rise.
批评人士表示，在股价上涨速度远超企业利润之后，市场看起来过于昂贵。人们对人工智
慧行业的公司尤其担忧，悲观主义者在其中看到了 2000 年互联网泡沫破裂的影子。要让
股票看起来不那么贵，要么股价需要下跌，要么公司的利润需要上升。
Levi Strauss dropped 12.6% for one of the market’s larger losses, even though
it reported a stronger profit for the latest quarter than analysts expected.
尽管李维斯（Levi Strauss）报告的最新季度利润好于分析师预期，但其股价仍下跌了
12.6%，成为市场上跌幅较大的股票之一。
Its forecast for profit over the full year was also within range of Wall
Street’s estimates, but the jeans and clothing company could simply be facing
the challenge of heightened expectations after a big run. Its stock price
came into the day with a surge of nearly 42% for the year so far.
该公司对全年利润的预测也在华尔街的估计范围内，但这家牛仔裤和服装公司可能只是面
临着大幅上涨后预期提高的挑战。其股价今年迄今已飙升近 42%。
All told, the S&P 500 fell 182.60 points to 6,552.51. The Dow Jones Industrial
Average dropped 878.82 to 45,479.60, and the Nasdaq composite sank 820.20 to
22,204.43.
总而言之，标准普尔 500 指数下跌 182.60 点，收于 6,552.51 点。道琼斯工业平均指
数下跌 878.82 点，收于 45,479.60 点，纳斯达克综合指数下跌 820.20 点，收于 22,
204.43 点。
Some of Friday’s strongest action was in the oil market, where the price of a
barrel of benchmark U.S. crude sank 4.2% to $58.90.
周五最剧烈的变动之一发生在石油市场，基准美国原油价格每桶下跌 4.2%，至 58.90 美
元。
It fell as a ceasefire between Israel and Hamas came into effect in Gaza. An
end to the war could remove worries about disruptions to oil supplies, which
had kept crude’s price higher than it otherwise would have been.
随着以色列和哈马斯在加沙的停火生效，油价下跌。战争的结束可以消除人们对石油供应
中断的担忧，这些担忧此前使原油价格高于其应有的水平。
Losses accelerated following Trump’s tariff threat, which could gum up global
trade and lead the economy to burn less fuel. Brent crude, the international
standard, dropped 3.8% to $62.73 per barrel.
在川普的关税威胁之后，跌幅有所加速，因为这可能会阻碍全球贸易并导致经济消耗更少
的燃料。国际基准布伦特原油价格下跌 3.8%，至每桶 62.73 美元。
In the bond market, the yield on the 10-year Treasury sank to 4.05% from 4.14%
late Thursday.
在债券市场，10 年期美国国债收益率从周四晚些时候的 4.14% 跌至 4.05%。
It had already been lower before Trump made his threats, as a report from the
University of Michigan suggested that sentiment among U.S. consumers remains
in the doldrums.
即使在川普发出威胁之前，收益率就已经走低，因为密歇根大学的一份报告显示，美国消
费者的信心仍然低迷。
“Pocketbook issues like high prices and weakening job prospects remain at the
forefront of consumers’ minds,” according to Joanne Hsu, director of the
Surveys of Consumers. “At this time, consumers do not expect meaningful
improvement in these factors.”
根据消费者调查主任 Joanne Hsu 的说法，“高物价和就业前景疲软等钱包问题仍然是消
费者最关心的。目前，消费者并不期望这些因素会出现有意义的改善。”
The job market has slowed so much that the Federal Reserve cut its main
interest rate last month for the first time this year. Fed officials have
penciled in more cuts through next year to give the economy additional
breathing room. But Chair Jerome Powell has also said they may change course
if inflation stays high. That’s because lower interest rates can push
inflation even higher.
就业市场放缓如此之多，以至于联准会上个月进行了今年以来的首次主要利率下调。联准
会官员已计划明年进行更多次降息，为经济提供额外的喘息空间。但主席杰罗姆·鲍威尔
（Jerome Powell）也表示，如果通胀居高不下，他们可能会改变路线。这是因为较低的
利率可能会进一步推高通胀。
One potentially encouraging signal from the University of Michigan’s
preliminary survey said consumers’ expectations for inflation in the coming
year edged down to 4.6% from 4.7% the month before. While that’s still high,
the direction of change could help the Fed and limit upward pressure on
inflation.
密歇根大学的初步调查传递出一个潜在的鼓舞人心的信号：消费者对未来一年通胀的预期
从上个月的 4.7% 略微下降到 4.6%。虽然这个数字仍然很高，但变化方向可能会有助于
联准会，并限制通胀的上行压力。
In stock markets abroad, indexes fell across much of Europe and Asia.
在国外股市方面，欧洲和亚洲大部分地区的股指均下跌。
Hong Kong’s Hang Seng fell 1.7%, and France’s CAC 40 dropped 1.5% for two of
the bigger moves. But South Korea’s Kospi leaped 1.7% after trading reopened
following a holiday.
香港恒生指数下跌 1.7%，法国 CAC 40 指数下跌 1.5%，这是两个较大的跌幅。但在假期
后恢复交易的韩国 Kospi 指数则上涨了 1.7%。
心得/评论：
川普的关税威胁，加剧了中美贸易战的担忧，冲击了科技和贸易相关板块。
市场估值过高的担忧，特别是人工智能（AI）领域，让投资者感到紧张。