US tariffs disrupt world markets
ISTANBUL (AA) – International stock markets, commodity prices, and digital assets on Monday continued to be shaken by the uncertainties about new US tariffs announced last week.
Last Wednesday, President Donald Trump announced the imposition of sweeping reciprocal tariffs on over 180 countries, ranging from 10% to 50%.
The EU got reciprocal tariffs of 20%, China 34%, Vietnam 46%, Taiwan 32%, Japan 24%, India 26%, South Korea 25%, Thailand 36%, Switzerland 31%, Indonesia 32%, Malaysia 24%, Cambodia 49%, South Africa 30%, Bangladesh 30%, and Israel 17%.
Some countries, such as Türkiye, the UK, Brazil, Australia, the United Arab Emirates, New Zealand, Egypt, and Saudi Arabia, got minimal 10% reciprocal tariffs each.
– Stocks in the red
Major Asian and European stock markets racked up significant losses on Monday.
The Asia Dow, which tracks leading blue-chip companies across the region, fell 9.48% to 3,626.77 points as of 1430GMT.
Japan’s Nikkei 225 index lost 7.8%, closing at 31,136.58 points.
The Hang Seng Index, a key benchmark for Hong Kong’s blue-chip stocks, plunged 13.22% to close at 19,828.30 points – its worst single-day performance in 16 years.
China’s Shanghai Stock Exchange dropped 7.34% to 3,096.58 points, while India’s Sensex index shed 2.95%, closing at 73,137.90.
Germany’s DAX index posted a loss of around 4.4% to 19,727.93 Monday as of 1430GMT.
Britain’s FTSE100 index lost 4.4% to 7,702.71 points and France’s CAC 40 index dropped 4.65% to 6,936.64.
The pan-European STOXX 600 index also fell 4.8% to 472.46.
Last week, US stocks ended Friday significantly lower as the Dow plunged 5.50%, or 2,231.07 points, to 38,314.86.
The S&P 500 slipped 5.97%, or 322.44 points, to close at 5,074.08, its biggest fall since March 2020.
The Nasdaq fell 5.82%, or 962.82 points, to 15,587.79.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
