Global financial markets plunged into turmoil on Thursday as US president Donald Trump’s escalating trade war knocked trillions off the value of the world’s biggest companies, heightening fears of a US and possible global recession.
Roughly $2.5tn (€2.27tn) was erased from the S&P 500 Index of US shares.
The damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing.
Apple, which makes the majority of its US-sold devices in China, fell 9.3%.
Lululemon and Nike, among the companies with manufacturing ties to Vietnam, were both down more than 9%. Few stocks in the US were unscathed as the benchmark notched its biggest decline since June 2020.
More than 80% of companies in the S&P 500 dropped, with…
