Kathmandu. Global stock markets have seen a sharp decline a day after US President Donald Trump announced new tariffs. This is the biggest decline since 2020.
The tariffs, which came into effect on April 3, are expected to raise prices and hit growth in the US and abroad. Stock markets in the Asia-Pacific region also fell for a second day. It was the worst day for the US S&P 500 (market index) since 2020.
At that time, the economy was devastated by COVID-19. Shares of Nike, Apple and Target were the most affected. Their shares have fallen by more than 9 percent.
The S&P 500 is a stock market index that tracks the performance of the 500 largest companies listed on U.S. stock exchanges.
Meanwhile, President Trump told reporters at the White House, “I plan to impose a 10 percent tax on global imports to ‘boost’ the U.S. economy and increase federal revenue.”
At the same time, China and the European Union have signaled that they will retaliate against U.S. tariffs. –Agency
