Trump, ready for negotiations - Global stock markets lost 2 trillion USD after the latest tariffs
US President Donald Trump said he would be willing to negotiate with other countries if they made "phenomenal" offers. "If someone says we're going to give you something phenomenal, we'll consider it, as long as they're giving us something good," he told reporters aboard Air Force One.
His comments came after several White House officials insisted that the newly announced reciprocal tariffs were non-negotiable, fueling further uncertainty about the US president's tariff plans, which have sent global stock markets plummeting and wiped out nearly $2 trillion in the S&P 500.
The announcement of the tariffs on what was dubbed “Liberation Day” rocked global markets as investors feared a full-blown global trade war could tip the world economy into a recession or even a Great Depression like the one of the 1920s. Trump announced reciprocal tariffs targeting 180 countries, with a scope and scale not seen in the last century. Despite the chaos, he insisted the economic impact would only be temporary and that stock markets “will boom.”
“Policy uncertainty is unlikely to recede anytime soon and is likely to continue to cloud the outlook going forward, hurting both business and consumer sentiment, while also making it impossible to price risk for market participants,” the analysts explain.
On Wednesday, Trump announced a base tariff of 10% on all countries, with additional import duties on some specific countries. The White House confirmed that the base tariff of 10% would take effect on April 5, while the reciprocal taxes would begin on April 9, leaving little time for negotiations.
US stock markets suffered an intense sell-off not seen since 2020, when COVID-19 caused problems around the world and closed many businesses.
Furthermore, shares of automakers continued to suffer from the impact of tariffs, as 25% auto duties went into effect.
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