5 months ago
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(NewsNation) — President Donald Trump's tariffs continued to rattle markets astir the satellite Monday, fueling recession fears.
Asian markets person plunged, with Tokyo’s Nikkei 225 scale dropping astir 8% soon aft the marketplace opened Monday. Hong Kong's Hang Seng fell 13.2%, Shanghai Composite scale 6.2% and South Korea's Kospi 5.57%, per Google Finance.
India's stocks saw the biggest single-day driblet successful percentage since March 2020, and the Australian dollar fell to its lowest since the aboriginal months of the COVID-19 pandemic.
The planetary marketplace meltdown comes aft a monolithic sell-off that sent Wall Street into a frenzy precocious past week. Stock futures are pointing toward different down time successful the United States, with each 3 large indices — Dow, Nasdaq and S&P 500 — remaining firmly successful the red.
Treasury Secretary Scott Bessent said that by Sunday, "more than 50 countries" had reached retired astir a woody to assistance tariffs.
On Monday, a spokesperson for Beijing accused the U.S. of "unilateralism, protectionism and economical bullying" and "putting the U.S. archetypal implicit planetary rules."
On his alleged "Liberation Day," Trump accrued tariffs connected Chinese goods to 54%. China responded by adding a 34% taxation connected each U.S. imports.
Those tariffs and retaliatory measures are acceptable to instrumentality effect Wednesday.
On Sunday night, Trump downplayed Wall Street's absorption and defended the tariffs arsenic necessary.
When asked however acold markets would person to fall, Trump said, “I deliberation your question is truthful stupid. I don’t privation thing to spell down. But sometimes you person to take medicine to hole something."
In a social media post aboriginal that night, Trump said, "We person monolithic Financial Deficits with China, the European Union, and galore others. The lone mode this occupation tin beryllium cured is with TARIFFS ... Some time radical volition recognize that Tariffs, for the United States of America, are a precise beauteous thing!"
The levies are expected to beryllium a large taxable of treatment erstwhile Trump meets with Israeli Prime Minister Benjamin Netanyahu connected Monday. The U.S. has slapped a 17% tariff on Israel.
NewsNation's Anna Kutz and the Associated Press contributed to this report.
