{"id":15267,"date":"2025-04-03T19:48:36","date_gmt":"2025-04-03T19:48:36","guid":{"rendered":"https:\/\/www.watanserb.com\/en\/?p=15267"},"modified":"2025-04-03T19:48:55","modified_gmt":"2025-04-03T19:48:55","slug":"30-trillion-wipeout-global-shockwaves-from-trumps-tariff-earthquake","status":"publish","type":"post","link":"https:\/\/www.watanserb.com\/en\/2025\/04\/03\/30-trillion-wipeout-global-shockwaves-from-trumps-tariff-earthquake\/","title":{"rendered":"$30 Trillion Wipeout: Global Shockwaves from Trump\u2019s Tariff Earthquake"},"content":{"rendered":"

Watan<\/strong><\/em>-U.S. trade partners called for dialogue on Thursday, a day after President Donald Trump launched a massive trade offensive that caused global stock markets to drop and sparked fears of severe consequences for the global economy.<\/p>\n

Wall Street saw a significant decline at the opening of trading Thursday, following Trump\u2019s announcement of tariffs on imports from countries around the world. The move raised concerns over a slowdown in the U.S. economy and rising inflation.<\/p>\n

The Dow Jones dropped by 2.81%, the Nasdaq lost 4.06%, and the S&P 500 fell by 3.39%.Shares of American clothing companies that rely on supply chains in China, Vietnam, Malaysia, and other countries also declined early Thursday.<\/p>\n

\"The
Dow Jones decline<\/figcaption><\/figure>\n

Tech and Retail Stocks Slide After Tariff Shock<\/strong><\/h3>\n

Stocks of companies like Nike, Gap, and Macy\u2019s fell by more than 10% following Trump\u2019s announcement of steep tariffs on countries from which these companies import shirts, pants, and other goods.<\/p>\n

One of the biggest losers was Apple, which heavily relies on Chinese manufacturers \u2014 its stock dropped by 8.2%. Amazon shares fell 6.9%, and Nvidia lost 4.9%.<\/p>\n

Angelo Kourkafas, Chief Investment Strategist at Edward Jones, said, \u201cIt\u2019s clear that what was announced was closer to a worst-case scenario, and the markets weren\u2019t prepared for it, so they\u2019re reacting accordingly.\u201d<\/p>\n

Jason Schenker of Prestige Economics noted in a memo that the Trump administration might later drop the tariffs<\/a> following negotiations over trade or other political priorities.<\/p>\n

He added, \u201cWe see the Trump administration\u2019s policies as embodying economic realism focused on results rather than diplomacy focused on process.\u201d He also warned, \u201cRisks of recession and inflation are increasing amid uncertainty about the tariffs.\u201d<\/p>\n

\"U.S.
U.S. stock market crash<\/figcaption><\/figure>\n

European and Asian Markets Drop Sharply<\/strong><\/h3>\n

European markets fell steeply \u2014 Frankfurt dropped by 2.27%, Paris by 2.69%, and London by 1.54%. Japan\u2019s Nikkei index fell to its lowest level in eight months.<\/p>\n

Oil Prices Drop, Gulf Markets Slide<\/strong><\/h3>\n

Stock markets in the Gulf closed lower on Thursday amid fears that U.S. retaliatory tariffs would worsen global<\/a> trade tensions and potentially trigger a global recession.<\/p>\n

The Saudi index, resuming after a four-day Eid al-Fitr holiday, fell 1.2%, with Al Rajhi Bank down 1.4% and Saudi mining giant Ma\u2019aden dropping 4.9%. Saudi oil giant Aramco\u2019s shares fell 1.7%.\u201cFalling oil prices negatively affected the Saudi market,\u201d one analyst said.<\/p>\n

Oil prices \u2014 a key driver of Gulf financial markets \u2014 dropped around 6% after eight OPEC+ nations agreed to proceed with and accelerate oil production increases in May. Dubai\u2019s index fell 1.7%, driven by a 9.7% drop in Emaar Properties, its biggest single-day fall since March 2020, after trading without dividend entitlements.<\/p>\n

One analyst noted that declining investor confidence could continue to affect Dubai\u2019s performance despite strong fundamentals and relatively low sensitivity to oil price volatility. Abu Dhabi\u2019s index fell 0.8%. Bahrain dropped 0.6% to 1950 points. Kuwait’s index lost 0.4% to close at 8595 points.Qatar and Oman markets remained closed for the Eid holiday.<\/p>\n

Outside the Gulf, Egypt\u2019s blue-chip index, which also resumed after a four-day break, dropped by about 1%, with Commercial International Bank falling 3.3%.<\/p>\n

China Vows to Respond<\/strong><\/h3>\n

In a sign of growing fears of an economic slowdown, oil prices fell about 5%, while gold \u2014 a safe-haven asset \u2014 reached new highs.Beijing said Thursday it was \u201cmaintaining communication\u201d with Washington on trade and economic matters while urging the U.S. to \u201cimmediately cancel\u201d its punitive tariffs and vowing to respond.<\/p>\n

European Commission President Ursula von der Leyen kept the door open for dialogue with the U.S., saying a negotiated solution was possible, while also affirming that Europeans were \u201cready to respond.\u201d Berlin expressed its support for the EU\u2019s pursuit of a \u201cnegotiated solution\u201d with Washington.<\/p>\n

“Looted, Robbed, Raped, and Destroyed”<\/strong><\/h3>\n

When announcing the tariffs, Trump<\/a> said, \u201cOur country has been looted, robbed, raped, and destroyed by countries near and far, allies and enemies alike,\u201d before listing the targeted trade partners. The protectionist offensive \u2014 unprecedented since the 1930s \u2014 includes minimum tariffs of 10% on all imports, with higher rates for countries deemed especially hostile on trade issues.<\/p>\n

The general 10% tariff is set to take effect on April 5 at 04:01 GMT, with higher tariffs beginning on April 9. The increases are especially steep for China, whose products will face a new 34% import tax, on top of a previous 20% tariff already imposed by Washington.The EU faces a 20% tariff, Japan 24%, India 26%, and Vietnam a staggering 46%.<\/p>\n

According to analysts at Oxford Economics, Trump\u2019s tariffs and their fallout could significantly slow global growth to below 2%. Former Treasury Secretary Larry Summers under President Bill Clinton said on X Thursday that \u201cTrump\u2019s tariffs are the most costly and masochistic the U.S. has implemented in decades,\u201d estimating losses of around $30 trillion due to Wall Street’s sharp decline before and after Trump\u2019s announcements.<\/p>\n

A report from a German research institute said the EU economy could lose \u20ac750 billion ($833.63 billion) due to the tariffs. Despite calls for dialogue, most countries are strongly critical of Trump.<\/p>\n

The Japanese government believes its ally, the U.S., may have violated WTO rules and their bilateral trade agreement. Australia called the move \u201cnot the act of a friend,\u201d and Bangladesh, the world\u2019s second-largest clothing producer, called it a \u201csevere blow\u201d to its industry.<\/p>\n

France, which held a meeting Thursday for representatives of its most affected industries, lamented the \u201chuge difficulty\u201d Europe faces and, like Berlin, expressed readiness to target American tech companies as part of a unified European response.<\/p>\n

In Spain, Prime Minister Pedro S\u00e1nchez denounced a \u201creturn to 19th-century protectionism,\u201d calling it \u201cnot a smart way to face 21st-century challenges in a deeply interconnected world.\u201d<\/p>\n

\"Trump
U.S. President Donald Trump escalates trade tensions with Canada,<\/figcaption><\/figure>\n

Russia and North Korea Excluded<\/strong><\/h3>\n

The additional tariffs also target so-called \u201cnon-tariff barriers\u201d to U.S. goods, such as health and environmental standards.The White House announced Wednesday night that some goods would be exempt: gold bullion, pharmaceuticals, semiconductors, copper, construction lumber, energy products, and minerals not found in the U.S.<\/p>\n

However, the tariffs do not apply to Russia or North Korea, as they are no longer significant trade partners, according to a U.S. official. Mexico and Canada are also excluded from the new list, as signatories to the U.S. free trade agreement, but both will still be affected by a separate 25% tax on foreign-made cars that took effect Thursday morning.<\/p>\n

These additional tariffs claimed their first victim Thursday when Stellantis announced a two-week shutdown of its Chrysler plant in Windsor, Canada.Germany\u2019s auto industry strongly criticized the new tariffs, asserting that \u201ceveryone loses\u201d as a result.<\/p>\n

The U.K. was relatively unaffected by the 10% tariff as it is negotiating a bilateral trade deal with the U.S., but Prime Minister Keir Starmer said Thursday that the U.S. sanctions would still \u201cimpact\u201d the British economy.<\/p>\n

Trump presents the tariffs as a magic wand to boost U.S. industry, rebalance trade, and eliminate the budget deficit.<\/p>\n","protected":false},"excerpt":{"rendered":"

Watan-U.S. trade partners called for dialogue on Thursday, a day after President Donald Trump launched a massive trade offensive that caused global stock markets to drop and sparked fears of severe consequences for the global economy. Wall Street saw a significant decline at the opening of trading Thursday, following Trump\u2019s announcement of tariffs on imports …<\/p>\n","protected":false},"author":1,"featured_media":13838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[4600,4598,4599,4597],"class_list":["post-15267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-apple-stock","tag-inflation-risks","tag-retail-sector","tag-trumps-tariff"],"yoast_head":"\n$30 Trillion Wipeout: Global Shockwaves from Trump\u2019s Tariff Earthquake - Watan<\/title>\n<meta name=\"description\" content=\"U.S. tech and retail giants saw sharp stock losses after President Trump\u2019s tariff announcement, triggering investor fears.. inflation risks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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