The announcement of significantly larger tariffs by Donald Trump sent global markets into turmoil, with stocks plummeting sharply. China now faces a staggering 54% tariff on its exports to the U.S., and the tech sector, particularly vulnerable due to manufacturing ties, saw substantial losses. Nasdaq futures dropped 3.3%, affecting major tech firms like Apple, which saw shares dip by nearly 7%. As investors sought refuge in safer assets like gold and bonds, economic analysts warned of impending slower growth and a potential for rate cuts in the near future.
"The tariffs are so comprehensive and so much larger than we expected," said Jeanette Gerratty, chief economist at wealth advisory Robertson Stephens, highlighting the overall impact on global trade.
"Nasdaq futures tumbled 3.3% and in after-hours trade about $760bn was wiped from the market value of Magnificent Seven technology leaders like Apple and others."
"China now faces an eye-watering 54% in tariffs on its exports to the US, marking the highest effective tariff rate on US imports in over a century."
"Gold hit a record high above $3,160 an ounce, and oil, a proxy for global growth, slumped more than 2%... investors scrambled to the safety of bonds, gold and the yen."
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