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Charting The Global Economy: US Tariffs Wallop Markets, Outlook
- President Trump's imposition of broad US tariffs has sent shock waves through global markets, with all countries facing a 10% baseline tariff and higher duties for those with large trade deficits.
- The tariffs have led to a stock market plunge, with the S&P 500 seeing its worst two-day drop since March 2020 and the Nasdaq 100 entering a bear market.
- Despite China's retaliation, some countries like Cambodia and Indonesia are working to mitigate the impact of US tariffs, with Vietnam considering eliminating tariffs.
- The trade disruptions have affected industries like fish food supply chains, South African mining stocks, and Australian central bank decisions.
- US markets had their worst week since March 2020, with job growth surpassing forecasts but factory activity contracting as tariffs take effect.
- China retaliated against US tariffs, restricting local investments in the US, while Japan ramped up industrial production ahead of potential auto tariffs.
- The European Union is approaching trade talks with the US cautiously, aiming to salvage the transatlantic relationship amid evolving global economic dynamics.
- Euro-area inflation eased towards the ECB's target, while emerging markets like Peru are managing inflation expectations amid tariff uncertainties.
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