Introduction to the Article
By Evan Vucci
Posted April 4, 2025 1:12 pm
Updated April 4, 2025 1:14 pm
1 min read
Article Content
World shares slid downward, U.S. futures fell and Wall Street appeared on track for another day of crushing losses Friday as investors counted the potential costs of U.S. President Donald Trump’s latest set of tariffs — including China’s retaliatory match of a 34 per cent tariff on imports of all U.S. products.
Trump announced a minimum tariff of 10 per cent on global imports and much higher taxes on products from China, the European Union and even smaller countries like Vietnam, slapped with tariffs of 49 per cent.
You can read how the tariffs compare from highest to lowest here, and learn more about which tariffed territories are uninhabited — or inhabited by penguins — here.
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Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies has fallen.
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Even gold, a traditional safe haven that recently hit record highs, pulled lower after Trump announced his “Liberation Day” set of tariffs, which economists say carries the risk of a potentially toxic mix of weakening economic growth and higher inflation.
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The S&P 500 dropped five per cent by midday Friday, coming off its worst day since COVID wrecked the global economy in 2020.
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The Dow Jones Industrial Average dropped over 1,800 points, and the Nasdaq composite tumbled more than five per cent. The Toronto Stock Exchange fell close to five per cent by midday.
1:48
Tariff time for the penguins: Internet roasts Trump’s island tax
Not even a better-than-expected report on the U.S. job market was enough to stop the slide.
European stocks saw some of the day’s biggest losses, and the price of crude oil tumbled to its lowest level since 2021 on worries about how a trade war could cause a recession.
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With files from Global News’ Ari Rabinovitch.
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Conclusion
The recent tariffs imposed by U.S. President Donald Trump have sent shockwaves through the global economy, with stocks plummeting and trade wars looming. As the situation continues to unfold, it remains to be seen how these tariffs will affect the global economy and international trade.
Frequently Asked Questions
Q: What are the new tariffs imposed by U.S. President Donald Trump?
A: The new tariffs include a minimum tariff of 10 per cent on global imports and much higher taxes on products from China, the European Union, and other countries.
Q: How will these tariffs affect the global economy?
A: The tariffs are expected to have a significant impact on the global economy, with potential consequences including a trade war, recession, and higher inflation.
Q: What is the current state of the stock market?
A: The stock market has seen significant losses, with the S&P 500 dropping five per cent and the Dow Jones Industrial Average dropping over 1,800 points.
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