Trump tariffs hammer global stocks, dollar and oil
Stock markets and the dollar tumbled Thursday after President Donald Trump’s latest worldwide tariff salvo fanned a trade war that many fear will spark recession and ramp up inflation.
The dollar slumped by as much as 2.6 percent versus the euro, its biggest intraday plunge in a decade, and suffered sharp losses also against the yen and British pound.
On stock markets, Wall Street’s tech-heavy Nasdaq Composite dove around six percent, while the retreat in the S&P 500 was its biggest in a day since 2020.
“The simultaneous decline in both stocks and the US dollar speaks volumes about investor confidence in Trump’s trade policy,” said City Index and FOREX.com analyst Fawad Razaqzada.
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