Global recession fears as markets plunge on Trump’s tariff ‘medicine’
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Global recession fears as Trump doubles down on tariffs
- Global markets plummeted on Monday as Donald Trump doubled down on trade tariffs, despite warnings of a potential recession in the US and globally.
- Trump dismissed market concerns, stating the need for "medicine" to fix the situation, and threatened further tariffs against China unless retaliatory measures were dropped.
- Banking giants Goldman Sachs and JP Morgan warned the escalating trade war could trigger a recession, while billionaire hedge fund manager Bill Ackman urged Trump to reconsider the tariffs.
- UK Prime Minister Keir Starmer pledged support for British businesses affected by the tariffs, calling for calm and emphasising the need for global cooperation.
- The UK government announced increased flexibility in the zero-emission vehicle mandate to support the car industry amid the trade tensions.