Listeners:
Top listeners:
-
play_arrow
Stock Markets in Asia and Europe Continue to Sink
by Stefan J. Bos, Chief International Correspondent Worthy News
NEW YORK/BEIJING/BUDAPEST (Worthy News) – Major stock indexes sank in Asia Wednesday, and similar moves were due in Europe as U.S. President Donald J. Trump’s eye-watering 104 percent tariffs on China took effect.
He also imposed more tariffs on nearly 100 other nations, hiking U.S. duties to the highest level since before World War II and sparking a race among many targeted nations to renegotiate terms of trade with the U.S.
Within an hour of the tariffs taking off, a savage selloff in Treasuries sparked fears foreign funds were fleeing U.S. assets.
The U.S. dollar fell against safe-haven currencies, but the Chinese yuan hovered just above the lowest level since late 2007 as Beijing allowed the currency to depreciate further, making its products cheaper amid the sharp escalation in what seemed an all-out trade war with the U.S.
The pain is likely to spread to Europe, too, with the EUROSTOXX 50 futures index pointing to a 3.7 percent drop in the stock market.
Both S&P 500 futures and Nasdaq futures predicted that stock prices would drop by 1.6 percent.
Few assets were spared recession fears engulfing markets, with oil prices diving almost 4 percent.
TRUMP LEVIES
The levies are part of what Trump has called his reciprocal tariff regime, which targets nations his administration considers bad trade actors.
Many Southeast Asian nations were hardest hit, with Vietnam, Laos, and Cambodia receiving tariff hikes of over 45 percent. China will receive an 84 percent tariff hike, putting Trump’s tariffs on all Chinese imports at 104 percent.
Including levies on certain products from before Trump’s second term, the average tariff rate on China is estimated at around 125 percent.
Trump’s team has said that countries may be able to negotiate lower tariffs by decreasing their duties and ending non-tariff barriers on U.S. goods, but no deals have yet been reached.
Amid signs of an escalating global trade war, New Zealand’s central bank lowered interest rates, making it one of the first central banks to respond to the economic threat.
On Wednesday, the Reserve Bank of New Zealand brought its official cash rate to 3.50 percent from 3.75 percent and left the door open to further cuts “as the extent and effect of tariff policies become clearer.”
It said the Trump administration’s trade policies could slow global growth soon.
However, U.S. Federal Reserve Chair Jerome Powell said last week that America’s central bank doesn’t need to rush to lower rates. He indicated that a cut isn’t on the table at its May meeting and that the Fed would know more “as the months go by.”
Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
In a setback to those hoping for regime change in the Islamic Republic, U.S. President Donald J. Trump signaled Friday that he may begin “winding down” military operations against Iran, saying Washington is close to achieving its objectives.
U.S. Vice President JD Vance is expected to visit Hungary in a last-minute show of support for Prime Minister Viktor Orbán, who faces his toughest election since returning to power in 2010, officials familiar with the planning confirmed.
Anti-immigration and local parties made gains in municipal elections in the Netherlands, where concerns over rising migration from mainly Islamic countries, the financial impact of climate policies, and increased defense spending have dominated national and local debates.
Israel signaled Thursday it would refrain from further attacks on energy infrastructure after a strike on Iran’s vast South Pars natural gas field triggered retaliatory strikes across the Middle East, sending oil and natural gas prices sharply higher and raising fears of a wider regional escalation.
European Union leaders condemned Hungarian Prime Minister Viktor Orbán’s decision on Thursday to block a 90 billion euro ($98 billion) loan for Ukraine, linking his stance to a dispute with Kyiv over Russian oil supplies.
Families and friends of scores of Christians held in Iranian prisons have requested prayers as “concerns for their well-being grow and communication has all but ceased” amid ongoing U.S.-Israeli strikes against Iran, Christians told Worthy News Thursday.
As a marathon debate over the SAVE America Act continues in the U.S. Senate, Republicans and Democrats are sparring over whether the voter ID bill would strengthen election security or discourage potential voters.
WHO WE ARE
The Psalms, hymns, and spiritual songs encapsulate the beauty, wisdom, and eternal truths found in the Bible, creating an immersive experience that resonates with believers and seekers alike.
CONTACT
- +1 908 280-4246
- Essex County, USA
- info@tnjrfm.com