4 months ago
23
The BBC is reporting that global stocks have sunk, a day after President Donald Trump announced sweeping new tariffs that are forecast to raise prices and weigh on growth in the US and around the world.
Stock markets in the Asia-Pacific region fell for a second day, hot on the heels of the US S&P 500, which had its worst day since Covid crashed the economy in 2020.
Nike, Apple and Target were among big consumer names worst hit, all of them sinking by more than 9 per cent.
At the White House on Wednesday, Trump told reporters the minimum 10 per cent tariffs would bring American manufacturing home and boost the US economy.
The Republican president plans to hit products from dozens of other countries with far higher levies, including trade partners such as China and the European Union.
China, which is facing an aggregate 54 per cent tariff, and the EU, which faces duties of 20 per cent, both vowed retaliation on Thursday.
French President Emmanuel Macron called for European firms to suspend planned investment in the US.
English (US) ·