Stock slide deepens as Trump tariffs spark fears for global growth

STORY: Stocks tumbled again on Friday morning, following a market rout on Wall Street the day before. Japan’s Nikkei index was off over 2% in early trade. Big exporters were again among the worst hit, after Donald Trump slapped the country with a 24% tariff. Chip gear maker Advantest was down about 8% early on.South Korea’s Kospi index sank around one percent after a volatile start. Officials there have signaled they plan to negotiate rather than retaliate, raising hopes of a deal with Washington. Markets in China were closed for a holiday, protecting them from further declines. It all follows a bewildering day on Wall Street, which saw some $2.4 trillion wiped off the value of stocks on the S&P 500 index. Apple plunged 9% as investors noted it makes most of its iPhones in China. The selloff followed Trump’s move to hit countries worldwide with steep tariffs. Speaking to reporters on Air Force One later on Thursday, the president said the state of the U.S. economy meant some turmoil was to be expected: “So it's a sick, it was a sick patient. It went through an operation on Liberation Day. And it's going to be, it's going to be a booming country, a very booming country. It's going to be amazing, actually.”However, most economists predict the tariffs will spur inflation and cool growth, potentially sparking recession in the U.S. As countries around the world signal plans to retaliate, there’s growing fear that a trade war could sink global growth too. Eurasia Group Managing Director Robert Kahn has crunched the numbers: "Using some conventional models, you'd probably get inflation about 2% higher, growth about 2% lower. And of course, the U.S. economy is already facing some material headwinds. So this is a pretty significant shock and as I emphasize, tremendous uncertainty around those numbers.”Such fears over growth have sent oil prices tumbling, with international benchmark Brent crude dropping over 6% on Thursday. Those losses then continued in Asian trade Friday.

STORY: Stocks tumbled again on Friday morning, following a market rout on Wall Street the day before. Japan’s Nikkei index was off over 2% in early trade. Big exporters were again among the worst hit, after Donald Trump slapped the country with a 24% tariff.

Chip gear maker Advantest was down about 8% early on.South Korea’s Kospi index sank around one percent after a volatile start. Officials there have signaled they plan to negotiate rather than retaliate, raising hopes of a deal with Washington.

Markets in China were closed for a holiday, protecting them from further declines. It all follows a bewildering day on Wall Street, which saw some $2.4 trillion wiped off the value of stocks on the S&P 500 index.

Apple plunged 9% as investors noted it makes most of its iPhones in China. The selloff followed Trump’s move to hit countries worldwide with steep tariffs. Speaking to reporters on Air Force One later on Thursday, the president said the state of the U.

S. economy meant some turmoil was to be expected: “So it's a sick, it was a sick patient. It went through an operation on Liberation Day.

And it's going to be, it's going to be a booming country, a very booming country. It's going to be amazing, actually.”However, most economists predict the tariffs will spur inflation and cool growth, potentially sparking recession in the U.

S. As countries around the world signal plans to retaliate, there’s growing fear that a trade war could sink global growth too. Eurasia Group Managing Director Robert Kahn has crunched the numbers: "Using some conventional models, you'd probably get inflation about 2% higher, growth about 2% lower.

And of course, the U.S. economy is already facing some material headwinds.

So this is a pretty significant shock and as I emphasize, tremendous uncertainty around those numbers.”Such fears over growth have sent oil prices tumbling, with international benchmark Brent crude dropping over 6% on Thursday. Those losses then continued in Asian trade Friday.

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