Trump’s tariffs ignite steepest Wall Street sell-off since 2020 Covid crisis

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Financial Times 1d ago

Trump’s tariffs ignite steepest Wall Street sell-off since 2020 Covid crisis - Financial Times

Quick Summary:

As economists predicted that the new duties would stoke inflation and hit growth, US bank stocks sank on recession fears, with the sector’s KBW Index down 9.9 per cent, its worst day since March 2020.

Some of the world’s poorest and smallest countries will also be badly impacted by the tariffs, with the tiny mountain kingdom of Lesotho targeted by a 50 per cent levy and Nauru hit by a 45 per cent duty.

Carmaker Stellantis said it would furlough 900 workers at five plants in the US as a result of a temporary shutdown of production in Canada and Mexico in response to separate Trump-imposed tariffs of 25 per cent on foreign car imports.