News

Global stock markets tumble as Donald Trump’s tariffs loom

Published

1 year ago

March 31, 2025

Global stock markets tumble as Donald Trump’s tariffs loom

Stay informed with free updates

Global markets tumbled on Monday, with US stocks on track for their worst quarter since 2022, on fears of an escalating trade war led by President Donald Trump.

The S&P 500 was down 0.8 per cent in New York, having already fallen more than 5 per cent this quarter. The tech-heavy Nasdaq Composite dropped 1.9 per cent.

European and Asian stocks were also down sharply, accelerating a sell-off that began last week, after Trump said the reciprocal trade duties he is expected to announce on April 2 would apply globally. Europe’s broad-based Stoxx 600 index was 1.4 per cent lower, while the FTSE 100 lost 0.9 per cent.

“We’re seeing another wave of US-led selling,” said Trevor Greetham, head of multi-asset at Royal London Asset Management. “There’s been no let-up from Trump.”

US technology stocks were hit on Monday, with chipmaker Nvidia’s share price falling 4.8 per cent and Tesla losing 6.6 per cent. The president last week announced a 25 per cent tariff on imports of foreign-made cars and parts, which would affect the electric-car maker.

Consumer-facing companies and other economically sensitive stocks also fared badly, with International Airlines Group down 7.1 per cent and United Airlines dropping 6.7 per cent amid concerns over demand for flights.

Trump’s tariffs threats have also had a big impact on the industrial commodities sector. London-listed Anglo American fell 5.1 per cent, while Glencore lost 3.2 per cent and BHP dropped 3.8 per cent.

“I don’t necessarily see the floor quite yet,” said Sharon Bell, senior equities strategist at Goldman Sachs.

The US investment bank has increased its tariff expectations, while downgrading GDP forecasts for the US and Europe. It is now pricing in a more aggressive 15 per cent reciprocal tariff across Washington’s trading partners, and sees a higher probability of a US recession.

The tariff threat “ups the risk premium that you put on equities” said Bell, although she added that the US stock market has “other issues — some of the DOGE cuts, for example, and the general slowing in the pace of growth”.

Gold surged as high as $3,128 a troy ounce, a fresh record, while US Treasury yields declined, in a sign that investors were piling into safe assets. The 10-year yield, which moves inversely to prices, fell 0.03 percentage points to 4.22 per cent.

The latest moves came after Trump addressed reporters on Air Force One on Sunday, saying on tariffs: “You’d start with all countries, so let’s see what happens.” Last week he had hinted at concessions for some countries.

The US president singled out Asia for its trade practices. “Take a look at trade with Asia. I wouldn’t say anybody has treated us fairly,” he said.

The chaotic rollout of Trump’s aggressive trade agenda has roiled markets and alarmed the US’s trading partners, many of whom have threatened to retaliate.

The US president has said that on Wednesday, which he has dubbed “liberation day”, he will impose levies on any country the White House deems to have an unfair trading relationship with the US.

Charles De Boissezon, global head of equity strategy at Société Générale, said cyclical stocks, whose performance tend to fluctuate with the economy, were suffering. “It is much more the uncertainty overall weighing on investor sentiment,” he said. “The [tariff] announcements keep on changing, but what they have in common is that [they’re] just not good for growth globally.”

The S&P 500 dropped nearly 2 per cent on Friday last week. The tech-focused Nasdaq Composite slid 2.7 per cent as gloomy data on the economy and consumer sentiment raised fears about stagflation.

In Asia on Monday, Japan’s benchmark Topix dropped 3.6 per cent and the exporter-oriented Nikkei 225 slid 4.1 per cent. South Korea’s Kospi fell 3 per cent, while Hong Kong’s Hang Seng retreated 1.3 per cent.

“Many investors are [waiting] for actual tariffs to be announced, unwinding their positions and realising gains,” said Wei Li, head of multi-asset investments for BNP Paribas in China. “This tariff announcement . . . has affected the whole market sentiment.”

The dollar was up 0.3 per cent against a basket of its major trading partners. Having strengthened after Trump’s election on the anticipation of tariffs feeding inflation, the greenback has weakened this year as investors grow more concerned about the impact of the trade war on the US economy.

News

California Candidates to Appear in First Major Debate After Swalwell

Published

8 hours ago

April 22, 2026

Press Room

California Candidates to Appear in First Major Debate After Swalwell

Candidates in California’s volatile race for governor will meet Wednesday night for the first televised debate since Eric Swalwell dropped out, each looking to seize momentum in the tight contest.

The debate, being held at the television studio of KRON4 in San Francisco, will include four Democrats and two Republicans who are tightly bunched in recent polls, with many voters still undecided less than six weeks before the June 2 primary.

Mr. Swalwell, a Democrat, had just begun to emerge as a Democratic front-runner when his campaign swiftly collapsed after he was accused of sexual assault in news reports on April 10.

Candidates have taken relatively few risks so far in debates around the state, but every candidate is now eyeing a chance to jump to the front of the pack.

“Even though we have seen some movement in the last couple of weeks, it continues to be a fairly crowded, fractured field,” said Sara Sadhwani, an assistant professor of politics at Pomona College. “So candidates need to be able to grab attention in a debate like this.”

The debate comes as Xavier Becerra, a Democrat and former California attorney general, has enjoyed a surge of support in polls since Mr. Swalwell dropped out of the race.

Mr. Becerra and Matt Mahan, the mayor of San Jose, did not originally meet the threshold to participate in Wednesday’s debate when Mr. Swalwell was running. But they both qualified after receiving enough support in a follow-up poll that debate organizers commissioned once Mr. Swalwell had dropped out.

The other Democrats scheduled to participate are Tom Steyer, a former hedge fund manager, and Katie Porter, a former congresswoman, each of whom have been polling near the top of the Democratic field for several weeks. The Republicans in the debate are Steve Hilton, a former Fox News host who has been endorsed by President Trump, and Chad Bianco, the sheriff of Riverside County.

All candidates run on the same ballot in California’s nonpartisan primary, with the two who receive the most votes advancing to the general election, regardless of their party affiliation. The large number of Democratic candidates has created fear among state party leaders that their voters could splinter, potentially allowing two Republicans to sweep the primary in this heavily Democratic state.

The odds of that happening have decreased since Mr. Swalwell dropped out and another Democrat, Betty Yee, withdrew on Monday. But Rusty Hicks, the chairman of the California Democratic Party, still believes there are too many Democrats in the race and has urged those lagging in polls to end their campaigns. (The actual ballot will include 61 candidates for governor, most of whom are completely unknown to voters.)

The messy race to succeed Gov. Gavin Newsom, who cannot run for re-election because of term limits, has played out as the most unpredictable contest California has seen in a generation. It has attracted a sprawling field but no one with the star power of former Gov. Arnold Schwarzenegger or the political might of Mr. Newsom or former Gov. Jerry Brown.

Much of California’s Democratic establishment is still figuring out whom to back in the turbulent race.

Mr. Newsom has not endorsed anyone, saying he trusts voters to elect someone “who reflects the values and direction Californians believe in.” Representative Nancy Pelosi, the influential former House speaker from San Francisco, and Senator Alex Padilla also have not announced their favorites. Senator Adam Schiff endorsed Mr. Swalwell earlier this year but quickly withdrew his support after the accusations against him were published.

On Tuesday, Ms. Yee endorsed Mr. Steyer, praising his work to fight climate change and engage young voters. Mr. Steyer has swamped his competitors with a raft of advertising by pouring $134 million from his personal fortune into his campaign.

Also on Tuesday, Mr. Becerra, whose campaign had appeared to be flailing until Mr. Swalwell dropped out, received the endorsement of Robert Rivas, the Democratic speaker of the California State Assembly. Mr. Rivas said he had encouraged Mr. Becerra to run for governor because he was impressed by his work as California’s attorney general during President Trump’s first term.

“He understands both the policy and the politics,” Mr. Rivas said in an interview. “And he has a track record, in my opinion, of delivering results under pressure.”

The 90-minute debate on Wednesday begins at 7 p.m. PT and will be broadcast and streamed by KRON and other California stations.

News

Here’s What the New Virginia House Map Looks Like

Published

20 hours ago

April 21, 2026

Press Room

Here’s What the New Virginia House Map Looks Like

Virginians approved a new congressional map on Tuesday that would aggressively gerrymander the state in the Democrats’ favor, giving the party as many as four more U.S. House seats.

The new map draws eight safely Democratic districts and two competitive districts that lean Democratic, according to a New York Times analysis of 2024 presidential results. It leaves just one safe Republican seat, compared with the five seats the G.O.P. holds on the current map.

The proposed map was drawn by Democratic state legislators and approved by Gov. Abigail Spanberger, a Democrat. It eliminates three Republican-held seats in part by slicing the densely populated suburbs in Arlington and Fairfax Counties and reallocating their overwhelmingly Democratic voters into five congressional districts, some stretching more than a hundred miles into Republican areas.

Perhaps the most extreme new district is the Seventh, which begins at the Potomac River and stretches to the west and south in a manner that resembles a pair of lobster claws. Several well-known Virginia Democrats have already announced their candidacies and begun campaigning in the district.

Reid J. Epstein contributed reporting.

News

Southern Poverty Law Center indicted on federal fraud charges

Published

23 hours ago

April 21, 2026

Press Room

Southern Poverty Law Center indicted on federal fraud charges

Acting Attorney General Todd Blanche speaks as FBI Director Kash Patel listens during a news conference at the Justice Department on Tuesday in Washington.

Jacquelyn Martin/AP

hide caption

toggle caption

Jacquelyn Martin/AP

WASHINGTON — The Southern Poverty Law Center was indicted Tuesday on federal fraud charges alleging it improperly raised millions of dollars to pay informants to infiltrate the Ku Klux Klan and other extremist groups, acting Attorney General Todd Blanche said.

The Justice Department alleges the civil rights group defrauded donors by using their money to fund the very extremism it claimed to be fighting, with payments of at least $3 million between 2014 and 2023 to people affiliated with the Ku Klux Klan, the United Klans of America, the National Socialist Party of America and other extremist groups.

“The SPLC was not dismantling these groups. It was instead manufacturing the extremism it purports to oppose by paying sources to stoke racial hatred,” Blanche said.

The civil rights group faces charges including wire fraud, bank fraud and conspiracy to commit money laundering in the case brought by the Justice Department in Alabama, where the organization is based.

The indictment came shortly after SPLC revealed the existence of a criminal investigation into its program to pay informants to infiltrate extremist groups and gather information on their activities. The group said the program was used to monitor threats of violence and the information was often shared with local and federal law enforcement.

Attorney General Pam Bondi arrives to testify before the Senate Judiciary Committee in Washington, D.C., on Oct. 7.

SPLC CEO Bryan Fair said the organization “will vigorously defend ourselves, our staff, and our work.”

Blanche said the money was passed from the center through two different bank accounts before being loaded onto prepaid cards to give to the members of the extremist groups, which also included the National Socialist Movement and the Aryan Nations-affiliated Sadistic Souls Motorcycle Club. The group never disclosed to donors details of the informant program, he said.

“They’re required to under the laws associated with a nonprofit to have certain transparency and honesty in what they’re telling donors they’re going to spend money on and what their mission statement is and what they’re raising money doing,” he said.

The indictment includes details on at least nine unnamed informants were paid by the SPLC through a secret program that prosecutors say began in the 1980s. Within the SPLC, they were known as field sources or “the Fs,” according to the indictment. One informant was paid more than $1 million between 2014 and 2023 while affiliated with the neo-Nazi National Alliance, the indictment said. Another was the Imperial Wizard of the United Klans of America.

The SPLC said the program was kept quiet to protect the safety of informants.

“When we began working with informants, we were living in the shadow of the height of the Civil Rights Movement, which had seen bombings at churches, state-sponsored violence against demonstrators, and the murders of activists that went unanswered by the justice system,” Fair said. “There is no question that what we learned from informants saved lives.”

The center has been targeted by Republicans

The SPLC, which is based in Montgomery, Alabama, was founded in 1971 and used civil litigation to fight white supremacist groups. The nonprofit has become a popular target among Republicans who see it as overly leftist and partisan.

Moms for Liberty among conservative groups named 'extremist' by civil rights watchdog

The investigation could add to concerns that Trump’s Republican administration is using the Justice Department to go after conservative opponents and his critics. It follows a number of other investigations into Trump foes that have raised questions about whether the law enforcement agency has been turned into a political weapon.

The SPLC has faced intense criticism from conservatives, who have accused it of unfairly maligning right-wing organizations as extremist groups because of their viewpoints. The center regularly condemns Trump’s rhetoric and policies around voting rights, immigration and other issues.

The center came under fresh scrutiny after the assassination last year of conservative activist Charlie Kirk brought renewed attention to its characterization of the group that Kirk founded and led. The center included a section on that group, Turning Point USA, in a report titled “The Year in Hate and Extremism 2024” that described the group as “A Case Study of the Hard Right in 2024.”

FBI Director Kash Patel said last year that the agency was severing its relationship with the center, which had long provided law enforcement with research on hate crime and domestic extremism. Patel said the center had been turned into a “partisan smear machine,” and he accused it of defaming “mainstream Americans” with its “hate map” that documents alleged anti-government and hate groups inside the United States.

House Republicans hosted a hearing centered on the SPLC in December, saying it coordinated efforts with President Joe Biden’s Democratic administration “to target Christian and conservative Americans and deprive them of their constitutional rights to free speech and free association.”