Global Financial Markets Turmoil

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Global financial markets

Guardian

•

US Politics

Global markets in turmoil as Trump tariffs wipe $2.5tn off Wall Street

Summary

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75% Informative

About $2.5tn (1.9tn) was wiped off Wall Street and share prices in other financial centres across the globe.

Experts said Trump ’s sweeping border taxes of between 10% and 50% on allies and enemies alike had dramatically added to the risk of a steep global downturn and a recession in the world's biggest economy.

China condemned “unilateral bullying” practices and the EU said it was drawing up countermeasures.

Shares of Nike , Adidas and Puma all fell steeply after Trump announced tariffs.

Analysts warn that garment and sports shoe makers, which rely heavily on production in south-east Asia , face rising costs.

Countries scramble to assess the fallout and whether to retaliate.

The UK suggested it may retaliate even as it tries to strike a deal with Washington .

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Informative language

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Article tone

formal

Language

English