Global stocks tank as Donald Trump's 'Liberation Day' approaches

US markets opened sharply lower, with the S&P 500 down 1.4%.

PUBLISHED 4 DAYS AGO

Consumer sentiment has already slumped to a 2022 low, fueling fears of inflation and weakened confidence.

New York: Stock markets worldwide tumbled on Monday after US President Donald Trump signaled that new tariffs expected this week could target "all countries", dashing hopes that trade measures would focus only on nations with large imbalances with the US.

Speaking to reporters aboard Air Force One, Trump said, “You’d start with all countries. Essentially all of the countries that we’re talking about.” The announcement, expected Wednesday, sent shockwaves through global markets.

Japan’s Nikkei plunged 4%, while South Korea’s Kospi dropped 3%. In Europe, the UK’s FTSE 100 fell 1.3%, and Germany’s DAX and France’s CAC both lost 2%.

US markets opened sharply lower, with the S&P 500 down 1.4%, the Nasdaq sinking 2.4%, and the Dow Jones slipping 0.8%. Investors flocked to safe havens like gold, which hit a record $3,128 per ounce.

Goldman Sachs raised its US recession probability to 35%, warning of potential further stock declines. UBS also cut its S&P 500 year-end forecast.

Consumer sentiment has already slumped to a 2022 low, fueling fears of inflation and weakened confidence.