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"Black" day for the global economy! Drastic decline in stock markets after Trump's tariffs

2025-04-03 15:57:11Biznes SHKRUAR NGA REDAKSIA VOX
"Black" day for the global economy! Drastic decline in stock markets
Donald Trump announces tariffs

Stocks are falling sharply on Wall Street at the opening of trading, a clear sign of the new trade war launched by the White House last night.

As the opening bell rang on the New York Stock Exchange, the Dow Jones industrial average, which tracks 30 of the largest American companies, immediately fell 1,137 points, or 2.7%, to 41,087 points.

Nike is the biggest decliner, down over 10%, while Amazon and Goldman Sachs are both down about 6%.

The broader S&P 500 stock index is also falling, down 3.3% in early trading.

The tech-focused Nasdaq is down 4.5%.

This follows heavy losses in Asia-Pacific markets earlier today, where Vietnam's main stock index fell 6.8% after Vietnamese goods were hit with a new 46% tariff.

European markets are also deeply down, with the UK's FTSE 100 index now down 1.6%, or 138 points, at 8,469 points.

Markets have been rattled by Donald Trump's new tariffs, which are widely expected to hurt the outlook for global growth and inflation.

"The comprehensive tariff package came at the tail end of expectations and, according to analysts, will raise the effective tariff on imports into the US to between 20% and 25%.

"Some analysts suggest that US economic growth could be reduced by 1% to 2% while inflation will go higher. This would be seen as stagflation for the US economy. Tariffs on goods from the rest of the world should reduce export growth and will be a negative growth hit, with Asia and Europe most affected given the size of the proposed tariffs," explains Chris Iggo, chief investment officer for Core Investments at AXA.


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