US stocks fell on Monday, extending a sell-off that has swept across global markets as investors feared economic devastation from President Trump’s tariffs. The Dow Jones Industrial Average plummeted nearly 350 points, or 0.9%, while the S&P 500 lost 0.2% and the Nasdaq gained 0.1%. Trillions of dollars have been wiped out globally since Trump announced sweeping tariffs last week.
In Asia, markets closed deep in the red as investors digested the prospect of a bruising trade war between the US and China. Hong Kong’s Hang Seng Index slumped 13.2% on Monday, its biggest one-day drop since 1997, while Taiwan’s composite index fell nearly 10%. Mainland China saw key indexes close down as much as 9%, Japan’s Nikkei index fell close to 8%, and European markets also tumbled.
Critics, including major investment banks, have cut their forecasts for the economy in recent days. Goldman Sachs has estimated a 45% probability of recession, while JP Morgan says the risk is above even odds at 60%. Even some high-profile Trump supporters are speaking out against his tariffs, with billionaire hedge fund manager Bill Ackman warning that they will cause economic “nuclear war.”
Despite growing concerns, Trump remains committed to imposing new tariffs. Commerce Secretary Howard Lutnick said Sunday that the president’s “treaty” on global trade is necessary to reset the world order. Trump spoke to world leaders on Sunday and denied agreeing to lower any tariffs, saying he will only back down if his conditions are met.
Source: https://www.npr.org/2025/04/06/nx-s1-5354258/global-markets-wall-street-trump-tariffs