#trump tariffs
The talks will focus on trade in goods, services, investment and deepening cooperation in strategic sectors
The S&P 500 and FTSE plunged over 10 per cent and 6 per cent respectively after Trump’s announcement
Hang Seng nosedives 13 per cent as a trade war fans recession fears
Japan’s Nikkei sank 6.6 per cent to hit lows last seen in late 2023, while South Korea dropped 5 per cent
The Nasdaq confirmed it was in a bear market, ending more than 20 per cent below its record high close
Sugar prices also fell, caught in the melee of tariffs as the US is also one of the world’s top sugar importers
The Nikkei index was down 3.6 per cent at 33,474.56, and on course for a weekly decline of nearly 10 per cent
The tariff actions, which could upend nearly $2.2 trillion in two-way annual US trade went live at 12:01am EST (0501 GMT)
For Middle Eastern businesses trading with the US, it is crucial to prepare now for potential shifts in trade policies
The US dollar shot to a record peak against the Chinese yuan in offshore trading