U.S. stock markets experienced sharp declines, with the S&P 500 and Dow Jones suffering their largest losses since June 2020 due to new tariffs announced by President Trump. The Nasdaq Composite also saw a significant drop.

Donald Trump’s new tariffs on 60 nations have shaken global markets, wiping out trillions and sparking fears of a US recession. World leaders have condemned the move, with China calling it “bullying” and the EU planning countermeasures.

A new baseline 10 per cent tariff on imported goods plus some eye-watering reciprocal tariffs on dozens of countries that Trump said had unfair trade barriers left traders rattled by their severity