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Global stocks slide as Trump tariffs hit markets Global stocks slide as Trump tariffs hit markets
(about 2 hours later)
Global stock markets fell on Thursday as investors reacted to US President Donald Trump's sweeping announcements on tariffs. Stocks around the world sank on Thursday as questions about how businesses and households will swallow the cost of new, sweeping tariffs in the US raised concerns about economic downturn.
The UK's FTSE 100 share index fell 1.5% and other European markets were also lower, echoing falls seen earlier in Asia. In the US, the S&P 500, which tracks 500 of the biggest American firms, opened more than 3% lower, with big consumer names such as Nike and Apple among the hardest hit.
The UK's FTSE 100 share index fell 1.5% and other European markets also dropped, echoing falls seen earlier in Asia.
While stocks fell, the price of gold, which is seen as a safer asset in times of turbulence, touched a record high.While stocks fell, the price of gold, which is seen as a safer asset in times of turbulence, touched a record high.
Traders are concerned about the global economic impact of Trump's tariffs, which they fear could stoke inflation and stall growth. US President Donald Trump said he would impose a 10% tax on imports from around the world, and higher duties on dozens of other countries, including key trade partners such as China and the European Union.
Markets across Asia had fallen sharply after Trump's announcement, with the Nikkei in Japan closing down nearly 3% and Hong Kong's Hang Seng index 1.5% lower. The new taxes include a 54% tariff on US imports from China and 46% on goods from Vietnam.
Shares in Europe followed the downward trend, with Germany's Dax index down 1.9% and France's Cac 40 dropping 2.6%. Markets across Asia fell sharply after Trump's announcement, with the Nikkei in Japan closing down nearly 3% and Hong Kong's Hang Seng index 1.5% lower.
Shares in Europe followed the downward trend, with Germany's Dax index down roughly 2% and France's Cac 40 dropping 2.9%.
The price of gold hit a record high of $3,167.57 an ounce at one point on Thursday, before falling back to $3,090.The price of gold hit a record high of $3,167.57 an ounce at one point on Thursday, before falling back to $3,090.
Futures markets also suggest US shares will open lower when trading begins later. The S&P 500 is indicated to fall by 3.2% and the Nasdaq - which is dominated by tech stocks - set to drop 3.7%. In the US, the Dow Jones dropped more than 3%, while the Nasdaq tumbled more than 4%.
The dollar also weakened against many other currencies. The pound rose by more than 1% against the US currency to touch $1.32 at one point before slipping back.The dollar also weakened against many other currencies. The pound rose by more than 1% against the US currency to touch $1.32 at one point before slipping back.
The decision by the US government to impose a combination of a 10% baseline levy and higher duties on a number of other trading partners reverses decades of liberalisation that shaped the global trade order. About a third of US imports, including goods from Canada and Mexico and items from key strategic sectors such as cars and steel, were not affected by Trump's announcement on Wednesday.
But the White House said that was because Trump had already targeted them with separate tariffs, or plans to, as he doubles down on a high-stakes policy gambit aimed at reversing decades of liberalisation that shaped the global trade order.
Traders are concerned about the global economic impact of Trump's tariffs, which they fear could stoke inflation and stall growth.
Tariffs are taxes on imports. Analysts say firms now face a choice of swallowing the new cost, working with partners to share that burden - or passing it onto consumers, and risking a drop in sales.
That could have a major impact in the US and globally, where US consumer spending amounts to about 10% and 15% of the world economy, according to some economists' estimates.
"This is the worst-case scenario," said Jay Hatfield, chief executive at Infrastructure Capital Advisors."This is the worst-case scenario," said Jay Hatfield, chief executive at Infrastructure Capital Advisors.
"Enough to potentially send the US into a recession," he added, echoing nervous market sentiment.
Live updates: Reaction to Trump's tariffs announcementLive updates: Reaction to Trump's tariffs announcement
At a glance: The countries hit hardest by these plansAt a glance: The countries hit hardest by these plans
Analysis: The biggest change to global trade in 100 yearsAnalysis: The biggest change to global trade in 100 years
Watch: Three things to know about Trump's plansWatch: Three things to know about Trump's plans
Nike, which makes much of its sportswear in Asia, was the hardest hit on the S&P, with shares down more than 11%.
Shares in Apple, which relies heavily on China and Taiwan, tumbled 9%.
Other retailers also fell, with electronics chain Best Buy slumping 12% and Target down 9%.
Motorbike maker Harley-Davidson – which was subject of retaliatory tariffs by the EU during Trump's first term as president and has been named as a potential target for retaliation this time – fell 4.5%
In Europe, shares in sportswear firm Adidas fell more than 10%, while stocks in rival Puma tumbled more than 9% as key countries where their goods are made were hit with steep levies.
Among luxury goods firms, jewellery maker Pandora fell more than 12%, and LVMH (Louis Vuitton Moet Hennessy) dropped 5% after tariffs were imposed on the European Union and Switzerland.
George Saravelos, head of FX at Deutsche Bank Research, said the new US trade tariffs were a "highly mechanical" reaction to trade deficits, rather than the "sophisticated assessment" the White House had promised.George Saravelos, head of FX at Deutsche Bank Research, said the new US trade tariffs were a "highly mechanical" reaction to trade deficits, rather than the "sophisticated assessment" the White House had promised.
Mr Saravelos warned the move "risks lowering the policy credibility of the [Trump] administration".Mr Saravelos warned the move "risks lowering the policy credibility of the [Trump] administration".
"The market may question the extent to which a sufficiently structured planning process for major economic decisions is taking place. After all, this is the biggest trade policy shift from the US in a century," he said."The market may question the extent to which a sufficiently structured planning process for major economic decisions is taking place. After all, this is the biggest trade policy shift from the US in a century," he said.
Shares in sportswear firm Adidas fell more than 10%, while stocks in rival Puma tumbled more than 9% as key countries where their goods are made were hit with steep levies.
The new taxes include a 54% tariff on US imports from China and 46% on goods from Vietnam.
Among luxury goods firms, jewellery maker Pandora fell more than 12%, and LVMH (Louis Vuitton Moet Hennessy) dropped 5% after tariffs were imposed on the European Union and Switzerland.
There are worries that the tariffs could affect US consumer spending which is a massive part of the global economy - between 10% and 15%, according to some economists' estimates.