Global markets from Europe to Asia have continued to feel the pain of Donald Trump's tariffs. The US president has shown no sign of reconsidering despite the economic turmoil.
EU trade ministers are set to meet on Monday to figure out what their unified response to the tariffs should be, DW news reported. A day before, representatives from more than 50 countries contacted US President Trump to try to negotiate after he announced sweeping tariffs this week, the US's National Economic Council director, Kevin Hassett, said.
All of this action comes after a 10 percent "baseline" tariff on most US imports kicked from April 5.
Global Markets Tumble
Global markets from Europe to Asia have continued to feel the pain of Donald Trump's tariffs. The US president has shown no sign of reconsidering despite the economic turmoil.
The Hong Kong stock exchange ended Monday with a sharp 13.22% decline, marking its biggest one-day drop since the 1997 Asian financial crisis.
China has faced some of the highest tariff rates following Donald Trump라이브 바카라 "Liberation Day" announcement last week, which included a 34% "reciprocal" tariff on top of the previously announced 20 percent tariff.
In retaliation, China has announced it will impose its own 34 percent tariff on U.S. goods starting April 10.
The German DAX index dropped by nearly 10 percent on Monday morning as stock markets opened, before recovering slightly to hover around 7 percent in the red as trading continued.
Singapore's Straits Times Index dropped 7.37 percent, while the Taiex, the weighted index of the Taiwan Stock Exchange, plummeted 9.8 percent when trading resumed after a long weekend.
Trump's Tariff Spree
Right after assuming the office for his second tenure as the US president, Trump said that he could put 25 percent trade tariffs on Canada and Mexico starting on February. For products from China, Trump announced a levy of 60 percent levy.
In his inaugural address, Trump pledged that tariffs would be imposed and said foreign countries would be paying the trade penalties, even though those taxes are currently paid by domestic importers and often passed along to consumers.