Global markets are in turmoil as Donald Trump’s trade war, marked by the imposition of tariffs on 60 nations, has wiped trillions off major companies’ values and raised fears of a recession in the United States.
His new tariffs have shaken the global trading system, causing a $2.5 trillion loss in the US stock market, according to a report from the Financial Times.
Experts warn that Trump’s steep border taxes, ranging from 10 per cent to 50 per cent, have increased the risk of a global downturn and a recession in the US.
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