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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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Waymo called the cops on teen riders, raising privacy concerns

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Waymo called the cops on teen riders, raising privacy concerns

A Waymo robotaxi drives in San Francisco’s North Beach neighborhood this week.

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Police in San Mateo, Calif., posted Monday on social media that they had apprehended a pair of teenagers from a Waymo driverless robotaxi after the company alerted authorities to suspected criminal activity. It’s the latest incident involving video surveillance of passengers and others by autonomous vehicles — raising questions about the limits of privacy in such vehicles.

The Facebook post by the San Mateo County Police said: “Parents do you know where your teens are? @waymo does!”

The 15-year-olds were allegedly drinking alcohol and shooting toy guns from the car, according to the police. They said Waymo’s systems detected behavior that then triggered a safety response, after which the company disabled the vehicle and contacted police.

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Waymo’s cars, equipped with an array of cameras, microphones and other sensors to monitor passengers and other nearby vehicles, are becoming more common in cities across the United States. Experts say the detention of the two teens in San Mateo highlights a potential — but not inevitable — trade-off between privacy and convenience. It also questions the extent to which companies similar to Waymo are required to hand over private data, including audio and video of passengers, in situations where a crime is suspected.

NPR reached out to Waymo, which is owned by Alphabet, the parent company of Google, for comment on the details of the San Mateo incident and how the company responded, but did not hear back. But on its website, the company says that as many as 29 cameras in its autonomous cars provide an all-around view and “are designed with high dynamic range and thermal stability, to see in both daylight and low-light conditions, and tackle more complex environments.”

“There already exist laws that govern duty to report or even duty to protect” for carriers such as Waymo, according to Alessandro Acquisti, a professor of information technology at the MIT Sloan School of Management. “The privacy problems arise when and if driverless carrier companies used such laws or ethical obligations as a pretext for blanket, indiscriminate accumulation of identifiable data for unspecified future purposes.”

That includes not just monitoring people inside the cars, but outside too. Take, for example, a hit-and-run investigation last year in Los Angeles. Media reported that the police inquiry was aided by video captured by a Waymo taxi that had a clear view of the crime. Critics suggested at the time that authorities were using the company’s vehicles as a mobile surveillance platform. And during 2025 protests in Los Angeles against Immigration and Customs Enforcement crackdowns, demonstrators vandalized Waymos, apparently angry that video recorded by the vehicles could be used by police, although there is no evidence that happened.

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Trump fires last members of election commission, inciting fears of midterm ‘chaos’

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Trump fires last members of election commission, inciting fears of midterm ‘chaos’

Donald Trump has terminated the remaining members of the independent, federal commission that assists election administration officials nationwide just a few months before the midterm elections, multiple outlets reported Thursday.

The remaining three commissioners of the four-member bipartisan commission ⁠were forced out on Thursday in different ways. The one Republican appointee resigned and the other ⁠two, Democratic appointees were notified of their terminations via email from ​the White House presidential personnel office.

“On ‌behalf of President ‌Donald J Trump, I am writing to inform you that your position ‌as Commissioner of the Election Assistance Commission is terminated, effective immediately. Thank you for your service,” the email, seen by Reuters, said.

The White House did not immediately respond to a request for comment.

The Election Assistance Commission serves as a “national clearinghouse of information on election ‌administration”, accredits testing laboratories and certifies voting systems, and maintains the national mail-voter registration form developed by the National ​Voter Registration Act of 1993, according to the commission’s website. The terminations follow Trump and top administration officials’ advocacy to change vote-by-mail requirements and investigations into the 2020 election outcome, which Trump lost to Democrat Joe Biden.

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“It is ⁠irresponsible and dangerous that this Administration remains dead set on ​causing chaos for ​our election officials across this ​country,” Arizona secretary of state Adrian Fontes said in a ​Thursday statement. “This ‌move undermines the integrity ​of nonpartisan ​election administration.”

The 2002 law that established the commission, the Help America Vote Act, states the president can appoint replacements to the commission.

It is unclear how Trump will move ahead with the commission.

Reuters contributed reporting

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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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