Trump’s New Tariffs Trigger Major US Stock Market Crash
President Donald Trump imposed new tariffs on the US stock market, due to which the stock market has seen a huge decline.
Let us tell you, in the last few days the market value has fallen by 6.6 trillion dollars.
This, this fall has created an atmosphere of worry among investors and has given rise to fears of economic recession.
Markets in turmoil:
The Dow Jones Industrial Average fell as much as 5.5 per cent, dropping more than 4,000 points in two days.
The S&P 500 fell nearly 6 per cent, while the tech-heavy Nasdaq tumbled 5.8 per cent, officially entering a bear market.
The fall in the US stock market has also impacted global markets, with Germany’s DAX and France’s CAC 40 also suffering heavy losses.
JP Morgan Chase & Co. has warned that the new tariffs could result in an economic recession in the US.
According to analysts, rising import costs and retaliatory action by trading partners could hinder economic growth.
Along with this, it will reduce the purchasing power of consumers.
Trump’s Tariff War:
The tariffs were imposed by President Trump to protect goods manufactured in the US, but critics say they will harm American businesses and consumers.
Let us tell you, the European Union is also facing a 20 percent tariff, and has said that they will adopt a “calm and united” approach.
South Korea’s acting president has called for immediate talks with Washington.
The stock market has also suffered huge losses in India. Let us tell you that the value of about 9 trillion rupees has been wiped out.
The BSE Sensex closed down 930.67 points at 75,364.69, while the National Stock Exchange (NSE) Nifty 50 fell 345.65 points to reach 22,904.45.
Bangladesh has called the 37 per cent tariff on its exports “unfair” and is preparing to send a formal appeal to the United States Trade Representative.
On the other hand, if we talk about Japan, which faces a 24 per cent tariff, it has appealed for restraint.
Disclaimer:
The information provided in this article is for general informational purposes only.It is based on current reports and market data available at the time of publication.
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