SINGAPORE: US President Donald Trump’s sweeping tariff plans battered world markets once more on Monday (Apr 7) after he mentioned international governments must pay “some huge cash” to get the levies eliminated, whereas US shares obtained a short raise on hints of a pause, solely to slip once more.
Asian and European shares plunged and oil costs plummeted as buyers feared the duties Trump likened to “medication to repair one thing” may result in increased costs, weaker demand and doubtlessly a world recession.
Hong Kong’s Hold Seng index led the Asian inventory plunge, plummeting greater than 13 per cent on its worst day because the 1997 Asian monetary disaster. European shares additionally opened sharply within the purple.
Trump warned he would impose a further 50 per cent tariff on China if it didn’t take away its retaliatory 34 per cent tariff by Tuesday.
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