Global Markets Tumble After Trump Unveils Details of Sweeping Tariffs

Washington’s new measures could derail China’s economic growth, according to Zhiwu Chen, a finance professor at HKU Business School.

Charts showing reciprocal tariffs that the United States is charging other countries displayed in press briefing room of the White House, on April 2, 2025. Alex Wong/Getty Images

Markets around the world tumbled on April 3 in response to U.S. President Donald Trump’s global reciprocal tariffs.

The STOXX 600, which covers 600 companies across 17 European countries—where the EU faces 20 percent tariffs—fell 1.5 percent by 7:53 a.m. GMT on Thursday. In Britain—which faces tariffs of 10 percent—the  FTSE 100 shed 1.2 percent.