US EditionUp to four rate cuts on the cards amid $100b wipeout
- The U.S. Imposed an extra 34% tariff on Chinese exports, raising the average tariff rate on Chinese goods to nearly 70% starting April 9. This decision makes most Chinese exports to the U.S. Uncompetitive, prompting retaliatory tariffs from China averaging around 52% on U.S. Goods.
- President Trump commented that China has "panicked" and "played it wrong" after the tariff announcement, with experts noting no communication exists between the two countries, indicating a cycle of retaliation may hinder negotiations.
- J.P. Morgan predicts a 60% chance of a U.S. Recession this year, mirroring Barclays, which has forecasted that the U.S. And European economies will likely face declines.
- Market indices have seen significant declines, with the Nasdaq entering bear market territory as investors react severely to the trade tensions and future economic uncertainty.
29 Articles
29 Articles
Red Monday as tariff war fuels US recession fears
The Australian bourse is in a sea of red after dropping by up to six per cent in early trading (Dean Lewins/AAP PHOTOS) By Adrian Black Fears of a US recession and global economic slowdown have sent investors running for cover and tanking the Australian share market. As final transactions were settled the S&P/ASX200 was down 321.2 points , or 4.19 per cent, to 7,346.6, while the broader All Ordinaries had given up 321.2 points, or 4.09 per cent,…
Trade-Sensitive Australian Assets Drop as Risk Sentiment Spirals
Australia’s trade-reliant assets extended their meltdown, with investors continuing to weigh President Donald Trump’s tariffs as Prime Minister Anthony Albanese said his government will keep engaging with the US.
ASX takes $156b hit in early trade as Trump's tariffs shake market
The benchmark ASX 200 index plunges more than 6 per cent at the open, as the local currency falls below 60 US cents. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
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