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Stocks slumped, bonds surged, and gold hit a new high as markets braced for the impact of US President Donald Trump's sweeping reciprocal tariffs on Thursday.
After weeks of anticipation, US President Donald Trump unveiled sweeping new tariffs on trading partners Wednesday, calling it a "declaration of economic independence."
Donald Trump's 10-percent tariffs on close ally Australia are "not the act of a friend," Prime Minister Anthony Albanese said Thursday, but added that his country will not retaliate with its own levies.
US Treasury Secretary Scott Bessent on Wednesday warned trading partners that any retaliation to the barrage of new tariffs from the White House would only result in further escalation.
While announcing his country's "reciprocal tariffs" on those who tariff the United States, Donald Trump recalled his brief remark to Prime Minister Narendra Modi regarding trade ties with India, when the two leaders met in Washington recently.
Gold prices extended gains on Wednesday to hover near all-time highs, boosted by safe-haven inflows after U.S. President Donald Trump announces reciprocal tariffs that would escalate a trade war.
A tariff offensive, Donald Trump billed as key to America's long-term prosperity went down badly in markets, setting off declines of 2% or more in equity benchmarks that had rallied for three days on hopes the program would be less draconian
The dollar slid against the yen, while the euro held gains against the greenback on Wednesday as US President Donald Trump announced global reciprocal tariffs that look certain to escalate a trade war with global partners.
Oil prices fell to negative territory after rising by a dollar in post-settlement trade on Wednesday as US President Donald Trump announced reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude.