US President Donald Trump's announcement to impose reciprocal tariffs triggered market sell-off. Around $2 trillion was erased from the S&P 500 Index on April 3. Other key indices including S&P 500, NASDAQ, UK's FTSE 100, Germany's DAX and India's Nifty were also in red. The American investors alone lost around $2.4 Trillion in a day marking biggest one-day wipeout since 2020.The International Monetary Fund (IMF) has raised concerns of a protracted trade war. The American bank JP Morgan has raised the odds of a global recession from 40% to 60%.
However, U.S. Vice President JD Vance has downplayed the market concerns calling it as just "one bad day" for the markets.
American trade partners are hitting back. China imposed 34% reciprocal tariffs on the U.S.
Palki Sharma brings you the full story
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