Wall Street is experiencing a sharp decline, mirroring trends in global markets, fueled by escalating worries about the repercussions of U.S. President Trump's trade war on the global economy. The S&P 500 fell by 3.8% in early trading, edging closer to bear market territory, while the Dow Jones Industrial Average dropped by 1,200 points. Market tensions intensified following Trump's announcement of increased import taxes and retaliatory actions from China. Despite efforts from certain countries to seek clarity on trade policies, EU officials expressed skepticism about the effectiveness of individual exemptions.
The massive sell-off in riskier assets at the start of the trading week follows Trump's announcement of sharply higher U.S. import taxes and retaliation from China that saw markets fall sharply Thursday and Friday.
Germany's economy minister, Robert Habeck, was defiant as he arrived at a meeting of European Union trade ministers in Luxembourg, saying the premise of the wide-ranging tariffs was "nonsense" and that attempts by individual countries to win exemptions haven't worked in the past.
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