Stocks tumble as Trump threatens tariffs on ‘every country’

Stocks plunged after Donald Trump announced plans to impose tariffs on “all countries,” sparking a global market sell-off.

In Asia, Japan’s Nikkei 225 tumbled 4.1% to 35,617.56 — its lowest level since September — while South Korea’s Kospi dropped 3% to 2,481.12, continuing the decline from late last week. The Hang Seng in Hong Kong slid 1.2% to 23,156.65.

In Europe, the FTSE 100 in London fell 0.8%, with the CAC 40 in Paris and Germany’s DAX both down around 1%.

Trump has declared this Wednesday as “Liberation Day,” when he is expected to unveil sweeping reciprocal tariffs aimed at countering what he describes as unfair global trade practices. Tariffs on car imports to the U.S. are set to take effect on Thursday.

“You’d start with all countries, so let’s see what happens,” Trump told reporters aboard Air Force One, quashing hopes he might ease back on some of the proposed measures.

A Downing Street source said Sir Keir Starmer was prepared to respond with “sharp teeth” if the UK is hit by U.S. tariffs.

Markets were further rattled by Trump’s threat to impose sanctions on Russian oil exports. Expressing frustration with Vladimir Putin’s demands for Volodymyr Zelensky’s removal as a condition for peace talks, Trump told NBC: “If a deal isn’t made, and if I think it was Russia’s fault, I’m going to put secondary sanctions on Russia.”

He said these would apply to “all oil coming out of Russia,” and added that he plans to speak with Putin later this week.

Oil prices climbed after Donald Trump warned he may impose “secondary tariffs” on nations purchasing Russian oil.

Brent crude, the global benchmark, rose 0.6% to over $74 a barrel following the U.S. president’s remarks expressing anger at Vladimir Putin for insisting that Volodymyr Zelensky step down as a condition for peace negotiations in Ukraine.

Trump’s threat to target “all oil coming out of Russia” also boosted U.S. West Texas Intermediate crude, which gained 0.5% to approach $70 a barrel.