Market News
Markets reel as US tariff salvo stokes recession risk - REUTERS
By Samuel Shen and Saqib Iqbal Ahmed
Summary
- Trump raises U.S. import taxes to highest in a century
- Nasdaq futures tank; Asia shares slide
- Bonds, gold and yen surge on fear of recession
NEW YORK/SHANGHAI, April 3 (Reuters) - President Donald Trump's new tariffs sent shockwaves through markets on Thursday with the dollar and U.S. stocks among the hardest hit on fears a broadening trade war will unleash a recession.
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.
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"This is the worst-case scenario," said Jay Hatfield, CEO at Infrastructure Capital Advisors.
