04/07/2025

Trump's Tariff 'Medicine' Engulfs Markets

Meanwhile, U.S. stocks brace for more turmoil

President Donald Trump's sweeping tariff plans hammered global financial markets and U.S. stocks braced for more turmoil on Monday, after he warned foreign governments they would have to pay "a lot of money" to lift the levies he called "medicine".

Asian equity markets sank, European shares crashed to a 16-month-low and oil prices plummeted as investors feared the duties Trump announced last week could lead to higher prices, weaker demand and potentially a global recession.

Ministers in the European Union, which has been divided on how strongly to punch back against Trump without risking more pain for their own companies and consumers, are meeting on Monday as they seek to form a united front.

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