Global stocks suffer Trump tariff wipeout with trillions written off

Worldwide recession feared as US tariffs hit markets — including knocking $2.5tn (€2.27tn) off the S&P 500 Index

US president Donald Trump appears on a television screen at the stock market in Frankfurt, Germany on Thursday.  Picture: Michael Probst/AP

Global financial markets plunged into turmoil on Thursday as US president Donald Trump’s escalating trade war knocked trillions off the value of the world’s biggest companies, heightening fears of a US and possible global recession.

Roughly $2.5tn (€2.27tn) was erased from the S&P 500 Index of US shares.