Market panic mounts as world scrambles to temper Trump tariffs

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Market panic mounts as world scrambles to temper Trump tariffs - SCMP

Quick Summary:

Oil prices dropped below US$60 a barrel for the first time since April 2021, even with countries seeking compromise on tariffs.

A little over half an hour after the contracts resumed trading at 2200 GMT, the Dow Jones Industrial Average was down 3.56 per cent, while the broader S&P 500 index was down 3.85 per cent.

The Republican has remained defiant since unleashing the blitz of tariffs on stunned nations around the world Wednesday, insisting that his policies “will never change” even as markets went into a tailspin.