Wall Street set to plunge as Trump tariffs rout dollar

Behind a television monitor showing U.S. President Donald Trump, the display board with the Dax curve shows falling share prices, in Frankfurt, Germany, Thursday April 3, 2025, after the tariff package announced by U.S. President Trump has pushed share prices sharply into negative territory. (Arne Dedert/dpa via AP)

LONDON: World stocks, the dollar and oil all tumbled on Thursday as President Donald Trump’s drastic new U.S. trade tariffs stoked fears of a global recession and led investors to seek safe-haven assets like bonds and the yen.

A new baseline 10% tariff on imported goods plus some eye-watering reciprocal tariffs on dozens of countries that Trump said had unfair trade barriers left traders rattled by their severity.