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Markets today LIVE: Global financial markets rocked by Trump’s reciprocal tariffs

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Markets today LIVE: US President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington on April 2.

Markets today LIVE: US President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington on April 2.

Markets today LIVE: US President Donald Trump’s reciprocal tariff announcement on several trade partners, including India and the EU, sent yet another shockwave across the global markets amid worries of a fall in corporate earnings and higher inflation. A 10 per cent “baseline tariff” takes effect at 12:01am (0401 GMT) on April 5, while elevated rates for those the White House deemed “the worst offenders” kick in at 12:01am on April 9, according to a news agency AFP report.…Read More

While the European Union faces a 20 per cent rate and China 34 per cent, Trump has imposed a 26 per cent added rate on India and 25 per cent on South Korea and 24 per cent on Japan.

Trump’s reciprocal tariffs | Key points

• In the United States, stocks future fell as Trump spoke, with S&P 500 futures ending with a shrink over 3.5% while contracts on the Nasdaq 100 slid 4.5%. S&P 500 finished Wednesday’s regular trading session 8% below its February record high.

• In currencies, the dollar fell 0.9% against the yen at 148 yen, while the Mexican peso was about 0.4% lower. Prices of “safe haven” assets such as gold and treasury rose.

• West Texas Intermediate, the US oil price, and copper, a popular measure of global output, both fell at least 2% early Thursday in Asia.

• Apple Inc., whose supply chain is heavily dependent on China, fell as much as 6.9% as Beijing was slapped with a 34% tariff rate.

• Chipmakers such as Nvidia Corp. and Advanced Micro Devices Inc. were down, as were multinationals Caterpillar Inc. and Boeing Co.

• Adam Hetts at Janus Henderson Investors told Bloomberg that “Eye-watering tariffs on a country-by-country basis scream ‘negotiation tactic,’ which will keep markets on edge for the foreseeable future.”

• Don Calcagni, chief investment officer at Mercer Advisors, said the tariffs are ill-suited for the global economy. “We are very early innings on what could unfortunately turn into a very serious global trade war,” Calcagni told Reuters.

Follow all the updates here:

Apr 3, 2025 6:44 AM IST

Oil declines as Trump’s tariff threaten to disrupt global demand

Global oil prices declined even as the White House spared energy products in its latest tariff announcement. Fears of a fall in global consumption due to a widespread economic slowdown added to market fears.

Brent crude declined as much as 3.2% to $72.52 a barrel.

West Texas Intermediate was above $69.

Robert Rennie, head of commodity and carbon research for Westpac Banking Corp, noted, “It’s hard not to see early estimates of overall weighted average tariff rates of 29% as being deeply growth negative, and thus bad for crude demand expectations in the months ahead.”

Apr 3, 2025 6:34 AM IST

Here’s how markets reacted to Trump’s tariff announcement

Dow Jones lost 751 points, or 1.8%. S&P 500 futures tanked 3%, and Nasdaq-100 futures lost 3.8% after hours.

Nike lost 7% and Apple’s shares fell 6%. Five Below took an 11% hit, and Gap plunged 12%. Tech shares, including Nvidia at 4%, were down after hours. Elon Musk-led Tesla tanked by 5%.

The iShares MSCI India ETF dropped around 2.8%, while the iShares MSCI Japan ETF (EWJ) declined 3.2%. The iShares MSCI China ETF (MCHI) tanked by about 2.4%.

Apr 3, 2025 6:24 AM IST

Complete list of Trump’s ‘liberation day’ tariffs

US President Donald Trump announced reciprocal tariffs on several countries, imposing a 34% tariff on goods from China, a 20% tariff on goods from the European Union, and a 10% tariff on goods from the United Kingdom.

“We subsidise a lot of countries and keep them going and keep them in business. Why are we doing this? I mean, at what point do we say you got to work for yourselves,” Trump said. Read Trump’s tariff list here

Apr 3, 2025 5:55 AM IST

Markets today LIVE: What are Trump’s tariffs for India

Markets today LIVE: Donald Trump called Prime Minister Narendra Modi ‘a great friend’ but added that the country was ‘not treating us right’.

“Their Prime Minister (Narendra Modi) just left (US recently). He is a great friend of mine, but I said to him that ‘you’re a friend of mine, but you’ve not been treating us right’. India charges us 52 per cent, so we will charge them half of that – 26 per cent,” he said.

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