After cheering Trump’s election, markets have turned more pessimistic this week over fears of recession. (Photo: AFP)
NEW YORK – Global stock markets extended losses on Tuesday as US President Donald Trump waffled on the size of tariffs he will levy on Canadian steel, aggravating concerns his trade policies could push the United States toward recession.
In New York, the Dow index of blue-chip stocks closed down 1.1% while the broad-based S&P 500 shed 0.8%.
The tech-heavy Nasdaq dipped 0.2%, though Tesla and Amazon staged rebounds a day after the index closed 4% lower in its worst session since 2022.
Europe’s main indices ended the day in the red, as did most in Asia.
“Markets are jittery and volatility seems like the only certainty while the White House pushes hard to usher in a new era, seemingly happy for stock markets to be collateral damage,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown.
Traders had initially welcomed Trump’s election win in late 2024, optimistic that his promised tax cuts and deregulation would boost the world’s biggest economy and help equities push to further record highs.
But there is growing concern that tariffs against key trading partners will reignite inflation, forcing the Federal Reserve to again start raising interest rates and triggering a recession.
Since taking office in January, Trump has announced sweeping tariffs on imports from Canada, Mexico and China, though he had allowed a partial
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