MBABANE:United States(US) stocks tumbled for a third straight day Monday, and the S&P 500 entered bear market territory and Stock markets in Asia and Europe plunged following US President Donald Trump’s announcement of sweeping tariffs last week, the Cable News Network(CNN) reported.
It has been reported that, Hong Kong’s benchmark Hang Seng index nosedived, closing 13.2% lower-its worst day since 1997.
“As US and global stock markets tanked, Trump urged patience this morning and defended the state of the US economy. With the administration sending mixed signals on whether his trade policies are open for negotiation, fears of a global recession are mounting. Tech billionaire Elon Musk, a key aide to Trump, said he hopes for a “zero-tariff situation” between Europe and the US, marking a split with the president,” CNN reported.
GLOBAL TRADE WAR:Markets reacts as United States(US) President Donald Trump’s new tariffs threatens economic meltdown(pic: CNN).