Wall St leads rout as world reels from Trump tariffs

US President Donald Trump says the tariffs volition unit manufacturers to physique products successful the United States. Photo: Daniel ROLAND / AFP
Source: AFP

Wall Street led a planetary markets bloodbath Thursday arsenic countries astir the satellite reeled from President Donald Trump's commercialized war, portion the White House insisted the US economy would look victorious.

The Dow Jones dropped 3.75 percent and the S&P 500 plummeted much than 4 percent. The Nasdaq took the worst hit, falling much than 5 percent.

Shock waves besides tore done markets successful Asia and Europe successful the aftermath of Trump's Wednesday announcement, portion overseas leaders signaled readiness to negociate but besides threatened counter-tariffs.

Trump slapped 10 percent import duties connected each nations and acold higher levies connected imports from dozens of circumstantial countries -- including apical commercialized partners China and the European Union.

The 78-year-old Republican unveiled his melodramatic economical gamble arsenic a ploy to marque the United States escaped from reliance connected overseas manufacturers successful a monolithic economical reshaping.

And connected Thursday, helium likened his commercialized warfare to a achy aesculapian process -- owed to bring success.

"THE OPERATION IS OVER! THE PATIENT LIVED," helium posted connected his Truth Social app, with his trademark usage of all-caps.

"THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE."

China demanded that the tariffs beryllium "immediately cancelled" and vowed "countermeasures," portion France and Germany warned that the EU could deed backmost astatine US tech firms.

French President Emmanuel Macron called for suspending concern successful the United States until what helium called the "brutal" caller tariffs had been "clarified."

Wall Street led a planetary markets rout successful absorption to US President Donald Trump's commercialized war. Photo: STRINGER / AFP
Source: AFP

But the 27-nation EU and different countries besides showed willingness to negociate arsenic they refrained from contiguous retaliatory measures, with astir a week until the harsher US levies really instrumentality effect.

Beijing said it was "maintaining communication" with Washington implicit commercialized issues, and EU commercialized main Maros Sefcovic planned to talk with US counterparts connected Friday.

In Latin America, Brazil's president vowed to instrumentality "all due measures," portion Mexican President Claudia Sheinbaum expressed alleviation astatine being near disconnected the caller circular of tariffs -- adjacent if the large US trading spouse is already connected the hook for 25 percent tariffs connected immoderate products.

Gold prices deed a caller grounds high, lipid fell and the dollar slumped against different large currencies.

"The past 24 hours person seen an historical translation to the planetary trading system," said Deutsche Bank expert Jim Reid.

What's Trump's plan?

US President Donald Trump unveiled a raft of tariffs connected commercialized partners and adversaries. Photo: Brendan SMIALOWSKI / AFP
Source: AFP

Trump's tariff onslaught is hugely risky, facing aggregate warnings astir triggering a planetary economical slowdown and politically damaging terms rises astatine home.

There is besides uncertainty implicit whether the extremity is lone to unit different countries into negotiating oregon to spell the full mode and, arsenic Trump vowed successful his Wednesday speech, marque the United States the all-dominant trading and manufacturing power.

White House spokeswoman Karoline Leavitt told CNN that Trump "made it wide yesterday (Wednesday) this is not a negotiation."

However, the US concern assemblage is apt to propulsion for resolving the commercialized conflicts.

Trump's erstwhile treasury caput Steve Mnuchin told CNBC that helium was "hopeful" the bigger tariffs would beryllium negotiated down.

And Trump's lad Eric Trump posted connected societal media that "the archetypal to negociate volition triumph -- the past volition perfectly lose."

'Treat america badly'

Trump's planetary tariffs. Photo: John SAEKI, Nicholas SHEARMAN / AFP
Source: AFP

Trump reserved immoderate of the heaviest blows for what helium called "nations that dainty america badly."

That included an further 34 percent connected goods from China -- bringing the caller added tariff complaint determination to 54 percent.

The fig for the European Union was 20 percent, and 24 percent connected Japan.

For the rest, Trump said helium would enforce a "baseline" tariff of 10 percent, including connected different cardinal ally, Britain, which volition travel into effect connected Saturday portion the higher duties volition footwear successful connected April 9.

The White House said Russia was spared due to the fact that it is already nether sanctions implicit its warfare successful Ukraine which "preclude immoderate meaningful trade."

Trump labeled Wednesday's tariffs "reciprocal" but galore experts accidental his administration's estimates for levies placed connected US imports by different countries are wildly exaggerated.

Separate tariffs of 25 percent connected each foreign-made cars besides went into effect.

That had an contiguous interaction connected the ground, with US-European automaker Stellantis -- proprietor of Jeep, Chrysler and Fiat -- to intermission accumulation astatine immoderate Canadian and Mexican assembly plants.

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Source: AFP