Global markets continue sharp losses as China retaliates for U.S. tariffs – National

World shares slid downward, U.S. futures fell and Wall Street appeared on track for another day of crushing losses Friday as investors counted the potential costs of U.S. President Donald Trump’s latest set of tariffs — including China’s retaliatory match of a 34 per cent tariff on imports of all U.S. products.

Trump announced a minimum tariff of 10 per cent on global imports and much higher taxes on products from China, the European Union and even smaller countries like Vietnam, slapped with tariffs of 49 per cent.

You can read how the tariffs compare from highest to lowest here,

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Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies has fallen.

Even gold, a traditional safe haven that recently hit record highs, pulled lower after Trump announced his “Liberation Day” set of tariffs, which economists say carries the risk of a potentially toxic mix of weakening economic growth and higher inflation.

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The S&P 500 dropped five per cent by midday Friday, coming off its worst day since COVID wrecked the global economy in 2020.

The Dow Jones Industrial Average dropped over 1,800 points, and the Nasdaq composite tumbled more than five per cent. The Toronto Stock Exchange fell close to five per cent by midday.

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Not even a better-than-expected report on the U.S. job market was enough to stop the slide.

European stocks saw some of the day’s biggest losses, and the price of crude oil tumbled to its lowest level since 2021 on worries about how a trade war could cause a recession.

With files from Global News’ Ari Rabinovitch.