Donald Trump’s new tariffs have sent shockwaves through global markets, wiping out a staggering $2 trillion in just 25 seconds.
The announcement, made on April 2 in the White House Rose Garden, has triggered a series of economic reactions, with investors scrambling for safer assets like gold.
Trump’s speech triggers major stock market losses
Speaking from the Rose Garden of the White House on April 2, calling it ‘Liberation Day,’ Trump’s tariffs caused market chaos, wiping $2 trillion in 25 seconds.
Trump’s speech about new tariffs on global trade partners set off a catastrophic sequence of events in the stock market.
In just moments, the market saw a massive decline as trading opened, losing $2 trillion in market capitalization.
The immediate impact was felt worldwide, as stocks plummeted, and the US dollar hit a six-month low.
The new major tariffs have not been well received by international nations, nor by the American people.
The report pointed out that the tariffs have primarily affected countries such as China, Mexico, Canada, and the European Union.
These nations have been in the crosshairs of Trump’s trade war, with taxes on imports skyrocketing by 25 percent.
While, the European Union has already stated plans for retaliation, further escalating tensions.
Markets fall sharply across the globe after Trump’s tariffs
The effects of Trump’s tariff announcement were felt as markets opened across the globe.
European markets, including the FTSE 100, Germany’s Dax, and France’s CAC40, fell significantly, with drops ranging from 1.3 to 1.8 percent. In Asia, Japan’s Nikkei and Topix lost up to 3.5 percent, while Hong Kong and Vietnam also saw major losses.
Meanwhile, Trump’s tariffs caused a significant hit to the US market.
According to a report, the US stock market was no exception to the chaos.
The S&P 500 lost $2 trillion in market capitalization, with significant declines in major companies. Tesla lost 8 percent, while Apple, Nike, and Nvidia also saw sharp drops. US futures, such as the Dow and S&P 500, also experienced steep declines, with Nasdaq futures falling by 3.5 percent.
Social media reactions to the market crash
On social media, people expressed shock and frustration at the sudden market collapse.
Some users on X and Reddit pointed out the severity of the situation, with one person commenting, “The U.S. stock market HAS LOST OVER 2 TRILLION in THE LAST TWENTY MINUTES.”
While, others were less kind in their criticism of Trump’s leadership.
One person said: This man must be stopped!
A second wrote: “What is happening to the US after Trump’s tariffs? I can’t imagine witnessing this incident.
While a third commented: Buy at the dip. You’re welcome.
Someone else said: Well the wealthy will love it….this when they buy!!!!!!!!!!!!
Another added: Those penguins are up to something I’m sure of it. -Trump probably
Someone wrote: Well well well. How the turns tables
Have you seen the effects already? Another user added.
The US dollar plunges amid economic turmoil
As the tariffs took effect, the US dollar dropped by 1.1 percent against other major currencies.
The steep decline added to the already tense situation, signaling a tough road ahead for the US economy and global markets. For investors, the future seems uncertain, and the dollar’s fate is now a point of concern.
In response to the market’s sharp decline, investors have flocked to safer assets, particularly gold. Gold prices soared to a record high of $3,167.50 overnight, as people sought to protect their wealth from the ongoing economic turbulence.