Global stock markets tumbled Thursday as investors reacted to President Donald Trump’s sweeping tariff announcements, with the UK’s FTSE 100 dropping 1.5% alongside other declining European markets, following earlier falls across Asia.
While stocks retreated, gold prices reached a record high of $3,167.57 per ounce as investors sought safety amid growing economic uncertainty. Traders expressed concern that Trump’s tariffs could fuel inflation and hamper global growth.
Asian markets fell sharply following Trump’s announcement, with Japan’s Nikkei closing down nearly 3% and Hong Kong’s Hang Seng dropping 1.5%. European indexes followed suit, with Germany’s Dax falling 2.2% and France’s Cac 40 declining 2.5%.
US markets were also projected to open significantly lower, with futures indicating a 3% drop for the S&P 500 and 2.4% for the Dow Jones.
The US government’s decision to impose a 10% baseline tariff plus higher duties on various trading partners reverses decades of trade liberalization that shaped the global economic order.
“This is the worst-case scenario,” said Jay Hatfield, CEO at Infrastructure Capital Advisors, adding it was “enough to potentially send the US into a recession,” reflecting widespread market anxiety.
George Saravelos from Deutsche Bank Research criticized the new tariffs as a “highly mechanical” response to trade deficits rather than the “sophisticated assessment” promised by the White House. He warned the move “risks lowering the policy credibility of the [Trump] administration” and questioned whether “a sufficiently structured planning process for major economic decisions is taking place,” calling it “the biggest trade policy shift from the US in a century.”
Sportswear companies were particularly hard hit, with Adidas shares falling more than 10% and Puma tumbling over 9%, as key manufacturing countries like China and Vietnam face steep levies of 54% and 46% respectively on US imports.
Luxury goods companies also suffered, with jewelry maker Pandora dropping more than 12% and LVMH falling over 3% after tariffs were imposed on the European Union and Switzerland.
Economists expressed concern about potential impacts on US consumer spending, which represents between 10% and 15% of the global economy, according to some estimates.
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