Nikkei plunges as Asian markets brace for further tariff fallout; Trump says ‘sometimes you have to take medicine’ – business live

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‘We’re not looking at pause in tariffs,’ Trump says

Lucy Campbell

Asked if he would be open to a pause in tariffs to allow for negotiations, Trump says: “We’re not looking at that.”

He says there are many countries coming to negotiate deals with the US. These will be fair deals, he says. In some cases they’ll be paying substantial tariffs, he adds.

When asked whether countries could negotiate down the 10% baseline tariff, Trump insisted that the tariffs have been effective in getting countries to go to the negotiating table.

“If I didn’t do what I did over the last couple of weeks, you wouldn’t have anyone who wants to negotiate,” Trump said. “Now they’re coming to us.”

Here’s an overview of what happened today:

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Stock markets around the globe continued to fall today, with the FTSE 100 and other European markets seeing further falls in the day.

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The US stock market had a rocky day, though the main indexes seemed to stabilize by the afternoon.

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US markets went up on an unverified rumor that Trump would delay the tariffs. The White House quickly denied the claim, calling it “fake news”. Later in the day, Trump confirmed that a pause is not being considered.

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Trump threatened to increase tariffs on China by 50% if the country did not rescind its retaliatory tariffs against American exports.

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Multiple business leaders, including Bill Ackman, Ken Fisher, Larry Fink and Jamie Dimon, spoke out against Trump’s tariffs today, forming a growing chorus of influential billionaires who are turning against Trump’s policy.

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After two straight days of deep plummets, markets appear to be slightly more stabilized this afternoon. The Dow was down 0.9% while the S&P 500 dropped 0.2% for the day. The Nasdaq was 0.1% up – a small gain, considering the index entered a bear market last week.

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Stocks briefly went up in the morning going off an unverified rumor that the White House would delay tariffs, which was quickly squashed by the administration. Stocks ticked slightly down, then back up, in the afternoon.

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Tech stocks had a particularly rocky day. Some companies, including Amazon and Meta, saw small gains, while Apple and Tesla both saw drops of at least 6%.

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Asked if he would be open to a pause in tariffs to allow for negotiations, Trump says: “We’re not looking at that.”

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He says there are many countries coming to negotiate deals with the US. These will be fair deals, he says. In some cases they’ll be paying substantial tariffs, he adds.

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When asked whether countries could negotiate down the 10% baseline tariff, Trump insisted that the tariffs have been effective in getting countries to go to the negotiating table.

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“If I didn’t do what I did over the last couple of weeks, you wouldn’t have anyone who wants to negotiate,” Trump said. “Now they’re coming to us.”

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BlackRock CEO Larry Fink said at an event this afternoon that most CEOs he talks to “would say we are probably in a recession now”.

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Fink said one CEO said the airline industry – which cut 2025 forecasts due to falling demand – tends to be a canary in the coal mine for a recession. He also said that he’s concerned about elevated inflation.

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A recession is technically when gross domestic product (GDP) goes down for two consecutive quarters, but is generally used to describe a major contraction in the economy.

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Markets have had a volatile trading of ups and downs so far today. Within the last hour:

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The Dow gained back about 400 points of the 900 points it had lost at its lowest point today

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The S&P 500 and Nasdaq are both up slightly for the day, by about 0.5% and 1.2%, respectively. The gains appear to be quickly fluctuating, though a fluctuation is better than the solidly downward slope the stock market was on at the end of last week.

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Nvidia continued to climb up, while Apple and Tesla have slightly softened their losses from today.

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Shares of US steel are now up about 14% after Trump ordered a review of Japan’s Nippon Steel’s takeover of US steel.

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The global picture

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The FTSE 100 closed down 4.38% or 352.90 points at 7,702.08, representing a third day of heavy falls for the London market.

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Elsewhere, Germany’s DAX is down 4.3%, France’s CAC is down 4.8%, Italy’s FTSE MIB is down 5.2% and Spain’s IBEX is down 5.1% in further signs of the turmoil caused by Trump’s tariffs.

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Japan’s benchmark Nikkei 225 index tumbled nearly 9% as concerns over a tariff-induced global recession continued to rip through markets on Monday, reaching 30,792.74 for the first time since October 2023.

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Hong Kong and Chinese stocks dived, with Hong Kong’s Hang Seng index down 8% in early trade. Shares in Chinese tech giants Alibaba and Tencent fell more than 8%.

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As usual, US trading ends at 4pm ET today, though it’s unclear exactly where the market will be at the end of the day.

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The FTSE 100 closed down 4.38% or 352.90 points at 7,702.08, representing a third day of heavy falls for the London market.

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Elsewhere, Germany’s DAX is down 4.3%, France’s CAC is down 4.8%, Italy’s FTSE MIB is down 5.2% and Spain’s IBEX is down 5.1% in further signs of the turmoil caused by Trump’s tariffs.

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President Donald Trump has threatened further tariffs on China if Beijing does not withdraw retaliatory measures, increasing trade war concerns.

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On his Truth Social network, Trump posted:

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Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set.

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Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th.

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Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!

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Richard Branson has posted on X describing Donald Trump’s tariffs as a “colossal mistake” and has called on the president to reverse his decision.

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America could be left “facing ruin for years to come”, he said.

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He posted:

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The ongoing market response to last week’s US tariff announcement was both predictable and preventable.

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Even if you agree with the premise of these tariffs, every reasonable effort should be made to give US companies sufficient time to adapt.

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The billionaire added:

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This is the moment to own up to a colossal mistake and change course.

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Otherwise, America will face ruin for years to come

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A quick recap…

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It’s turning into another very volatile day in the financial markets, as investors grow more fearful that Donald Trump’s trade war will trigger a recession.

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European stock markets are in the red in late trading, with the FTSE100 index down 2.5%, or 205 points, at 7849 points.

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Germany’s DAX is down 3.5% in early trading, while France’s CAC has lost 4%.

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It’s been a roller-coaster rise on Wall Street – stocks initially plunged, but then rocketed higher following a report that Trump was considering a 90-day pause to many of his new tariffs.

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However, that rally fizzled out as the White House denied this claim.

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So was that 90-day tariff pause tweet (now proven entirely false) the largest fake news-driven market swing in market history?

— Rory Johnston (@Rory_Johnston) April 7, 2025

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INSANE market action right now. Market exploded higher on a headline attributed to Kevin Hassett. And now nobody can figure out where it came from and the markets are diving again.

An 8% surge and then a 3.5% plunge in a matter of seconds pic.twitter.com/HAcWqgrrch

— Joe Weisenthal (@TheStalwart) April 7, 2025

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GoldmanSachs added to the pressure on the White House, by raising the chances of a US recssion to 45%.

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JP Morgan’s chief executive, JamieDimon, warned that it may be “hard to reverse” the effect of Donald Trump’s tariffs, which he said would drive prices higher and make a US recession more likely.

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Donald Trump supporter and billionaire fund manager BillAckman has said the president is losing the confidence of business leaders and should pause his trade war – which could cause an economic collapse while damaging his supporters the most.

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The White House says any suggestion that President Donald Trump is considering a 90-day pause in tariffs is “fake news,” CNBC reports.

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We’ve just seen a wild few minutes in the financial markets, following a confusing report about a possible delay to Trump’s tariffs.

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After plunging in early trading, Wall Street surged into positive territory. A few minutes ago the S&P 500 index was UP by 1.76% at 5,163 points, a gain of 89 points. However, that rally has now petered out again.

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The DowJonesindustrialaverage jumped too – it was briefly up 1.44%, or 551 points, at 38,866 points, having been DOWN over 1,000 points in early trading.

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But that rally has fizzled out too, leaving the Dow down 747 points (for the next few seconds, anyway).

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This dizzying roller-coaster follows a suggestion on CNBC that White House economic advisor KevinHassett has, apparently, suggested that Donald Trump is considering a 90 day pause on tariffs for all countries other than China.

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the Dow turns positive as CNBC talks about reporting that Kevin Hassett is saying Trump is considering a 90 day pause on tariffs for all countries other than China pic.twitter.com/ODJOsGVqWU

— Aaron Rupar (@atrupar) April 7, 2025

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HASSETT: TRUMP IS CONSIDERING A 90-DAY PAUSE IN TARIFFS FOR ALL COUNTRIES EXCEPT CHINA #StockMarket spikes back #Trump #Tariffs pic.twitter.com/o0MG81Hpum

— Susan Li (@SusanLiTV) April 7, 2025

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That would obviously be a game-changer for the markets, and bolster hopes that negotiations might lead to reductions in the large tariffs announced by Trump last week.

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However, we haven’t yet managed to stand up exactly what Hassett has said on this point. He WAS asked about the possibility of a 90-day pause on Fox News earlier, but he didn’t explicitly say it was under active consideration.

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KILMEADE: Would Trump consider a 90 days pause in tariffs?

HASSETT: I think the president is gonna decide what the president is gonna decide … even if you think there will be some negative effect from the trade side, that's still a small share of GDP pic.twitter.com/3KymvgOwQG

— Aaron Rupar (@atrupar) April 7, 2025

nn”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Stocks had briefly bounced back in London too, but the FTSE100 is currently down 214 points or -2.6% today at 7842 points.

“,”elementId”:”fdb79852-4bd9-4b84-a40e-d91de3f2153e”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744035115000,”blockCreatedOnDisplay”:”10.11 EDT”,”blockLastUpdated”:1744036613000,”blockLastUpdatedDisplay”:”10.36 EDT”,”blockFirstPublished”:1744036614000,”blockFirstPublishedDisplay”:”10.36 EDT”,”blockFirstPublishedDisplayNoTimezone”:”10.36″,”title”:”A quick recap: Markets volatile on hopes of tariff delay”,”contributors”:[],”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f3d9888f08054ffed41f41″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The chief executives of some of the world’s biggest banks have reportedly held private talks about the carnage in financial markets and the global economy precipitated by President Donald Trump’s new tariffs.

“,”elementId”:”fa043cee-feb5-4df1-a306-abd992d9b400″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Sky News has learnt that bosses from lenders including Bank of America, Barclays, Citi and HSBC Holdings held a call on Sunday to discuss the ongoing chaos as plunging equity markets reflect fears of a worldwide recession.

“,”elementId”:”36145c59-dc58-469c-9b69-b72beb0a61bd”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Thet add:

“,”elementId”:”7e7191cd-b4e0-40cd-9f9a-ebba47d443d2″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

Sources said that Sunday’s call was convened by the Bank Policy Institute, a Washington-based public policy group.

n

BrianMoynihan of BoA, Barclays’ CSVenkatakrishnan and GeorgesElhedery of HSBC were among those who took part in the call, according to one overseas bank executive.

n

“,”elementId”:”6ae36299-c178-479a-8d06-92ca488bd60e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

More here.

“,”elementId”:”3413c2d6-5ef7-42c9-bc0f-566b4033845e”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”source”:”Twitter”,”id”:”1909242909762650500″,”elementId”:”2e5f155f-49f5-4c8a-b0d4-a00476f6e50e”,”hasMedia”:false,”role”:”inline”,”url”:”https://x.com/MarkKleinmanSky/status/1909242909762650500″,”isThirdPartyTracking”:false,”html”:”

Exclusive: The CEOs of some of the world’s biggest banks, including Bank of America, Barclays and HSBC, have held private talks about the economic and markets fallout from President Donald Trump’s tariffs blitz amid growing fears of a global recession. https://t.co/Drju7fKBNg

— Mark Kleinman (@MarkKleinmanSky) April 7, 2025

nn”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744034184000,”blockCreatedOnDisplay”:”09.56 EDT”,”blockLastUpdated”:1744034409000,”blockLastUpdatedDisplay”:”10.00 EDT”,”blockFirstPublished”:1744034409000,”blockFirstPublishedDisplay”:”10.00 EDT”,”blockFirstPublishedDisplayNoTimezone”:”10.00″,”title”:”Global bank chiefs hold talks over Trump tariffs crisis”,”contributors”:[],”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f3d7318f08054ffed41f1d”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Elon Musk’s Tesla is having another tough day on the stock market.

“,”elementId”:”7c3696dd-bb43-41e1-a384-9300fa3883f8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Shares in Tesla are down 8.5% in early trading, making it the worst-performing stock on the S&P 500 index.

“,”elementId”:”d0ce82c2-08c4-4aff-b2a0-5b7fdfe2204f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Other big fallers include chipmaker AMD (-7.5%), and data analytics firm Palantir (7.1%).

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Ding Ding! The opening bell of the New York stock exchange is ringing out, and stocks are sliding again.

“,”elementId”:”ec383a5b-5413-4313-8613-1ed9b6d99ce7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The S&P 500 shares index, the broad measure of US shares, is down 3.4% at the start of trading – which takes it into ‘bear market territory’ (more than 20% below its record high).

“,”elementId”:”d6132b8c-b176-43ab-83c4-9ccecbbf5059″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The DowJonesindustrialaverage shed 1,191 points at the open, a fall of 3.1%, to 37,123 points.

“,”elementId”:”7d623c6c-b4d0-4596-9aeb-490b19d957d3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

And the tech-focused Nasdaq index is down 3.9%.

“,”elementId”:”81cfeaca-18ef-4c1a-bc26-7abdaff31de9″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Traders will be reacting to the warnings from the likes of Goldman Sachs that the trade war increases the risks of a US recession, with Donald Trump not showing any signs of backing down.

“,”elementId”:”53f8a108-1414-4697-9324-9358172995d4″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Bloomberg points out that Wall Street has lost around 13% of its value since Thursday, which is the third-worst three-day run ever, after the early days of Covid-19 in March 2020, and during the 2008 financial crisis.

“,”elementId”:”490cc909-504d-4660-a1e9-2cff1e777d90″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744032586000,”blockCreatedOnDisplay”:”09.29 EDT”,”blockLastUpdated”:1744033126000,”blockLastUpdatedDisplay”:”09.38 EDT”,”blockFirstPublished”:1744033126000,”blockFirstPublishedDisplay”:”09.38 EDT”,”blockFirstPublishedDisplayNoTimezone”:”09.38″,”title”:”Wall Street slides, putting S&P 500 into ‘bear market’ territory”,”contributors”:[],”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f3d3a68f08e0f1eb031f29″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Donald Trump has confirmed that he spoke with Japanese prime minister Shigeru Ishiba about tariffs.

“,”elementId”:”4853e092-480d-4511-940f-38e06a6abe49″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Posting on Truth Social, Trump says:

“,”elementId”:”2d9e8090-a236-4dee-97d8-04bc5f9a377e”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

Countries from all over the World are talking to us. Tough but fair parameters are being set. Spoke to the Japanese Prime Minister this morning. He is sending a top team to negotiate!

n

They have treated the U.S. very poorly on Trade. They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other “things.” It all has to change, but especially with CHINA!!!

n

“,”elementId”:”7b997f80-0ba2-4214-b5c1-68d1f3757cf8″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744032678000,”blockCreatedOnDisplay”:”09.31 EDT”,”blockLastUpdated”:1744032772000,”blockLastUpdatedDisplay”:”09.32 EDT”,”blockFirstPublished”:1744032726000,”blockFirstPublishedDisplay”:”09.32 EDT”,”blockFirstPublishedDisplayNoTimezone”:”09.32″,”title”:”Trump: talks to begin with Japan on trade”,”contributors”:[],”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f3d24b8f08054ffed41ed6″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Here’s a video of today’s press briefing at the Chinese foreign ministry:

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The oil price is wallowing around its lowest level in four years.

“,”elementId”:”264e9753-8a87-4a8d-9e58-50498fb2f67e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Brent crude is down 2.5% today at below $64 per barrel, a level last seen in April 2021.

“,”elementId”:”e7bc2ccd-9bb9-42bf-8b32-c382e8eb2cb1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Motoring bodies are pushing retailers to cut petrol and diesel prices in response.

“,”elementId”:”d2fba084-9c4c-4e8e-970e-74b8c72ca203″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

RAC head of policy SimonWilliams says:

“,”elementId”:”5905adf3-b847-49f9-b0a3-7d5ce52d8f3e”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

“With oil tumbling to its lowest price for four years, drivers ought to see cuts of up to 6p a litre at the pumps ahead of the notoriously busy Easter weekend on the roads.

n

“As long as the barrel carries on trading around or below the $65 mark, retailers will be obliged to pass on the savings they’re benefitting from to their customers on the forecourt. The RAC believes they should be motivated to do so as they continue to be scrutinised by the Competition and Markets Authority, which only a week ago reported that it’s still concerned about a lack of competition in fuel retailing.

n

“Petrol should drop from its current UK average of 136p to 130p a litre and diesel from 143p to 137p. If unleaded were to fall to that level, it would be the cheapest since summer 2021. Diesel hasn’t been that low since September that year.”

n

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The last few days of heavy losses in the markets will have been alarming for savers and investors.

“,”elementId”:”0c179c26-07a0-49e2-8e55-ca88fea21e42″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Ed Monk, associate director at investment manager Fidelity International, suggests it would be a mistake to panic.

“,”elementId”:”b39cdf87-2043-4c00-a954-22be28664903″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

“The launch of trade tariffs by the United States on its international partners has spooked markets and pension savers may have already seen an alarming fall in the value of their retirement fund. There are lots of reasons, however, why they may not need to worry – and why panicking now is likely to be the worst response.

n

“The true impact of the movements depends on how long you have until you need to access your pension money. Anyone still with many years until they need their pension money – at least 10 years – can probably afford to relax more in response to these developments. If your pension investments lose value in the short-term there will be plenty of time for those losses to be recovered. Money held in a pension cannot typically be accessed before age 55 anyway (rising to age 57 from April 2028) so there is no need to sell investments and crystalise a loss – you can just wait it out.

n

“What’s more, if you still have many years of pension contributions ahead of you, losses now can actually work in your favour because they allow you to buy assets at lower values. This can boost your returns in the long run.

n

“If you’re a bit closer to retirement the concern is that steep losses won’t have time to recover. Yet many pension savers in this position will enjoy some protection from the stock market falls because they hold a proportion of their money in lower-risk assets like Bonds and cash. After a long period in which bonds have disappointed, they have performed the role of unlikely saviour in the recent market sell-off. Fears of an economic slowdown has seen a flight to the safety of bonds pushing up prices. Many workplace pension schemes will automatically increase your allocation to bonds in the run up to retirement to protect against precisely the sudden losses for shares that we have seen this year.

n

“For those already in retirement with a fund still invested, temporarily reducing the amount of income taken from a pension may be a useful way to lessen the effect of market activities. If investors can push through the short-term downturn by doing this and benefit from an eventual recovery there is the chance to navigate the choppy waters without eating into your capital. Withdrawing a fixed amount in this current environment will erode savings quicker if your investments are down. If you can live off the natural yield this may be more suitable because it won’t deplete the investment itself and when the market does turn around the capital will still be there.”

n

“,”elementId”:”b47592a3-64e2-4d8c-bf54-e1668700fbda”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744027569000,”blockCreatedOnDisplay”:”08.06 EDT”,”blockLastUpdated”:1744028347000,”blockLastUpdatedDisplay”:”08.19 EDT”,”blockFirstPublished”:1744028347000,”blockFirstPublishedDisplay”:”08.19 EDT”,”blockFirstPublishedDisplayNoTimezone”:”08.19″,”title”:”Fidelity: Pension savers shouldn’t panic”,”contributors”:[],”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f3b8438f08e0f1eb031e14″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Donald Trump has delivered a defiant defence of the economic situation, posting this on his Truth Social account:

“,”elementId”:”053f0ad2-2d9c-47a4-86b4-e6d5e467b206″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.

n

This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They’ve made enough, for decades, taking advantage of the Good OL’ USA!

n

Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!

n

“,”elementId”:”02d72dec-e8a9-4f85-b596-3ea0ce623fe5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Factcheck: Trump is correct about the oil price, it’s down 2.5% today, hit by recession fears.

“,”elementId”:”b980cc75-02f2-4f3a-8ff9-6bc70fdf2ac3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Interest rates, as measured by the yields on US Treasury bonds have also fallen, yes, which will cut the cost of issuing new debt.

“,”elementId”:”d8df807f-a35c-488e-9ef5-4a8b7c890b45″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

“NO INFLATION” is pushing it, though – the CPI inflation rate rose by 2.8% in the year to February with the “food at home index” up 1.9% over the last 12 months.

“,”elementId”:”c03c86bb-134a-4586-a153-cbeb4ea1541f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

And the US won’t be “bringing in” billions of dollars a week from its new tariffs, as they are paid by American companies and individuals when they import goods. The importers could choose to cut their prices, to effectively pay the tariff, but I don’t think we have proof this is happening….

“,”elementId”:”eb958391-9148-4c2d-8b39-3762ec20767c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

But yes, China’s markets did tumble today, with the CSI300 index losing over 7%.

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After a very choppy morning, European stocks are still deep in the red – but they have also recovered some of their earlier losses.

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In London, the FTSE 100 share index is now down 3.5%, or 284 points lower, at 7772 points. That would be its lowest closing level in a year, just five weeks after it hit a record high over 8,900 points!

“,”elementId”:”35f8313a-c9f7-4de4-90d8-d8f5ba442e83″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

But this is also a recovery from the plunge this morning, that saw the FTSE 100 slump by 6%.

“,”elementId”:”143c8785-efbb-49fc-a50c-a41417ce2a85″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Indeed, we now have a few risers on the FTSE 100 today – including housebuilder TaylorWimpey, LloydsBankingGroup and gambling firm Entain.

“,”elementId”:”9de1c597-d954-4802-adf2-8153fd1135e3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Across Europe, the picture is less grim too. Germany’s DAX, for example, is currently down 4% – having shed 10% of its value at one stage this morning.

“,”elementId”:”a007d151-bcfd-495c-b256-fd476ddf5b87″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Investors may be cheered by the news that Wall Street is not expected to plunge quite as much as initially feared – S&P 500 futures are currently down 1.7%….

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We’re well into the third day of the market meltdown after Donald Trump’s ‘Liberation Day’ tariff announcement last Wednesday.

“,”elementId”:”02940e4a-20f2-40e7-83d6-5ba238be020a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Bloomberg have calculated that around $9.5trn has been wiped off global share prices since the US president announced new trade levies on on friends, foes, and the penguins living on barren, uninhabited volcanic islands near Antarctica.

“,”elementId”:”7451285e-0ceb-4bf6-81ee-1ffd83a4db6a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

They explain:

“,”elementId”:”7f728f66-f0c5-4da9-8335-2f98d4546e15″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

The carnage in financial markets worsened on Monday with stressed-out investors abandoning hopes that President Donald Trump would change his tariff policy.

n

Stocks tumbled, taking the three-day wipeout in global equity value to about $9.5 trillion. S&P 500 equity futures signaled a 3% loss and the VIX Index spiked above 50. Europe’s Stoxx 600 tumbled 5%. Asia capped the worst day since 2008. Treasuries and the yen gained as investors sought refuge.

n

“,”elementId”:”1f3c9abc-1d92-4c3a-8a14-790221201b5b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744022339000,”blockCreatedOnDisplay”:”06.38 EDT”,”blockLastUpdated”:1744023045000,”blockLastUpdatedDisplay”:”06.50 EDT”,”blockFirstPublished”:1744022589000,”blockFirstPublishedDisplay”:”06.43 EDT”,”blockFirstPublishedDisplayNoTimezone”:”06.43″,”title”:”Bloomberg: Three-day sell-off wipes out $9.5tn”,”contributors”:[],”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f3a7538f08d7b767193508″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Jamie Dimon, the CEO of JP Morgan, has warned that Donald Trump’s new tariffs will hurt growth and drive up prices for consumers.

“,”elementId”:”4fc6bf27-93c8-4057-adbb-56451928976c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In his annual letter to shareholders, Dimon – one of the most influential voices on Wall Street – says:

“,”elementId”:”e9f4c1bb-901e-4dd0-9723-88fc837ff306″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession. And even with the recent decline in market values, prices remain relatively high. These significant and somewhat unprecedented forces cause us to remain very cautious.

n

“,”elementId”:”d0bbd744-6ecc-4624-a604-9f8e00f93ab3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

[Dimon is clearly correct – with Goldman Sachs lifting their US recession chances today]

“,”elementId”:”c7d03e8b-2139-4827-a919-a6cee826cf4e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In his letter, Dimon also warns that the US economy had already begun weakening before the recent tariff announcement.

“,”elementId”:”2c390e0b-d27b-4db4-bc37-f0bd62e704fc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In the short term, he says, tariffs will have “inflationary outcomes”, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products.

“,”elementId”:”8782abcb-a911-4d8a-8851-e2f663d518fd”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

[Reminder: tariffs are paid by the importer of foreign goods, not the overseas producer] .

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Dimon says:

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n

How this plays out on different products will partially depend on their substitutability and price elasticity. Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.

n

“,”elementId”:”7bd18c52-33d1-451a-b543-0fcd53f9235f”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744021331000,”blockCreatedOnDisplay”:”06.22 EDT”,”blockLastUpdated”:1744024951000,”blockLastUpdatedDisplay”:”07.22 EDT”,”blockFirstPublished”:1744021863000,”blockFirstPublishedDisplay”:”06.31 EDT”,”blockFirstPublishedDisplayNoTimezone”:”06.31″,”title”:”JPMorgan’s Dimon warns tariffs will lift prices and could cause recession”,”contributors”:[],”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f389cf8f082d3642a79c24″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Goldman Sachs has slashed its forecast for US economic growth this year, and warned there is a growing risk that America falls into recession in the next year.

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Goldman has lowered its 2025 growth forecast from 1.0% to 0.5%, due to fears that Donald Trump will raise tariffs by much more than it had expected.

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In a note titled “US Daily: Countdown to Recession”, Goldman also lifted its 12-month recession probability from 35% to 45%, following “a sharp tightening in financial conditions, foreign consumer boycotts, and a continued spike in policy uncertainty” following Trump’s tariff announcements.

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Goldman analysts explain that they had expected the White House to announce a more aggressive tariff at first and then scale it back; instead, the new tariffs scheduled for 9 April would lift the effective tariff rate by more than expected.

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They say:

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n

First, financial conditions tightened more aggressively than we had expected in response to the White House’s announcement of its “reciprocal” tariff and the Chinese government’s announcement of its retaliatory tariffs on US exports.

n

This is partly because both announcements were more aggressive than expected. But it also suggests that the sensitivity of financial conditions to incremental tariffs is rebounding from the moderate levels of early 2025 toward the more outsized levels observed in the 2018-2019 trade war.

n

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n

Second, our analysis of reduced foreign tourism to the US and foreign consumer boycotts suggests an additional 0.1-0.2pp hit to GDP growth in 2025. Our forecast had already assumed forceful retaliation by foreign governments, but we had not accounted for the effects of a consumer-led response.

n

Third, measures of policy uncertainty have spiked to levels far above those reached during the last trade war. The effects of policy uncertainty are likely to be much larger than in the first trade war because far more US companies are likely to be affected by uncertainty about the much larger and broader US and foreign tariffs this time, and some could also be affected by uncertainty about other policy areas, such as fiscal and immigration policy.

n

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}],”data”:{“alt”:”A chart showing Goldman Sachs’s latest US forecasts”,”credit”:”Photograph: Goldman Sachs”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744013775000,”blockCreatedOnDisplay”:”04.16 EDT”,”blockLastUpdated”:1744015494000,”blockLastUpdatedDisplay”:”04.44 EDT”,”blockFirstPublished”:1744014756000,”blockFirstPublishedDisplay”:”04.32 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.32″,”title”:”Goldman Sachs: 45% risk of US recession in next year”,”contributors”:[] ,”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f388028f08f7ab2f00f2e2″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Wall Street’s ‘fear index’ is surging higher again today.

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The VIX index, which measures market volatility and uncertainty, has almost doubled today to around 60 points.

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It’s at its highest level since last August, when US recession fears hit markets.

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$VIX (market volatility index) is up 165% in the last five trading days 🫠💀 pic.twitter.com/FmNvybkMF8

— Philip Engberg (@philipengberg) April 7, 2025

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[I initially thought it was the highest since March 2020, but it seems we’re not there yet….]

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Most people are investors through their pensions, even if not actively, so the sell-off could have an impact on their retirement funds. And even if they don’t have a pension, the sharp drop in share prices across the world could make a difference to their finances.

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On Friday my colleague HilaryOsborne took a look at what the turmoil means for people in the UK – you’ll find it here:

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City traders have been raising their bets that the Bank of England cuts interest rates several times this year.

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The money markets now price in a 92% likelihood that the BoE cuts Bank rate at its next meeting in early May. by a quarter of one percentage point (or 25 basis points).

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For the rest of 2025 as a whole, 86 basis points of cuts are priced in – which implies that three quarter-point cuts are expected (most likely in May, August, and November), with the possibility of a fourth.

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Stocks across Europe have cratered to their lowest level since December 2023.

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The pan-European Stoxx600 index, which tracks the six hundred largest companies in Europe, has slumped by over 6% this morning, to its lowest level since early December 2023.

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Across Europe, stock markets are in freefall.

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In Frankfurt, Germany’s DAX index has fallen by 10% at the start of trading, while France’s CAC has lost 6.6%, and the Italian FTSEMIB is down 5.7%.

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In percentage and points terms, this morning’s 6% plunge would be the worst day for the FTSE 100 since March 2020, when markets crashed early in the Covid-19 pandemic.

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Britain’s stock market has plunged deep into the red at the start of trading.

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Stocks are sliding sharply again, adding to last week’s heavy losses, as investors grow more fearful that Donald Trump’s trade policies will lead to recession.

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In London, the FTSE100 index of blue-chip stocks has plunged by 488 points, or 6%, taking the index down to 7566 points, its lowest level since February 2024.

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That’s an even more severe plunge than the near-5% wipeout on Friday after China retaliated against the US with its own new tariffs.

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Every share on the FTSE100 is in the red, with UK manufacturing firm Rolls–Royce tumbling by 13%.

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Miners, banks, and investment firms are also in the top fallers.

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There is widespread disappointment this morning that there was no progress on US trade tariffs over the weekend, with Trump described his new tariffs as necessary ‘medicine’.

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Kathleen Brooks, research director at XTB, says investors are desperate to see ‘concrete action’, such as a pause or u-turn on Trump’s tariffs.

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n

This market is looking for concrete action, not talk of action. The best panacea for financial markets right now would be a pause or reversal from the US on its tariff programme.

n

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“Rarely if ever have the next few days been so important,” Deutsche Bank warned clients this morning.

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In a new research note, Deutsche point out that the shock since “Liberation Day” last Wednesday has led to the fourth worst two-day market slump since the second world war – with only the 1987 crash, the Great Financial Crisis of 2008 and the initial Covid panic seeing worse back-to-back days.

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Deutsche warn that the disruption is the biggest since Richard Nixon took America off the gold standard in 1971:

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n

It represents the biggest shock to the global trading system since the Bretton Woods collapse in 1971 and will represent the largest tax increase for the US consumer since the 1968 Revenue and Expenditure Control Act that came during the Vietnam War.

n

It’s hard to say we weren’t warned though. Trump has been pretty clear as to his views on tariffs for years, if not decades, and his actions and words pre and post inauguration have been quite clear, as have those of his Administration.

n

However the scale of the “Liberation Day” tariffs exceeded expectations, and the arbitrary way they were calibrated was a major shock and creates a significant credibility issue which is just as unsettling to global markets as the action itself.

n

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Deutsche add that it is important to watch whether the US Administration tries to find “an elegant off-ramp or doubles down” on its trade policy, Deutsche add:

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n

This is crucial as it will dictate more things than just trade. It will impact the whole relationship between the US and the RoW [rest of the world] in everything that is important, including defence, geopolitics and the multi-lateral rules-based world order. So where trade goes from here will influence everything else.

n

A US Administration that doubles down will have immense global implications for 2025 and the years and decades ahead. At the moment there are few signs they are backing down which will likely signal more market turmoil ahead. Rarely if ever have the next few days been so important.

n

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Overnight, billionaire investor Bill Ackman urged Donald Trump to pause his new global tariffs, warning.

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Ackman, who supported Trump during last year’s presidential race, posted on X that it would be “economic nuclear war” for the US to impose its new retaliatory tariffs on many trading partners on 9 April, as planned.

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In a sign of Wall Street’s deep, growing anxiety about the trade war, Ackman says:

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n

But, by placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital.

n

The president has an opportunity to call a 90-day time out, negotiate and resolve unfair asymmetric tariff deals, and induce trillions of dollars of new investment in our country.

n

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The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust.

President @realDonaldTrump has elevated the tariff issue to the most important geopolitical…

— Bill Ackman (@BillAckman) April 6, 2025

nn”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Ackman also alleged that US Commerce secretary HowardLutnick was conflicted because of his relationship with financial services firm Cantor Fitzgerald, due to its exposure to the bond market (where price have been rising in the market crisis).

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Ackman claimed:

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n

I just figured out why @howardlutnick is indifferent to the stock market and the economy crashing. He and Cantor are long bonds. He profits when our economy implodes.

n

It’s a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income. It’s an irreconcilable conflict of interest.

n

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I just figured out why @howardlutnick is indifferent to the stock market and the economy crashing. He and Cantor are long bonds. He profits when our economy implodes.

It’s a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income. It’s an irreconcilable…

— Bill Ackman (@BillAckman) April 7, 2025

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Lutnick stepped down as chairman and CEO of CantorFitzgerald when he was confirmed as Commerce secretary, with two of his sons taking top positions at the firm.

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For those just catching up with today’s rout of Asian financial markets, here’s a recap of the continuing fallout from Donald Trump’s sweeping tariffs amid fears of an escalating global trade war and a potential US recession.

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n
The US president said foreign governments would have to pay “a lot of money” to lift tariffs that he characterised as “medicine” as markets in Asia plunged in early trading on Monday, continuing a two-day sell off that wiped almost $5tn off the value of global stock markets last week. Trump indicated he was not concerned about the market losses, telling reporters late on Sunday: “I don’t want anything to go down. But sometimes you have to take medicine to fix something.”

n
Japan’s benchmark Nikkei 225 index tumbled nearly 9% as concerns over a tariff-induced global recession continued to rip through markets on Monday, reaching 30,792.74 for the first time since October 2023. Prime minister Shigeru Ishiba said his government would continue to ask Trump to lower tariffs but that results “won’t come overnight”.

n
Hong Kong and Chinese stocks dived, with Hong Kong’s Hang Seng index down 8% in early trade. Shares in Chinese tech giants Alibaba and Tencent fell more than 8%.

n
Taiwan’s stock exchange fell almost 10% on the Monday open, the first day of trading since the tariffs were announced. The drop marked the largest one-day point and percentage loss on record, according to local media.

n
Trading on South Korea’s Kospi index was halted for five minutes as stocks plummeted.

n
Australian shares were also sharply lower, with more than $160bn wiped off the markets in early trading.

n
The US president said he had spoken to leaders from Europe and Asia over the weekend, who hope to convince him to lower tariffs that are as high as 50% and due to take effect this week. “They are coming to the table. They want to talk but there’s no talk unless they pay us a lot of money on a yearly basis,” Trump said.

n
Trump’s tariff announcement last week jolted economies around the world, triggering retaliatory levies from China. Wall Street stock futures opened sharply lower on Sunday, in a sign of further turbulence after the worst week for US stocks since the onset of the Covid-19 crisis five years ago.

n
Treasury secretary Scott Bessent said more than 50 nations had started negotiations with the US since last Wednesday’s tariffs announcement.
– With reporting by Helen Davidson and agencies

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Donald Trump’s tariff measures could slow euro area economic growth by between 0.5 and 1 percentage points, the Greek central bank governor has told the Financial Times in an interview published on Monday

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Yannis Stournaras’s comments come against the backdrop of European Union countries weighing approval of a first set of targeted countermeasures on up to $28bn of US imports from dental floss to diamonds in the coming days, Reuters reports.

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The 27-nation bloc faces 25% import tariffs on steel and aluminium and cars and reciprocal tariffs of 20% from Wednesday for almost all other goods.

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In an interview with the newspaper, Stournaras warned that the looming global trade war risk sparking a large “negative demand shock” in the Eurozone that could weigh heavily on Europe’s economic growth.

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He told the FT:

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n

A notable adverse impact on growth could lead to activity being much weaker than expected, dragging inflation below our targets.

n

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The European Central Bank has estimated that a blanket U.S. tariff of 25% on European imports would lower euro zone growth by 0.3 percentage points in the first year. EU counter-tariffs on the US would raise this to half a percentage point.

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}],”data”:{“alt”:”Greek central bank governor Yannis Stournaras”,”caption”:”Greek central bank governor Yannis Stournaras says there is a risk of ‘negative demand shock’ in the Eurozone amid a trade war. “,”credit”:”Photograph: Alexandros Beltes/EPA”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744004472000,”blockCreatedOnDisplay”:”01.41 EDT”,”blockLastUpdated”:1744004908000,”blockLastUpdatedDisplay”:”01.48 EDT”,”blockFirstPublished”:1744004909000,”blockFirstPublishedDisplay”:”01.48 EDT”,”blockFirstPublishedDisplayNoTimezone”:”01.48″,”title”:”Trump tariffs could slow euro growth, says Greek central banker”,”contributors”:[] ,”primaryDateLine”:”Mon 7 Apr 2025 16.22 EDT”,”secondaryDateLine”:”First published on Sun 6 Apr 2025 20.17 EDT”},{“id”:”67f35a5f8f08f7ab2f00f1b9″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Howmet Aerospace, which supplies parts for planes built by Airbus and Boeing, may halt some shipments if they are impacted by Donald Trump’s tariffs, according to a letter seen by Reuters.

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The Pittsburgh-based Howmet said in the letter to customers that it had declared a force majeure event – a legal practice that allows parties to a contract to avoid their obligations if hit by unavoidable and unpredictable external circumstances.

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The news agency quoted the company as writing in the letter: “Howmet will be excused from supplying any products or services that are impacted by this declared national emergency and/or the tariff executive order.”

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Howmet declined to comment.

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Howmet is a supplier of critical metal components used across the $150bn jetliner industry.

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Boeing and Airbus did not immediately reply to Reuters’ requests for comment on the letter, which three industry sources said went to multiple firms across the aerospace sector.

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It appeared to be the first such manoeuvre by a major aerospace company since the tariff announcement, one of the sources said.

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What’s been the reaction of analysts to today’s drubbing of Asian share markets and US stock futures in response to the Trump tariffs?

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Here’s a range of voices, care of Reuters, on the continuation of a two-day selloff as fears of a global trade war led investors to ramp up bets on the risk of recession and a US interest rate cut as early as next month.

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TONY SYCAMORE, MARKET ANALYST, IG, SYDNEY

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n

Things have gone from bad to worse this morning. The lack of reaction from Trump and from Bessent[the US Treasury secretary] , in terms of their concern levels, appearing to be very, very low in terms of the market dislocation. If there isn’t some sort of walking back of the announcements, then we’re heading for a liquidity event and liquidity will get sucked out of these markets big time across all asset classes. We’re already seeing that. We’re going to see obviously the US dollar return to being the kingmaker except against the yen.

n

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CHARU CHANANA, CHIEF INVESTMENT STRATEGIST, SAXO, SINGAPORE

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n

The lack of any policy response from the Trump administration on the market sell-off is adding to the uncertainty, reinforcing the idea that the current trajectory may remain unchanged in the near term. Unless we see a clear pivot from policymakers, volatility is likely to stay elevated, and the path of least resistance for risk assets remains to the downside.

n

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MATTHEW RUBIN, CHIEF INVESTMENT OFFICER, CARY STREET PARTNERS, NEW YORK

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n

One of the things that clearly clients have more exposure to today is private markets … there’s a little bit more control there in the private markets of the portfolio because you take out some of the daily trading and the daily volatility. I think that’s important. I wouldn’t call that a refuge, though.

n

This didn’t come out of some sort of exogenous risk that was uncovered. This is being brought on because of the tariffs. And none of us know when we’ll see more clarity or resolution, whether it be further negotiation and whether this is really about negotiation or whether this is about a fundamental change to try to reshape the manufacturing economy here in the US.

n

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DEAN FERGIE, DIRECTOR, CYAN INVESTMENT MANAGEMENT, MELBOURNE

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n

I expect a lot of panic selling this morning but over the coming days some level of rationality should prevail and we’ll see some buying support come in. The sectors to watch will be the financials/fund managers impacted by global market weakness, and the global discretionary stocks.

n

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Continued next post

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Base metal prices in China fell sharply on Monday amid the escalating global trade war, with copper prices sliding to a more than three-month low.

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The most-traded copper contract on the Shanghai Futures Exchange (SHFE) dropped 7% to 73,640 yuan per metric ton as of 0138 GMT, marking its lowest level in over three months since 3 January, Reuters reports.

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The benchmark three-month copper on the London Metal Exchange (LME) was down 1.9% to $8,614.5 per metric ton.

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China – a top metals consumer – hit back on Friday with additional 34% tariffs on all US goods from 10 April, after Donald Trump imposed a 34% tariff on most Chinese goods as part of his sweeping reciprocal tariff program.

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}],”data”:{“alt”:”Copper piping for sale at a US hardware store”,”caption”:”Copper piping for sale at a US hardware store.”,”credit”:”Photograph: Erin Hooley/AP”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

A base metals trader said:

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n

With China’s markets closed last Friday, which coincides with significant declines in LME base metals, we anticipated a sharp drop in China’s commodity prices today. Some even hit their lower limits as soon as trading began.

n

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Another trader said:

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n

The retaliatory tariff makes us worry about trade war, which will impede economic growth globally.

n

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SHFE aluminium slid 4.5% to 19,515 yuan a ton, zinc lost 4.2% to 22,195 yuan, lead fell 2.4% to 16,810 yuan, while nickel was down 6.7% to 120,370 yuan, tin fell 6.5% to 273,680 yuan.

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Among other metals, LME aluminium lost 0.3% to $2,372.5 a ton, lead fell 0.3% to $1,901, zinc slid 0.8% to $2,639, tin was down 2.2% at $34,615 and nickel was down 0.1% at $14,775 a ton.

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Hong Kong stocks have plummeted more than 9% at open, while Singapore stocks dropped over 7%, according to reports.

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Hong Kong and Chinese stocks dived on Monday as markets around the world crumbled in the face of the widening global trade war and fears it will unleash a deep recession, Reuters says.

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Hong Kong’s Hang Seng index was down 8% in early trade. Shares in online giants Alibaba and Tencent were down more than 8%.

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China’s CSI300 blue-chip index fell 4.5%.

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China, which is now facing US tariffs of more than 50%, responded in kind on Friday by slapping extra levies on US imports.

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Japan’s Nikkei share average tumbled nearly 9% early on Monday, while an index of Japanese bank stocks plunged as much as 17%, as concerns over a tariff-induced global recession continue to rip through markets.

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The Nikkei dropped as much as 8.8% to hit 30,792.74 for the first time since October 2023. The index was trading down 7.3% at 31,318.79, as of 0034 GMT, Reuters reports.

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All 225 component stocks of the index were trading in the red.

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The broader Topix sank 8% to 2,284.69.

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A topix index of banking shares slumped as much as 17.3%, and was last down 13.2%.

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The bank index has borne the brunt of the sell-off in Japanese equities, plunging as much as 30% over the past three sessions.

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The Nikkei 225 has now dived nearly 8% after the Wall Street meltdown over Donald Trump’s tariffs.

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Japan’s benchmark stock index sank 7.8% to lows last seen in late 2023. South Korea lost 4.6%.

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As reported earlier, Trump said of the falling markets that “medicine” could be necessary at times and he was not intentionally engineering a market selloff.

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“I don’t want anything to go down, but sometimes you have to take medicine to fix something,” the US president told reporters aboard Air Force One.

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The market carnage came as White House officials showed no sign of backing away from their sweeping tariff plans, Reuters reports, and China declared the markets had spoken on their retaliation through levies on US goods.

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Trump said he would not do a deal with China until the US trade deficit was sorted out.

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Japan’s Nikkei index has plunged more than 7%, Agence France-Presse is reporting, after having it down 5% and, a little earlier, 3.6% following its opening today.

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The fall extends last week’s 9% drop – its steepest one-week percentage decline since March 2020.

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Donald Trump has said about falling markets that “medicine” can be necessary at times, adding that he was not intentionally engineering a market selloff.

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“I don’t want anything to go down, but sometimes you have to take medicine to fix something,” the US president told reporters aboard Air Force One on the economic fallout from his sweeping tariffs.

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Hello and welcome to our business blog covering the global fallout to the tariffs imposed by Donald Trump last week.

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The US president’s decision to bring in levies of up to 50% on imports into the US rocked stock markets. As a new week dawns, traders, investors and consumers across the world are braced for further falls.

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Stay with us to follow all the developments.

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Summary

Here’s an overview of what happened today:

Stock markets around the globe continued to fall today, with the FTSE 100 and other European markets seeing further falls in the day.
The US stock market had a rocky day, though the main indexes seemed to stabilize by the afternoon.
US markets went up on an unverified rumor that Trump would delay the tariffs. The White House quickly denied the claim, calling it “fake news”. Later in the day, Trump confirmed that a pause is not being considered.
Trump threatened to increase tariffs on China by 50% if the country did not rescind its retaliatory tariffs against American exports.
Multiple business leaders, including Bill Ackman, Ken Fisher, Larry Fink and Jamie Dimon, spoke out against Trump’s tariffs today, forming a growing chorus of influential billionaires who are turning against Trump’s policy.

Markets close after rocky day of trading

market chart

Tech stocks had a particularly rocky day. Some companies, including Amazon and Meta, saw small gains, while Apple and Tesla both saw drops of at least 6%.

‘We’re not looking at pause in tariffs,’ Trump says

Lucy Campbell

Asked if he would be open to a pause in tariffs to allow for negotiations, Trump says: “We’re not looking at that.”

He says there are many countries coming to negotiate deals with the US. These will be fair deals, he says. In some cases they’ll be paying substantial tariffs, he adds.

When asked whether countries could negotiate down the 10% baseline tariff, Trump insisted that the tariffs have been effective in getting countries to go to the negotiating table.

“If I didn’t do what I did over the last couple of weeks, you wouldn’t have anyone who wants to negotiate,” Trump said. “Now they’re coming to us.”

A plan is being floated in the White House for a tax credit for companies whose bottom lines will be impacted by retaliatory tariffs, according to Bloomberg.

The exporter tax credit will be a rebate issued at the end of the year and would require Congressional approval. Trump has not been briefed on the plan, according to sources who spoke to Bloomberg, though it has been proposed to his economic team.

It’s an acknowledgement of the harm that retaliatory tariffs will have on American exporters, who are facing a 34% tariff on exports to China and could face more from governments like the EU.

Donald Trump’s trade advisor Peter Navarro just published an op-ed in the Financial Times trying to argue that the new tariffs will fix a broken system.

“This long-overdue restructuring will make both the US and global economies more resilient and prosperous by restoring fairness and balance to a system rigged against America,” Navarro wrote. “This is not a negotiation. For the US, it is a national emergency triggered by trade deficits caused by a rigged system.”

Navarro makes no mention of the crashing stock market or worries about an impending recession.

Most recently, Navarro was in a scuffle with Elon Musk, who said on X: “A PhD in Econ from Harvard is a bad thing, not a good thing. Results in the ego/brains>>1 problem.” In response, Navarro dismissed Musk as a “car assembler”.

Another billionaire is publicly criticizing Trump’s tariffs. Investor Ken Fisher said on X that the tariffs are “stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools”.

Fisher added that “the fear is bigger than the problem” and that “as near as I can tell it will fade and fail”.

What Trump unveiled Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools. Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish.

— Ken Fisher (@KennethLFisher) April 7, 2025

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What Trump unveiled Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools. Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish.

— Ken Fisher (@KennethLFisher) April 7, 2025

Fisher joins other business leaders, including billionaire Bill Ackman and JPMorgan’s Jamie Dimon, in openly criticizing the tariffs.

BlackRock CEO says US ‘probably in a recession’

BlackRock CEO Larry Fink said at an event this afternoon that most CEOs he talks to “would say we are probably in a recession now”.

A recession is technically when gross domestic product (GDP) goes down for two consecutive quarters, but is generally used to describe a major contraction in the economy.

Where markets stand so far

Markets have had a volatile trading of ups and downs so far today. Within the last hour:

The Dow gained back about 400 points of the 900 points it had lost at its lowest point today
The S&P 500 and Nasdaq are both up slightly for the day, by about 0.5% and 1.2%, respectively. The gains appear to be quickly fluctuating, though a fluctuation is better than the solidly downward slope the stock market was on at the end of last week.
Nvidia continued to climb up, while Apple and Tesla have slightly softened their losses from today.
Shares of US steel are now up about 14% after Trump ordered a review of Japan’s Nippon Steel’s takeover of US steel.

The global picture

The FTSE 100 closed down 4.38% or 352.90 points at 7,702.08, representing a third day of heavy falls for the London market.
Elsewhere, Germany’s DAX is down 4.3%, France’s CAC is down 4.8%, Italy’s FTSE MIB is down 5.2% and Spain’s IBEX is down 5.1% in further signs of the turmoil caused by Trump’s tariffs.
Japan’s benchmark Nikkei 225 index tumbled nearly 9% as concerns over a tariff-induced global recession continued to rip through markets on Monday, reaching 30,792.74 for the first time since October 2023.
Hong Kong and Chinese stocks dived, with Hong Kong’s Hang Seng index down 8% in early trade. Shares in Chinese tech giants Alibaba and Tencent fell more than 8%.

As usual, US trading ends at 4pm ET today, though it’s unclear exactly where the market will be at the end of the day.

Most of the world’s richest people have their wealth tied up in the stock market – either through investments or specific companies they founded. A recent Guardian analysis found that the world’s 500 richest people lost a collective $536bn in the two days after Trump announced the new tariffs – the biggest two-day loss recorded by the Bloomberg billionaires index.

Elon Musk, Mark Zuckerberg and Jeff Bezos saw the biggest drops so far. Musk’s Tesla has been falling ever since Trump took office, and Musk took a public role leading the Department of Government Efficiency. Tesla’s stock has dropped nearly 40% since the start of the year, briefly going up after reports that Musk was stepping away from his role at the White House, but then going back down after Trump announced his tariffs.

Meanwhile, Zuckerberg and Bezos have seen their net worths drop by $27bn and $23.5bn, respectively. Meta dropped about 10% and Amazon about 6.8% since the tariffs were announced.

This is Lauren Aratani in New York, and midday trading is currently underway in the US stock market. The Dow is down about 900 points, about 2.2% down from the start of the day, while the S&P 500 and Nasdaq Composite are 1.6% and 1.3% down, respectively.

While the drops are smaller than what was seen on Thursday and Friday, all three index funds have dropped around 10% since the new tariffs were announced, erasing nearly a year’s worth of gains.

Certain stocks have also continued to drop today: Apple and Tesla are both down about 5%. Over the last week, Apple saw its stock drop down nearly 20%, as its supply chain relies heavily on Chinese imports.

In London, stocks were heavily depressed during Monday’s session, although they briefly swung higher during a rollercoaster afternoon amid conflicting reports over a potential pause in tariff policy.

The FTSE 100 declined by 352.9 points, or 4.38%%, to close at 7,702.08.

Monday’s session began with firm drops in the Asian markets after more reciprocal tariff announcements over the weekend weighed on trading sentiment.

Axel Rudolph, senior technical analyst at IG, said: “The global stock market sell-off intensified on Monday after China retaliated against the US with reciprocal tariffs.

“Some Asian stock indices fell by 10% on the day with the S&P 500 entering bear market territory with several European indices close on its heels.”

FTSE 100 and European markets suffer further big falls

The FTSE 100 closed down 4.38% or 352.90 points at 7,702.08, representing a third day of heavy falls for the London market.

Elsewhere, Germany’s DAX is down 4.3%, France’s CAC is down 4.8%, Italy’s FTSE MIB is down 5.2% and Spain’s IBEX is down 5.1% in further signs of the turmoil caused by Trump’s tariffs.

Kalyeena Makortoff

Major UK banks have been invited to a meeting on Tuesday morning to discuss the effects of Donald Trump’s tariffs, which have wreaked havoc on lenders’ share prices.

The Guardian understands that lobby group UK Finance is holding a working level call with public policy staff from some of the country’s largest lenders, as they try to understand the ripple effects of US import taxes.

While Trump’s tariffs are focused on physical goods rather than services, it will impact business borrowers and large corporate clients who sell products to the US.

The harm caused by tariffs could dampen appetite for loans and investment banking services – which provide support for mergers, takeovers and fundraising.

Tariffs could also make it harder for companies to repay their debts. That could, in turn, force banks to start putting aside money for potential defaults in their first quarter results, which are due later this month.

After holding relatively stable during last week’s global market turmoil, cryptocurrencies have joined the sell-off.

Bitcoin, the world’s most popular cryptocurrency dipped below $75,000 Monday morning before seeing a slight rebound, AP reported.

Bitcoin’s prices haven’t been this low since just after president Donald Trump’s Election Day victory last year launched a bull run in crypto prices. Trump, whose tariff announcements led to massive stock sell offs, has been a major promoter of the crypto industry and previously took credit when bitcoin’s price broke $100,000 in December.

Bitcoin has been on a relatively steady slide in price since Trump took office earlier this year.

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