Wall Street is wracked by major selling as investors bet against the sweeping new trade barriers. Japan’s main stock index and Europe’s Stoxx 600 each closed 2.7% lower.

Donald Trump on Wednesday announced sweeping reciprocal tariffs on all countries, saying that a minimum of 10 per cent levy will be imposed on all imports.

The S&P 500 sank 4.8 percent, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy. The Dow Jones Industrial Average dropped 1,679 points.