US tariffs push Saudi stocks to record low

The Saudi stock exchange was down 6.78 per cent on Sunday, the worst daily loss since the Covid-19 pandemic, according to state media, after sweeping US trade tariffs sent global markets tumbling.

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President Donald Trump's tariff offensive unleashed this week has sparked a global stock market rout, also raising fears of a general trade war and recession.

In Saudi Arabia, the state-run Al Ekhbariya television channel reported online that "the Saudi stock index closed trading down [nearly] 7 per cent, losing more than 800 points" on Sunday.

Aramco in the red