US Dollar Down, Global Stocks Plunge Ahead of Trump's Looming Tariffs: Live Updates
Stock markets around the world tumbled on Monday ahead of Donald Trump’s “Liberation Day” on Wednesday, which will impose a slew of tariffs on “all countries.”
The Dow fell 292 points, or 0.6%, in pre-market trading, while the S&P dropped 0.9% and the tech-heavy Nasdaq was down 1.3%. Monday marks the end of an uncertain month for the market. The S&P 500 nearly hit correction territory in March as it dropped 9.2% below its all-time high, and is set to end the month down by more than 6%.
The US dollar has also had its biggest drop in years as it fell by 3.5%, a fall not seen since November 2023.
What to know
- Shares also fell across Asia-Pacific and Europe markets after Trump confirmed his “reciprocal tariffs,” which would match the tariff rates imposed on the U.S. by other countries, would fall on “essentially all of the countries.”
- Japan’s Nikkei index was down 4%, South Korea’s Kospi fell 3%, the UK’s FTSE 100 dropped 1.3% and both Germany’s DAX and France’s CAC lost 2%.
- Trump has also announced 25% auto tariffs will start on Wednesday.
Stay with Newsweek for the latest updates.
08:51 AM EDT
How have other countries reacted to Trump’s tariffs?
Word leaders have criticized Donald Trump’s plans to impose tariffs on “friends and foe” alike.
Canadian Prime Minister Mark Carney has announced retaliatory tariffs on the U.S., saying Trump’s plans had ended the close partnership between the United States and Canada.
China has warned that there will be “no winners in trade wars or tariff wars,” which would harm global trading yet would do nothing to help the U.S.
French President Emmanuel Macron echoed those comments, warning the tariffs would cause inflation in the short term and destroy jobs. It’s not good for the American economy, nor for the European, Canadian or Mexican economies,” he said, adding the France was ready to defend itself with its own tariffs.
08:44 AM EDT
Donald Trump third term would throw country ‘into chaos’—lawyer
A lawyer has told Newsweek that Trump attempting to take a third term as president will throw the U.S. into a constitutional crisis.
In a phone interview with NBC News on March 30, Trump said there were methods that would allow him to serve a third term and added that he was “not joking.”
Such a move could cause major instability in the U.S. as the 22nd amendment prohibits any president from serving more than two terms.
During the NBC interview, Trump said of a potential third term: “A lot of people want me to do it. But, I mean, I basically tell them we have a long way to go, you know; it’s very early in the administration.
“I’m focused on the current,” he said.