Donald Trump’s bid to upend the international trading order with huge tariffs has wiped $5.4tn from US stocks in two days, as China hit back with its own levies, deepening fears of recession in the global economy.
The S&P 500 index tumbled 6 per cent on Friday, following a 4.8 per cent drop the previous day, shedding $5.38tn in market value, in the wake of the US president’s “liberation day” announcement on Wednesday, according to Financial Times calculations based on FactSet data.
The blue-chip index’s 9.1 per cent fall for the week was the biggest since the onset of the pandemic five years ago.
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