It’s a bloodbath across global markets, as China retaliates with a 34% tariff on US imports — a move that has sent shockwaves through investors around the world. The Hang Seng Index nosedived over 13%, while the Shanghai Composite and Japan’s Nikkei shed more than 7% each.
Back home, the Indian stock markets weren’t spared either. Both the Sensex and Nifty opened with nearly 5% cuts, but managed to recoup some losses by close, ending the day around 3% lower.
Over in Europe, markets opened deep in the red, and across the Atlantic, Dow Futures signalled another bloodbath, plunging over 1,300 points — a 3% collapse — following Wall Street’s historic Friday meltdown.
But what does the US President have to say about all this chaos?
Well, Donald Trump has a typically blunt take: “Sometimes you have to take medicine to fix something.” While he admits he “didn’t want anything to go down,” he believes this economic jolt is necessary.
China, on its part, is sending mixed signals. While it slapped steep tariffs on US goods, a top Chinese official assured American companies that their interests would be protected, and foreign investment would still be welcomed.
Meanwhile, Japan is playing diplomat, with Prime Minister Fumio Kishida telling Parliament that he’ll seek talks with President Trump, though cautioning lawmakers that resolution “won’t happen overnight.”
That’s all from today’s Business Wrap. See you on Tuesday!
