US stock-index futures and Asian shares dropped sharply in early trading after Donald Trump’s administration indicated that sweeping tariffs would be kept in place despite fears they could induce a global economic recession.
Contracts tracking the blue-chip S&P 500 fell 2.8 per cent and those for the tech-heavy Nasdaq 100 slid 3.4 per cent.
Chinese markets plunged, with Hong Kong’s Hang Seng index down more than 10 per cent and the mainland CSI 300 index down 5.8 per cent.
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