Stock Markets Plummet as President Trump’s Sweeping Tariffs Take Effect

Stock Markets Plummet as President Trump’s Sweeping Tariffs Take Effect

Stock markets around the world are plummeting after President Trump’s sweeping and unprecedented tariffs on imports to the United States took effect at midnight. They include across-the-board tariffs of 104% on Chinese goods, which prompted China to retaliate with levies of 84% on imports of U.S. goods. Hong Kong’s benchmark Hang Seng Index fell by over 13%, its biggest one-day drop since 1997. Japan’s Nikkei index fell by nearly 8%. Markets in …

Most asset classes plummeted with the tariff announcement, although the U.S. Treasury market, by far the largest in the world, bore the brunt, witnessing a selloff worth trillions. This forced the White House to soften or postpone many of the tariff plans. Read more]]>