Mon Apr 07 13:38:36 UTC 2025: ## Global Stock Market Plunges Amid Trump’s Tariff War

**Washington, April 7, 2025** – Global stock markets experienced a dramatic downturn on Monday as retaliation against President Donald Trump’s sweeping tariffs intensified. The move triggered a global stock market rout, with major indices suffering significant losses. The Hong Kong Hang Seng index plummeted 13.2%, its largest single-day drop since the 1997 Asian financial crisis, while Tokyo’s Nikkei 225 fell 7.8%. New York’s three major indices each fell more than three percent in early trading.

Trump’s 10% “baseline” tariff on global imports, effective Saturday, escalated with higher levies on specific countries taking effect Wednesday, including a 34% tariff on Chinese goods and 20% on European Union products. Beijing responded with its own 34% tariff on US goods, set to begin Thursday.

Trump defended his actions, urging strength and patience, while Chinese officials countered that the US initiated the trade conflict. The European Union is considering its response, with some member states suggesting retaliatory measures targeting US tech companies, though others expressed concerns about escalating tensions.

The market turmoil wiped trillions of dollars off global stock values. JPMorgan Chase CEO Jamie Dimon warned of increased inflation and potential economic slowdown. Concerns of a global recession intensified as the main US oil contract dropped below $60 a barrel. Several countries, including Japan and Vietnam, have reportedly contacted the Trump administration to negotiate. Israeli Prime Minister Benjamin Netanyahu is scheduled to meet with Trump to discuss the impact of the 17% tariff imposed on Israel. The situation remains highly volatile, with experts warning of a potential global recession.

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