Stock markets fall around the world as Trump’s global tariffs hit
Global News
Although Trump's latest tariffs include a massive 104 per cent levy on U.S. imports of Chinese products, markets in China reversed early losses, gaining ground on Wednesday.
World shares slumped on Wednesday after U.S. President Donald Trump’s latest tariff hikes took effect, and he threatened to add still more.
Uncertainty is running high about what Trump will do next in his trade war. In a speech Tuesday night he said plans tariffs on pharmaceuticals so that more medications would be made in the U.S.
European markets extended their losses. Germany’s DAX slipped 2.5 per cent to 19,762.13. In Paris, the CAC 40 declined 2.6 per cent to 6,917.13. Britain’s FTSE 100 gave up 2.6 per cent to 7,704.82.
Although Trump’s latest tariffs include a massive 104 per cent levy on U.S. imports of Chinese products, markets in China reversed early losses, gaining ground on Wednesday.
Massive share buybacks by big state-run investment funds and other state companies that often are instructed to support the market in times of crisis helped boost stock prices. Investors also are expecting the government to step up spending and other measures to help counter the impact of the tariffs, which will hit hardest the small manufacturers and traders that create the most jobs.
Beijing issued a policy paper Wednesday reiterating China’s right to protect its businesses with unspecified countermeasures, while it emphasized it preferred to resolve trade issues through dialogue.
The paper also argued that taking into account trade in services and U.S. companies’ operations in China, economic exchange between the two countries is “roughly in balance.”
Hong Kong’s Hang Seng rose 0.7 per cent, while the Shanghai Composite index closed 1.3 per cent higher.
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