How ‘liberation day’ rout compares with other notorious stock market crises | Market turmoil
Donald Trump’s escalating trade war has plunged global financial markets into the steepest rout since the spread of the Covid pandemic five years ago.
Drawing parallels with the 1929 Wall Street crash and the ensuing 1930s Great Depression, the US president’s “liberation day” tariff plan has led to warnings of a global recession from leading economists.
More than $5tn (£4tn) has been wiped off the value of global stock markets since Trump’s Rose Garden address on Wednesday evening last week, with investors braced for further volatility as Washington appears unwilling to back down.
On Wall Street, the S&P 500, one of the benchmark US stock indices, is close to entering bear market territory – when an index has dropped more than…
