Global markets continue to suffer huge losses as China retaliates against U.S. tariffs – Country
World stocks fell, U.S. futures fell, and another day of losses was seen on Wall Street on Friday as investors calculated the potential costs of a new series of tariffs by President Donald Trump, including China’s retaliatory 34% tariffs on all U.S. products.
Trump announced that the minimum tariff on imported goods worldwide is 10%, and a higher tax on products in smaller countries such as China, the EU and even Vietnam at a rate of 49%.
You can read the comparison of tariffs here and learn more about which customs territory is here, or live here.
Everything is falling from crude oil to big tech stocks to the value of the dollar to other currencies.
Even after the recent record-breaking traditional haven, Gold has been lowered after Trump declared a “liberation day” tariff, which economists say, took the risk of potentially toxicity to reduce economic growth and higher inflation.
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At noon Friday, the S&P 500 fell by 5%, the worst day since Covid 2020 destroyed the global economy.
The Dow Jones industrial average fell 1,800 points, while the Nasdaq Comprehensive fell more than 5%. By noon, the Toronto Stock Exchange was close to 5%.
Even reports on the U.S. job market are not enough to stop the slides.
European stocks saw the biggest losses of the day, while crude oil prices fell to their lowest levels since 2021 as fears of how the trade war can cause a recession.
Files with Ari Rabinovitch from Global News.
& Copy 2025 Canadian Press
