<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="http://9news.com.au/finance" rel="" target="" title="Financial"><span>Financial</span></a><span> markets around the world are reeling following US President </span><a href="http://9news.com.au/donald-trump" rel="" target="" title="Donald Trump"><span>Donald Trump</span></a><span>'s latest and most severe volley of </span><a href="http://9news.com.au/tariffs" rel="" target="" title="tariffs"><span>tariffs</span></a><span>, and the </span><a href="http://9news.com.au/usa" rel="" target="" title="US"><span>US</span></a><span> </span><a href="http://9news.com.au/stocks" rel="" target="" title="stock market"><span>stock market</span></a><span> may be taking the worst of it.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The S&amp;P 500 was down 3.3 per cent in early trading on Thursday, more than the losses seen in other major markets.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Dow Jones Industrial Average was down 1150 points, and the Nasdaq composite was off 4.3 per cent.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/world/donald-trump-liberation-day-sweeping-trump-tariffs-draw-dismay-calls-for-talks-from-countries-around-the-globe/59829db4-0d5b-45f2-9e4f-2d042005032b"><strong><span>'Dire consequences for millions around the globe': Backlash for Trump</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Little was spared as fear flared globally about the potentially higher inflation and weakening economic growth that tariffs can create.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Prices fell for everything from crude oil to Big Tech stocks to small companies that invest only in US real estate.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The double-digit tariff hikes rippled through world markets and economists were warning the risk of recession was climbing.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/donald-trump-tariffs-stocks-tumble-after-latest-tariff-volley-heightens-chance-of-broader-trade-war/fc8b3ea5-fc40-4d70-82f7-21abb4707f08" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Oil prices fell more than 4 per cent and the US dollar hit its lowest level against the Japanese yen since early October.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It was the fourth straight day that US markets have began falling early, though unlike the previous three, it appeared unlikely stocks would recover by day's end.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>After the US market closed Wednesday, Trump declared a 10 per cent baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/father-hailed-a-hero-for-performing-citizens-arrest/74908e78-d063-4f7f-b21d-95ce87b648a6"><strong><span>Dad starts yelling at duo before giving chase</span></strong></a></div></div><div class="styles__Wrapper-sc-2o34ro-0 cmwkBV"><div class="styles__Column-sc-2o34ro-3 jJDKrX"><a href="/content/2025/04/03/09/20/the-full-list-of-trumps-reciprocal-tariffs"><img alt="US President Donald Trump today announced sweeping reciprocal tariffs for dozens of nations in a &amp;quot;Liberation Day&amp;quot; speech at the White House." sizes="(min-width: 1024px) 636px, (min-width: 768px) 396px, 100vw" src="https://imageresizer.static9.net.au/fJmcm8MqaRXpidBWPXCQ-OF3i9E=/396x223/https%3A%2F%2Fprod.static9.net.au%2Ffs%2Ff4adaefd-6caf-46d7-899f-f151e3f9bb68" srcset="https://imageresizer.static9.net.au/fJmcm8MqaRXpidBWPXCQ-OF3i9E=/396x223/https%3A%2F%2Fprod.static9.net.au%2Ffs%2Ff4adaefd-6caf-46d7-899f-f151e3f9bb68 396w, https://imageresizer.static9.net.au/x8yQRuzP2g-htvXY9q9j40uqzR8=/636x358/https%3A%2F%2Fprod.static9.net.au%2Ffs%2Ff4adaefd-6caf-46d7-899f-f151e3f9bb68 636w"/></a></div><div class="styles__Column-sc-2o34ro-3 jJDKrX"><div class="styles__Headline-sc-2o34ro-4 hpbOlz">The full list of Trump's 'reciprocal' tariffs</div><div class="styles__Button-sc-2o34ro-1 eBjlmW"><a class="styles__ButtonLink-sc-2o34ro-2 hqpklJ" href="/content/2025/04/03/09/20/the-full-list-of-trumps-reciprocal-tariffs">View Gallery</a></div></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump said the US would charge a 34 per cent tax on imports from China, a 20 per cent tax on imports from the European Union, and 32 per cent on Taiwan, a crucial supplier of computer chips.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia's almost $40 billion in exports to the US will likely suffer but Canberra escaped any additional tariff beyond the so-called "baseline" figure applied globally.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia's S&amp;P/ASX 200 fell 0.9 per cent to 7859.70.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump's announcement came as a "major shock," Yeap Junrong of IG said in a commentary. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"China, in particular, was hit with an additional 34 per cent tariff, bringing its total tariff burden to 64 per cent when accounting for previous measures."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/luke-simon-man-jailed-for-31-years-for-killing-daughters-fiance/a6ce38dd-4368-4df8-81f6-5d602c5d6f69" rel="" target="" title=""><strong><span>CCTV captures chilling moment before man kills daughter's fiance</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Losses in Asia were partly blunted by expectations of further economic stimulus from Beijing to offset the impact of the higher tariffs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Trump has said he wants tariffs to make the global system more fair and to bring manufacturing jobs back to the United States from other countries. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But tariffs threaten to grind down growth for the US and other economies while exacerbating inflation, which appears to have become stuck stubbornly above the Federal Reserve's 2 per cent target.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Those fears played out across the retail sector early. A number of US companies in have shifted production to places like Vietnam in recent years to avoid sanctions on China. But Vietnam is among the hardest hit under Trump's tariffs.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Shares of Nike, Best Buy, and Dollar Tree plunged more than 11 per cent before the opening bell Thursday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Germany's DAX fell 2.4 per cent, the CAC 40 in Paris lost 2.7 per cent and Britain's FTSE 100 shed 1.5 per cent to midday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In Asian trading, Tokyo's Nikkei 225 index dipped 4 per cent briefly, with automakers and banks taking big hits. It closed down 2.8 per cent at 34,735.93.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em></em><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f"><em><strong><span>DOWNLOAD THE 9NEWS APP</span></strong></em></a><em><strong><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the </span></strong></em><a href="https://apps.apple.com/au/app/9news/id1010533727"><em><strong><span>Apple App Store</span></strong></em></a><em><strong><span> and </span></strong></em><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU"><em><strong><span>Google Play</span></strong></em></a><em><strong><span>.</span></strong></em></div></div>