Global and U.S. stock markets have taken heavy losses since U.S. President Donald Trump announced sweeping tariffs on imports from across the world.
The move has also left global leaders scrambling to respond, some announcing plans to impose reciprocal measures, while others taking a more diplomatic approach.
The move has also left global leaders scrambling to respond, some announcing plans to impose reciprocal measures, while others taking a more diplomatic approach.
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00:00This is the moment the American stock market opened on Thursday, but it was all downhill
00:06from here.
00:08Wall Street closed with major losses after US President Donald Trump imposed sweeping
00:12tariffs on imports from across the world.
00:15Claiming the US had been ripped off by foreigners for decades, Trump set a baseline tariff of
00:2010% on all goods coming into the US, taking the maximum rate to over 50% for some countries.
00:27Well, the market is down today because the tariff announcement ended up being more extreme
00:35than most investors had anticipated.
00:39And because of it being extreme, investors are now worried about what the reciprocal
00:47tariffs will end up being with the retaliatory tariffs by our trading partners.
00:54Calling the announcement Liberation Day, Trump claimed these measures will boost American
01:00manufacturing and, in his words, make America wealthy again.
01:04But with US markets already reeling, the US president has attempted to play down the impacts,
01:09saying it was to be expected.
01:23It's the biggest upheaval of global trade norms since the Second World War, also sending
01:35shockwaves through global exchange, with stock markets in the Asia-Pacific region falling
01:40for a second day.
01:42And global leaders have been left scrambling to respond.
01:45European Commission Chief Ursula von der Leyen calling the move a major blow to the world
01:50economy.
01:51I deeply regret this choice.
01:54Let's be clear-eyed about the immense consequences.
01:58The global economy will massively suffer.
02:02Uncertainty will spiral and trigger the rise of further protectionism.
02:07She vowed Europe would take a unified approach and is preparing countermeasures if negotiations
02:12to fight the tariffs fail.
02:14Her comments echo a stance of opposition from a number of countries, including China, who
02:19also vowed to hit back, while Canada has already moved to impose reciprocal tariffs.
02:24And today I'm announcing that the government of Canada will be responding by matching the
02:29US approach, by matching the US approach with 25% tariffs on all vehicles imported from
02:36the United States.
02:37You know, we take these measures reluctantly.
02:41And we take them in ways that is intended and will cause maximum impact in the United
02:46States and minimum impact here in Canada.
02:51Many other countries are taking the approach of diplomacy, amongst them Australia, Switzerland,
02:56Italy, Ukraine and the UK.
02:58We are taking a calm approach, acting in the national interest.
03:03And the national interest is to continue our negotiations for a deal with the US, which
03:10we made big progress on, and to ensure that we work with the sectors and the industries
03:16most impacted.
03:18Financial experts are warning that nobody in the world will benefit from Trump's new
03:22tariff policy, including the US.
03:25Also cautioning it could lead to a recession.
03:28As countries move to respond, the stock market is first to feel the impacts of the uncertainty,
03:33with most markets down as investors brace for a full-blown trade war.
03:38Eason Pan and Rosie Greninger for Taiwan Plus.