World markets plunged today as investors grappled with the possibility of a recession after sweeping tariffs announced by US last week.
Wall Street's main indexes opened sharply lower today on economic worries over the fallout of US President Donald Trump's sweeping tariff plans.
The Dow Jones sank over 3%, while the S&P 500 lost 3.5% and the Nasdaq Composite plunged 4%.
US President Donald Trump called for Americans to "be strong, courageous, and patient," minutes before the New York stock market opened.
"The United States has a chance to do something that should have been done DECADES AGO," Trump said in reference to his tariff reforms that have upended the global economy. "Don't be Weak! Don't be Stupid!... Be Strong, Courageous, and Patient, and GREATNESS will be the result!" he added.
European shares slumped in a volatile session today as US President Donald Trump showed no signs of letting up in his aggressive trade war.
London's FTSE index closed 4.4% lower, while the Paris CAC sank 4.8% and the Frankfurt DAX lost 4.1%.
Dublin's ISEQ index also closed with big losses, shedding 395 points (4%) to end at 9,308, with shares in FBD Holdings, Dalata Hotel Group, Kerry Group and Kingspan among the biggest fallers.
Earlier, shares in Hong Kong plummeted 13.2% today in their worst day in more than 16 years as China's retaliation against Donald Trump's tariffs ramped up a trade war and fuelled recession fears.
The sharp selloff came amid a collapse in Asian markets that came after China said late Friday it would impose retaliatory levies of 34% on all US goods from April 10.
The announcement followed the US president's unveiling of sweeping tariffs against US trading partners for what he says is years of being ripped off, and claims that governments were lining up to cut deals with Washington.
Meanwhile, Australia's benchmark stock index closed 4.2% lower today, recording one of its worst trading days in more than a year as US tariffs and China's reprisals roiled global markets.
A benchmark index of the country's largest 200 listed companies sank to its lowest since late 2023, extending losses first sparked last week by US President Donald Trump's bombshell tariff announcement.
Taiwan stocks plummeted almost 10% today, the biggest one-day percentage fall on record, in the first trading since US tariffs were announced last week, with Taiwan's president taking to X to pledge a "golden age" of shared prosperity with the US.
Taiwan, hit with a 32% duty, was singled out by US President Donald Trump as among the US trading partners with one of the highest trade surpluses with the country.
After resuming trade today following market holidays on Thursday and Friday, Taiwan's benchmark stock index plunged to its lowest level in more than a year.
Japan's key Nikkei 225 index of shares closed 7.8% today, after slumping nearly 9% in earlier trade, as concerns over a tariff-induced global recession continued to rip through markets.
