For the second day in a row, global stock markets reflected the shock of tariffs on imports imposed by President Donald Trump. US stocks entered their worst week since the Covid-19 pandemic in 2020, with all three major Wall Street indexes falling by more than 5 percent, translating into a $5 trillion loss in two days.
US customs officials began collecting 10 percent tariffs on imports from many countries on Saturday, with higher tariffs on 57 of the country's largest trading partners set to take effect next week. Among the first countries hit by the new tariffs are Australia, Britain, Colombia, Argentina, Egypt and Saudi Arabia. China became the first country to announce similar countermeasures against the US, escalating the trade war between the two countries.
Starting next Thursday, American goods entering China will be taxed at 34 percent. Reacting to the stock market quake, Beijing said the stock markets had spoken, rejecting Trump's tariffs. China sought consultations with the United States while various trade associations in the country called for the exploration of alternative markets, and warned that the tariffs would worsen inflation.
Trump announced additional tariffs of 34 percent on Chinese goods, bringing the total taxes imposed on the trade rival to 54 percent. Amid concerns about the dramatic developments in the stock markets, Donald Trump reacted on the social platform truth to support the decision. “Big businesses are not worried about the tariffs because they know they are here to stay, but they are focused on this great decision that will recharge our economy,” were Trump’s words. (A2 Televizion)
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