Stocks slump again amid Trump’s tariff

Stock markets across the globe had continued their slide on Friday morning as President Donald Trump's “Liberation Day” tariff announcement dragged the world's economies down.

This comes as US stocks, Italy, Spain, Australia, the United Kingdom, and others slide downward in the last 24 hours.

U.S. stock futures slipped further, with Dow Jones futures plummeting nearly 1,100 points, or 2.68 percent, on Friday morning. S&P 500 futures slid 137.5 points, or 2.53 percent, and NASDAQ futures were down 510.25 points, or 2.73 percent.

Also, Australia's S&P/ASX continued its slide into Friday with another 2 percent drop, taking the index to an 8-month low.

In Europe, too, stock markets fell upon opening. Britain's FTSE 100 index dropped more than 1 percent, Germany's DAX fell 0.75 percent, France's CAC lost 0.9 percent, and Spain's IBEX slipped 1.4 percent.

Similarly, Spain and Italy's stock markets are down by 6 percent and 3.8 percent as of Friday, Monday.

Trump's Wednesday announcement of tariffs on nearly all American trade partners sent U.S. and foreign markets alike into bearish trends.

All three major American stock markets closed down on Thursday, marking their worst day since June 2020 during the COVID-19 pandemic, according to official data.

For instance, the NASDAQ fell 6 percent, the S&P 500 4.8 percent, and the Dow Jones nearly 4 percent.

Similarly, major companies in the US were among those struggling amid Trump's tariff war. Nike plummeted 14 percent, while Apple fell 9 percent. E-commerce giant Amazon slid nearly 9 percent.

The development as the shares fell for each of the other so-called “Magnificent Seven,” a group of large tech firms that helped drive stock market gains in recent years.

Meta, the parent company of Facebook and Instagram, dropped nearly 9 percent. Chipmaker Nvidia slid 7 percent.

Tesla, the electric carmaker led by Trump advisor Elon Musk, declined 5 percent.

Also, shares of U.S. retailers that depend largely on imported products tumbled, with Dollar Tree down 13 percent and Five Below seeing 27 percent losses.

This means the US and economies around the world have continued to suffer from Trump's tariff announcement in the past 48 hours.

Meanwhile, Trump said the US stock market is “going very well”;

On Friday, China responded to Trump's tariff with an extra 34 percent retaliatory tariff on all goods from the US.