BLOOD & NUTS

Economic nuke winter fear as global funds stocks collapse | Even Musk calls for re-think as trade tax threatens recession

- DANNY DE VAAL

DONALD Trump has been accused of creating an economic "bloodbath" as more than $10trillion was wiped off global markets since his trade tariffs were announced.

Critics lined up to slam the US President's tariffs plan after it caused even more turmoil yesterday with some warning it could spark an "economic nuclear winter".

But far from pausing the policy which could spark a global recession, Trump ruled out any U-turn and even threatened to slap an additional 50% levy in goods from China.

The FTSE 100 in London fell to its lowest level in a year, down by 6% at one point, while US markets dropped sharply again.

European share prices fell while Asian stocks saw their worst drop in decades as the impact of his hefty import taxes continued to send shockwaves around the world.

WAR

Oil prices sank again, briefly dipping below $60 a barrel for the first time since 2021, with more investors anticipating a trade war will chill global growth.

It comes as Taoiseach Micheal Martin said: "The EU can respond and will respond, but, ultimately, a trade and tariff war will damage everybody." Experts warn that the "worst is yet to come" as they described Trump's tariffs plan as "economic suicide".

Financial analyst Myron Jobson called it a "bloodbath", adding "markets have been very nervous".

After a wave of protests in the US over the weekend, even billionaire adviser Elon Musk has revolted over the scheme.