Stock markets tumble as Trump tariffs loom | Money News

Stock markets have plummeted as the 2 April implementation day of US tariffs ticks closer.

Benchmark stocks in Asia were rattled at the lack of progress in halting US President Donald Trump’s taxes which are due to come into force on US imports from Wednesday.

After delays, 25% tariffs are to be levied on all cars entering the US on what Mr Trump has called “liberation day”.

Trade barriers are also expected to be announced on countries deemed to be giving the US a bad deal on trade.

In Japan, the Nikkei stock index lost nearly 4% at points before closing 3.86% down, while Korea’s Kospi index dropped 2.83%.

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European markets followed suit with the UK’s FTSE 100 list of most valuable London Stock Exchange companies down 0.8%, falling to a more than two-week low.

The larger FTSE 250, which contains more companies based in the UK, lost a large 1.3%, dipping to a near long low.

Germany’s Dax, France’s CAC 40 and the European-wide Stoxx all opened lower.

Gold has reached another record high price as investors put money into investments perceived as safer than some stock investments.

There’s been little change in the pound as it has remained around the $1.29 mark, seen over the last 10 days.