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Global stock markets are falling sharply, and the price of gold is updating its historical high after former US President Donald Trump announced the introduction of duties for almost all countries. This is reported by Reuters.
Trump’s statement sparked fears of a possible global recession. On Monday, 31 March, the European STOXX 600 index fell by 1%, while the major stock markets in London, Paris and Frankfurt lost between 0.8% and 1%.
The US S&P 500 and Nasdaq were down 0.7% and 1.1% respectively. In Asia, Japan’s Nikkei plunged by 4.1%, hitting a six-month low, while the MSCI Asia General Index lost 1.9%.
Amid the turmoil, gold rose to a record $3,128.06 an ounce. Trump is expected to receive recommendations on tariffs as early as Tuesday, and the first measures could be announced as early as Wednesday. Additional tariffs on car imports are expected to be announced on Thursday.
Financial analysts warn that escalating trade tensions could further destabilise global markets.
