trading

Tariffs imposed by US President Donald Trump on imports of steel and aluminium have taken effect in a move that will likely escalate tensions with some of America's largest trading partners.

And there is still the prospect of more tariffs - on Canada and other US trading partners - next month.

Applying military strategy to the realm of “normal” politics, Trump is continuing his shock and awe campaign, and the Democrats are trading space for time.

President Xi Jinping is now betting big on it, as a slowing Chinese economy grapples with the blow of tariffs from its biggest trading partner, the United States.

The Nasdaq sank by 4.0% at the close of trading, its largest single-day loss since 2022, and there were heavy losses on other markets with tech stocks seeing the largest drops.