Stock markets slide deeper, but Trump ‘will never change his policies’
The New York Stock Exchange opened with another loss on Friday, after China responded to US tariffs with tariffs of 34 per cent on all US goods. Stock market losses in Europe also continued to mount, with the BEL 20 index of the Brussels stock exchange losing almost 4 per cent. US president Donald Trump, meanwhile, claims his “policies will never change”.
Across the world, stock markets are slumping. The New York Stock Exchange, which on Thursday experienced its worst day since 2020, was more than 2.6 per cent in the red shortly after the opening bell on Wall Street. The Nasdaq technology index stood at a loss of more than 3 per cent. Stock market losses in Europe continued on Friday, with the BEL 20 index of the Brussels stock exchange losing almost 4 per cent on Friday afternoon, a lot more than on Thursday when the impact of US tariffs had yet to sink in.
“China played it wrong, they panicked - the one thing they cannot afford to do"
China launched retaliatory measures on Friday after US president Donald Trump announced on Wednesday that he will impose an additional 34 per cent tariff on Chinese goods. China, in turn, will tax all US goods entering the country at 34 per cent. As the US and China are the world's largest economies, investors fear the trade war will have a severe impact on the global economy.
“China played it wrong, they panicked - the one thing they cannot afford to do,” Trump declared on his online platform Truth Social. He also stressed that his “policies will never change”. “It's a great time to get rich,” he added. “We cannot lose.” Economists, however, fear that the United States risks falling into recession this year.
Impact on European big banks
In Europe, banking stocks in particular plunged: the Stoxx 600 banking index was down 7.4 per cent on Friday. The major banks recorded the heaviest price losses in three years, news agency Bloomberg calculated. Banks are sensitive to any slowdown in growth due to US tariffs.
In Brussels, KBC lost up to 9 per cent on Friday afternoon. BNP Paribas, which is partly owned by the Belgian state, lost nearly 7 per cent.
Traders on the floor of the New York Stock Exchange on 4 April 2025 © BELGA PHOTO Spencer Platt / Getty Images / AFP
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