Trump's tariffs create global economic turmoil

In early April 2025, President Donald Trump announced sweeping tariffs on various goods, leading to an immediate and drastic decline in global stock markets. Markets in Asia witnessed dramatic falls, with the Hong Kong Stock Exchange experiencing its worst trading day since 1997. European markets followed suit, with significant drops in indices such as the FTSE 100 and Germany's DAX. The S&P 500 and Dow Jones also reported severe losses, both dropping close to 10% within days. Trump’s administration displayed no signs of retreat from the tariff policy, maintaining these economic measures as critical to his long-standing trade agenda. Condemnation arose from high-profile financiers and politicians alike, with warnings about the risk of a potential global recession. Concerns mounted regarding the lack of sufficient governmental responses available to mitigate the economic fallout given the high levels of national borrowing and taxes in many countries, particularly the UK. The international community has reacted with anxiety as the threat of a prolonged trade war looms with millions potentially affected by the ensuing economic instability as investor confidence wanes.