Global markets in tariffs uproar

DONALD Trump's tariffs bombshell sparked economic turmoil across the globe yesterday, as market panic set in after the changes to US tax policy.

- By Christian Calgie Senior Political Correspondent

Stocks plunged as Wall Street opened, with major US firms such as Apple taking a hit as the world reacted to levies of up to 50% on goods.

President Trump posted on social media that the "operation is over" and the "patient lived, and is healing". He added: "The prognosis is that the patient will be far stronger, bigger, better and more resilient than ever before. Make America great again!"

But fears his tariffs will cause a global recession have spooked markets, with the UK's FTSE 100 down by 1.6%, Germany's DAX 2.8% and France's CAC 3.3%.

US stocks tumbled yesterday while the dollar sank, as investors bet that Trump's sweeping tariffs would result in pain for the American economy.

The Dow Jones in New York, which tracks the biggest firms, slumped by 2.7% on opening while the techfocused Nasdaq was down 4.5%.

Soon after opening, Nike was down 11%, Gap 18%, Amazon 7% and Goldman Sachs 6%. But the UK pound surged by 3p against the dollar.

Deutsche Bank warned its clients to "beware a dollar confidence crisis".