Global stocks suffer Trump tariff wipeout with trillions written off
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…
