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International-News
Trump and the battle of tariffs: global impacts on financial markets
The US president’s announcement of new tariffs on Canada and European cars sank stock markets around the world. Billion-dollar losses and instability in the markets create growing concern for the global economy
While Monday may be remembered as Donald Trump’s ‘blue Monday’ due to heavy losses on Wall Street and in Europe, Tuesday confirmed a worrying trend for the global economy. The US president’s statements, which mix economic threats and confrontation scenarios, are sinking financial markets, with particular impact on stocks most vulnerable to his protectionist policies.
Yesterday, Trump relaunched with new tariffs on Canada: a 50% increase on steel and aluminium as of 12 March. In addition, he announced further retaliation with duties on cars coming to the US from 2 April. The aggressive rhetoric towards Canada culminates with a surprising proposal: ‘The only thing that makes sense is for them to become our dear 51st state, thus eliminating tariffs and everything else’. These words, along with the executive orders Trump is preparing, are having immediate repercussions on the markets.
European stock exchanges, already in crisis after Monday’s slump, reacted negatively to the announcement. Milan closed sharply lower, with the Ftse Mib down 1.38%, followed by Frankfurt (-1.32%), Paris (-1.31%), Amsterdam (-1.42%), London (-1.23%) and Madrid (-1.51%). The reaction of the American markets was no less, with Wall Street suffering heavy losses: the Dow Jones fell 1.25%, the Nasdaq gave up 0.83%, while the S&P 500 lost 1.02%.
Trump’s statements, followed by executive orders, have a direct impact on investments, generating rapid disinvestments and causing shocks on the stock markets. The result is clear: billions of dollars and euros have been ‘burned’ in a matter of hours. Uncertainty is growing: how long can these losses last before they become irreversible damage to the global economy?
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(Source and photo: © AndKronos)
