Source : NEW INDIAN EXPRESS NEWS
For a second day, markets plunged, wiping vast sums off investment and retirement portfolios alike.
Wall Street opened with steep selloffs, both the Dow Jones and S&P 500 losing close to three per cent. Frankfurt and London sank more than four per cent, while Tokyo’s Nikkei closed 2.8 per cent down.
Trump, who unveiled his barrage of import duties against countries all over the world on Wednesday, was unrepentant, posting that “my policies will never change.”
“This is a great time to get rich, richer than ever before,” he wrote.
The 78-year-old Republican, who was spending a long weekend golfing at his course in Palm Beach, Florida, is banking on the theory that the sheer might of the world’s biggest economy will force foreign companies to manufacture on US soil, rather than continue to import goods.
However, China responded toughly, announcing its own new 34 per cent tariffs on US imports starting April 10.
Beijing said it would sue the United States at the World Trade Organization and also restrict export of rare earth elements used in high-end medical and electronics technology.
Other big US trading partners have so far held back as they digest the unfolding international standoff and fears of recession.
EU trade chief Maros Sefcovic was due to speak with US counterparts on Friday.
Sefcovic said the EU, which Trump hit with a 20 per cent tariff, will act in “a calm, carefully phased, unified way” and allow time for talks. However, he also warned the bloc “won’t stand idly by, should we be unable to reach a fair deal”.
SOURCE :- NEW INDIAN EXPRESS
