Mon, 07 Apr 2025

Mon, 07 Apr 2025 Wild market swings as tariffs rattle US economy

Stocks swung sharply in the US, as Trump offered mixed signals about appetite for trade talks.

* US shares stemmed their losses on Monday, with the S&P 500 down only 0.2% after a wild day of trading.
* Investors held onto hopes that President Trump would abandon tariffs and opt for trade deals instead.
* Despite Trump's escalation of tariff threats against China, Treasury Secretary Scott Bessent said he was opening negotiations with Japan and looking forward to talks with other nations.
* The White House has said more than 50 countries have reached out to discuss trade with the US.
* European Union trade official Maroš Šefčovič said that sooner or later, the EU will be at the negotiating table with the US.
* Stock markets in the US and UK suffered their worst one-day falls since the start of the Covid-19 pandemic.
* The S&P 500 has seen over 10% of its value wiped out in three days, a drop almost as steep as during the 2008 financial crisis and the onset of the pandemic.
* Business leaders including Jamie Dimon and Bill Ackman have spoken out against Trump's tariff strategy.
* Trump has doubled down on his tariffs, threatening to hit imports from China with an additional 50% tariff unless Beijing withdraws its retaliatory measures.
* The potential for a trade war between the US and China has escalated worries about a destructive effect on economies globally.
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