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Global stock markets tumble as Donald Trump’s tariffs loom

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Global stock markets tumble as Donald Trump’s tariffs loom

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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.

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“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.

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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.

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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.

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“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.

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Former Olympian pleads not guilty in reflecting pool vandalism charges

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Former Olympian pleads not guilty in reflecting pool vandalism charges

Former U.S. Olympian David Hearn (left) walks with his attorney Norman Eisen to speak to reporters and protesters gathered after his arraignment at the Superior Court of the District of Columbia in Washington, D.C. on Thursday.

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Former U.S. Olympic canoeist David Hearn pleaded not guilty to damaging the Lincoln Memorial Reflecting Pool in D.C. Superior Court Thursday morning.

Federal prosecutors charged Hearn with a single count of destruction of property causing more than $1,000 in damage to the pool.

Hearn has previously claimed, which his attorneys repeated during a short press conference outside the court, that he simply touched the water in the pool out of curiosity.

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The Trump administration had just completed a $14 million renovation of the pool.

But shortly after the work finished, peeling paint and algae gathered in the water. The remodel has been largely criticized as a massive failure and waste of taxpayer dollars.

Superior Court Judge Carmen McLean released Hearn on his own recognizance. His next hearing is scheduled for Aug. 5.

Norm Eisen, one of Hearn’s attorneys, spoke to reporters outside of court following the hearing. He said the administration is using Hearn as a “scapegoat … for their own failures.”

“It is not a crime to touch the reflecting pool, to touch water in the United States of America,” he said.

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Prosecutors say there is a host of evidence against Hearn.

This is a developing story.

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

Three more people have been criminally charged with destruction of property at the Lincoln Memorial Reflecting Pool.

Officers say they detained Cameron Thiers, Sophie Dennison-Gibby and Justin Carreno one Saturday afternoon in June and described in court documents witnessing them peeling and removing pieces of blue paint from the Reflecting Pool.

One officer “witnessed Carreno reach down into the reflecting pool and pull up a piece of the blue paint,” according to the court documents.

The officer who detained Dennison-Gibby “found 1 additional piece of the reflecting pool liner” in her purse, the documents said.

All three incidents were recorded on the officers’ body worn cameras, they said in the court documents.

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Several “partnering law enforcement agencies assigned to the Reflecting Pool” working with US Park Police were involved in detaining the two men and one woman — including officers from Texas, Oklahoma, Montana and California.

One of the officers said in court documents that Thiers “admitted to removing a piece of blue sealant from the Reflecting Pool and still had it in his hand when I made contact with him.”

The three defendants were arraigned in court Wednesday and pleaded not guilty to the misdemeanor charges of destruction of property with a value less than $1,000. The judge ordered them to stay away from the Reflecting Pool.

Lawyers for Thiers and Dennison-Gibby declined to comment. CNN has reached out to Carreno’s attorney.

If found guilty of destruction of property, the defendants could be fined up to $1,000 and face a maximum of 180 days behind bars.

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The New York Times first reported that three additional people had been charged with damaging the Reflecting Pool.

President Donald Trump has repeatedly claimed that vandals caused major damage to the pool by gashing the lining after his administration spent more than $14 million on renovations, though he has not provided evidence to support that claim. The officers who charged Carreno, Thiers and Dennison-Gibby did not accuse them of gashing the lining.

Former Olympic canoeist David Hearn was indicted by a grand jury in Washington, DC, last week for allegedly damaging the Reflecting Pool. Hearn — unlike Carreno, Thiers and Dennison-Gibby – was charged with destruction of property with a value of more than $1,000 which carries a maximum penalty of 10 years in prison, if convicted. He is set to be arraigned in court Thursday.

Crews began draining the Reflecting Pool over the weekend to make repairs, according to Interior Secretary Doug Burgum, for the second time in three months.

The move comes after weeks of problems – algae blooms, green-hued water, a chipping bottom and the administration’s allegations of vandalism – that have plagued the iconic landmark, making its woes the subject of national interest.

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Supreme Court financial disclosures reveal how their books add to their income

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Supreme Court financial disclosures reveal how their books add to their income

Supreme Court Justice Amy Coney Barrett speaks at the Reagan Library on Sept. 9, 2025, in Simi Valley, Calif. Barrett discussed and signed copies of her new book, Listening to the Law: Reflections on the Court and Constitution.

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Even as the Supreme Court was handing down one legal thunderbolt after another last week, the justices were quietly releasing their annual financial reports. Justice Samuel Alito was the only sitting justice to request an extension, which he has done for 15 years. The disclosures do not give a complete account of the justices’ total income and wealth, but they give insights into their concertgoing, guest professorships and even their involvement in youth sports.

In addition to their salaries, much of the justices’ reported income came from their book deals. Justice Ketanji Brown Jackson led the pack earning more than $1.1 million last year for a total of roughly $4 million since her memoir, Lovely One, was published in 2024.

Justices Sonia Sotomayor, Neil Gorsuch, Amy Coney Barrett and retired Justice Anthony Kennedy also reported income from published books. Earnings from their books ranged from $849,000 for Barrett, to $300,000 for Gorsuch and $88,000 for Sotomayor, whose books include her 2013 autobiography and five children’s books. Justice Clarence Thomas, who previously earned $1.5 million for his 2007 memoir, listed no publisher payments last year, and Justice Brett Kavanaugh, one of 13 co-authors of a 2016 legal treatise, also received no payments last year. Kavanaugh is said to be working on a memoir but he listed no payments for the anticipated book. Alito does have a book coming out in the fall, but with his financial report still outstanding, there is no data on how much he was paid for the work in 2025.

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The only two sitting justices who have not written books are Chief Justice John Roberts and Justice Elena Kagan.

Many justices also earned income from teaching at law schools. Roberts reported income from New England Law, located in Boston, and Gorsuch reported teaching income from George Mason University in Virginia. Thomas taught classes at Catholic University in Washington, D.C., and Barrett and Kavanaugh taught at Notre Dame Law School. Barrett graduated from the school and began teaching there 23 years ago; Kavanaugh has family connections to Notre Dame.

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