Global Stock Market Weekly Review: Tariff Turmoil Grips Markets Worldwide (Week Ending April 4th, 2025)

The week ending April 4th, 2025, unfolded as a period of significant upheaval across global stock markets. A wave of uncertainty and negative sentiment washed over exchanges worldwide, primarily triggered by the announcement of new, extensive tariffs by the United States. This development ignited immediate fears of an escalating global trade war, raising the spectre of retaliatory measures from key trading partners and amplifying concerns about a potential economic recession. The repercussions were felt across all major regions, with the United States experiencing particularly steep declines, followed by substantial drops in European and Asian markets, and notable corrections in the Oceania region. Investor confidence plummeted, leading to a surge in market volatility as capital sought refuge in traditional safe-haven assets.

United States Market Under Pressure

The United States stock market bore the brunt of the negative reaction to the tariff announcement. Major indices experienced their most significant downturn since the initial outbreak of the COVID-19 pandemic, highlighting the perceived gravity of the situation.¹ The S&P 500 endured its worst single day since the pandemic struck, plummeting by 4.8% on Thursday.¹ By the close of trading on Friday, the benchmark index had fallen by 5.95% to 5,073.80 points ³, with overall weekly losses exceeding 9%.² This rapid and substantial decline underscores the market’s immediate repricing of assets to account for the dramatically increased level of risk. The Dow Jones Industrial Average mirrored this trend, shedding 1,679 points (4%) on Thursday ¹ before plummeting another 2,200 points (5.5%) on Friday.² The blue-chip index concluded the week with a significant 7.9% decline, closing at 38,314.49 points.² The technology-heavy Nasdaq Composite also suffered heavily, tumbling 6% on Thursday ¹ and an additional 5.8% on Friday.² This pronounced downturn pushed the Nasdaq into bear market territory, defined as a drop of 20% or more from its recent peak, signalling a profound shift in investor expectations for the future.² The Russell 2000 index, which tracks the performance of smaller US companies, was also significantly affected, dropping 6.6% on Thursday and likewise entering a bear market.¹ The sheer scale of this two-day sell-off resulted in trillions of dollars being wiped from the value of US companies ³, with both the S&P 500 and the Nasdaq registering their largest weekly declines since the market turmoil of March 2020.² This comparison to the early days of the pandemic suggests that investors viewed the tariff announcement with a similar level of concern regarding potential widespread economic disruption.

The primary catalyst for this market upheaval was President Trump’s announcement of sweeping tariffs on imports.⁶ These measures included a baseline 10% tariff on all imported goods, with significantly higher levies imposed on key trading partners: 34% on goods from China, 20% for the European Union, and 24% for Japan.⁶ The magnitude and breadth of these tariffs took many investors by surprise.² This sudden policy shift ignited fears of an escalating global trade war as major trading partners, such as China, promptly announced retaliatory tariffs, imposing a 34% levy on all US goods.³ The prospect of a protracted trade conflict raised serious concerns among economists and investors about the potential damage to corporate earnings and overall economic growth, increasing the perceived risk of a recession.² Reflecting this heightened recession risk, investment bank JPMorgan Chase increased its forecast for a global recession by the end of the year to 60%, up from a previous estimate of 40%.³ Adding to the market’s apprehension, Federal Reserve Chairman Jerome Powell publicly addressed the tariff announcement, acknowledging that the measures were “significantly larger than expected” and could potentially lead to both higher inflation and slower economic growth.³ This assessment from the head of the central bank further amplified the uncertainty surrounding the future economic landscape. While a report released on Friday showed a stronger-than-anticipated increase in jobs during March ⁴, this positive economic data point was unable to quell the pervasive negative sentiment stemming from the tariff concerns. The market’s muted reaction to typically positive news suggests that the deep-seated fears regarding the long-term consequences of a trade war, including increased costs for businesses and consumers and potential disruptions to global supply chains, overshadowed any short-term optimism. Powell’s remarks also underscored the complex challenge now facing the Federal Reserve. While the central bank might typically consider lowering interest rates to mitigate the economic impact of such policies, the potential for tariffs to fuel inflation could limit their ability to act.¹ This creates a difficult balancing act for monetary policy, as it must navigate the risks of both recession and rising prices. The market’s increased expectation of future interest rate cuts ¹ indicates an anticipation of a potential economic slowdown necessitating a more accommodative monetary policy stance.

The tariff announcement had a widespread impact across various sectors of the US stock market. Technology stocks experienced particularly significant losses, largely due to their intricate global supply chains and substantial reliance on international trade.³ Shares of Apple, a major player in the tech sector, plummeted by 15.9% over just two trading days ², resulting in a dramatic reduction in its market capitalisation. Other prominent technology companies, including Nvidia, Tesla, Amazon, and Microsoft, also saw their stock prices decline considerably.² The index tracking chipmakers also registered a sharp downturn ³, reflecting the sector’s vulnerability to both US and potential retaliatory tariffs. Retailers with extensive international supply chains also suffered notable losses. Best Buy’s stock fell by 17.8%, while United Airlines saw a 15.6% decrease, and Target’s shares tumbled by 10.9%.¹ Nike’s stock price declined by 10% for the week, and Dollar Tree experienced a 13.3% drop.² These declines indicate investor concerns about increased costs for these companies and the potential for reduced consumer demand in a trade war environment. Industrial stocks, such as Caterpillar, which saw its shares fall by 14% over two sessions, and GE HealthCare, also faced downward pressure.² Financial institutions, including major banks, were negatively impacted as investors grew concerned about the prospect of slower economic growth and the potential for lower interest rates, which could squeeze their profit margins.³ Energy stocks experienced a sharp decline as the price of crude oil fell, driven by fears that a global trade war would negatively affect demand for energy.¹ Interestingly, even companies with seemingly limited direct exposure to the newly announced tariffs, such as Palantir, DoorDash, and Netflix, witnessed notable drops in their stock value ², suggesting a broad market apprehension and a reassessment of risk across the board. One notable exception to this widespread downturn was Nike, whose shares rose by 3% on Friday.² This positive movement may have been linked to reports of a productive phone call between President Trump and the leader of Vietnam ⁵, a country with a significant manufacturing presence for Nike. The pervasive selling across a wide range of sectors, including those not directly targeted by the tariffs, points to a systemic fear of a broader economic slowdown and a general increase in investor risk aversion. The substantial declines in major technology companies, many of whom have significant operations and sales in China, underscore the market’s apprehension about the direct impact of the tariffs and potential retaliatory actions on their profitability and future growth.

Investor sentiment in the US market took a sharp turn for the worse, marked by descriptions of “terror” and “shock” in response to the tariff announcement.¹ The CBOE Volatility Index (VIX), often referred to as Wall Street’s fear gauge, surged to its highest level since August.³ Short-term volatility also experienced a significant spike ¹³, indicating heightened anxiety among investors. In this environment of uncertainty, there was a noticeable flight to safe-haven assets. Yields on US Treasury bonds fell considerably as investors sought the relative safety of government debt and increased their expectations for future interest rate cuts by the Federal Reserve.¹ The yield on the benchmark 10-year Treasury note dropped to its lowest level since October.² Gold, despite having recently reached record highs as investors looked for safer investments, also saw its price pull back somewhat ¹, although it remained on track for a weekly gain.¹⁴ The value of the US dollar also weakened significantly against other currencies ¹, a move that can sometimes indicate concerns about the domestic economic outlook. The surge in the VIX and the shift towards safer assets like US Treasuries clearly demonstrate a significant increase in risk aversion among investors, reflecting their heightened uncertainty and fear regarding the potential economic fallout from the tariffs. The decline in the US dollar, a currency often considered a safe haven, further suggests a specific concern within the market about the potential negative consequences of the US tariffs on the American economy itself.

European Markets React Sharply

European stock markets experienced a synchronised plunge, mirroring the sharp declines observed in the United States.¹³ The FTSE 100 in London endured its worst trading day in five years ¹⁵ and concluded the week with a substantial loss of 6.97%.¹⁶ During Friday’s trading session, the index was down by over 2% in the mid-session.¹⁷ The Euro Stoxx 50 index, representing the performance of the largest 50 companies in the Eurozone, ended the week down by a significant 8.30% at 4226.43, marking its most substantial weekly decline since the market turmoil of March 2020.¹⁸ On Thursday alone, the index had fallen by 3.7%.¹³ Germany’s DAX index also suffered considerable losses, dropping by 3% on Thursday ¹ and falling by over 2% in the mid-session on Friday.¹⁷ The DAX ultimately recorded a weekly decline of 8.10% ¹⁶, with one report indicating a 4.3% drop on Friday.¹⁹ Similarly, France’s CAC 40 index decreased by 3.3% on Thursday ¹ and was down by 1.71% in the mid-session on Friday ¹⁷, resulting in a weekly decline of 6.15%.¹⁶ This widespread and synchronised downturn across major European indices, with losses comparable in magnitude to those in the US market, highlights a strong contagion effect and a shared concern regarding the global implications of the US tariffs. European economies have significant trade relationships with the United States, and the imposition of these tariffs raises concerns about reduced demand for European exports, the potential for retaliatory tariffs from the European Union, and a general slowdown in overall global economic activity. The fact that the Euro Stoxx 50 experienced its worst week since March 2020, mirroring the situation in the US, further underscores the perceived severity of the tariff announcement and suggests a global consensus among investors that these new trade barriers pose a significant threat to the ongoing economic recovery from the pandemic.

European markets reacted sharply to the announcement of US tariffs, particularly the proposed 25% tariff on imported vehicles from the EU and the broader 20% levies on other goods.¹³ These potential tariffs directly threaten key European industries and their export competitiveness. In response, prominent EU leaders, including Ursula von der Leyen and Emmanuel Macron, issued warnings about potential retaliatory measures from the European Union.¹³ The EU had already approved countermeasures targeting specific iconic American products ²⁰, indicating a willingness to engage in a trade dispute if necessary. The uncertainty surrounding the precise implementation of the US tariffs and the potential for an escalation of trade tensions further dampened investor confidence across the European continent.²¹ The possibility of a tit-for-tat tariff war between the US and the EU raises serious concerns about increased costs for businesses and consumers on both sides of the Atlantic, potentially leading to reduced export competitiveness and disruptions to established trade flows, ultimately hindering economic growth.

The anticipation of these tariffs had a significant impact on specific sectors within the European market. The automotive sector experienced particularly steep losses due to the potential 25% tariff on vehicle imports from the EU.¹³ Major European car manufacturers face the prospect of significantly reduced sales and profitability in the crucial US market. Shares of Adidas also saw a notable decline of 11.7% ¹³, likely reflecting concerns about the impact of tariffs on its global supply chain and sales. The logistics and banking sectors also faced considerable declines ¹³, with banks such as Standard Chartered, HSBC, Barclays, and NatWest all coming under pressure ²² amid broader economic fears and concerns about potential aggressive monetary easing by the Bank of England. Even the Swiss stock market was affected, with shares of UBS and Logitech experiencing significant drops.¹³ The pronounced impact on the European auto industry highlights the vulnerability of sectors heavily reliant on exports to the US market. The potential for a 25% tariff could severely impact sales and profitability, potentially leading to job losses and reduced investment within this key sector of the European economy.

Other major European markets also registered declines. In Paris, the CAC 40 shed 0.9 percent on Friday ²³, adding to the 3.3% loss from the previous day.¹ London’s FTSE 100 also dropped by 0.7 percent on Friday ²³, contributing to its overall weekly decline.

Asian Markets Hit by Global Sell-Off

Asian stock markets followed the global trend, falling for a second consecutive day in response to President Trump’s tariff announcement.¹⁵ Japan’s Nikkei 225 index experienced a significant drop, sinking by 2.8% on Thursday ¹ and then falling another 3.04% on Friday ²⁴, resulting in a substantial weekly decline of 9.00%.¹⁶ The broader Topix index also tumbled.²⁴ Hong Kong’s Hang Seng Index also registered losses, falling by 1.5% on Thursday ¹ and an additional 1.53% on Friday ²⁴, leading to a weekly decrease of 2.46%.¹⁶ The Shanghai Composite Index saw a more modest decline of 0.24% on Thursday.¹⁷ However, markets in mainland China were closed on Friday for a national holiday ²⁵, limiting their immediate reaction to the further global market downturn. The Shanghai Composite recorded a weekly decline of 1.17%.¹⁶ South Korea’s Kospi index also experienced losses, dropping by 0.8% on Thursday ¹ and another 1.78% on Friday ²⁴, with a weekly decrease of 0.36%.¹⁶ The widespread declines across major Asian markets, particularly in export-oriented economies like Japan and South Korea, underscore the region’s sensitivity to US trade policy and the potential disruption to established global supply chains. Many Asian economies are heavily reliant on exports to the United States, and the imposition of these tariffs raises concerns about reduced demand for their goods and the potential for a significant slowdown in their economic growth.

In addition to the overarching impact of the US tariffs, specific regional factors also influenced market sentiment in Asia. Export-driven Southeast Asian nations faced particularly high tariff rates, with Vietnam facing a 46% levy on its exports to the US and Thailand a 37% tariff.¹⁵ This differentiated approach by the United States suggests a targeted strategy, possibly aimed at addressing specific trade imbalances or exerting geopolitical influence. This could lead to significant shifts in global supply chains as companies seek to relocate production to avoid these higher tariffs. In South Korea, the Kospi’s decline on Friday was further compounded by a domestic political event. The Constitutional Court upheld the impeachment of President Yoon Suk Yeol ²⁴, creating a period of political uncertainty in the country. This domestic political turmoil, coinciding with the global market downturn, likely amplified the negative sentiment in the South Korean market, adding a layer of internal uncertainty to the external pressures stemming from the US tariffs.

Indian Market Feels the Global Impact

The Indian stock market also experienced a notable downturn amidst the global sell-off triggered by the US tariffs.¹⁷ The Sensex, India’s benchmark index, closed 1.22% lower at 75,364.69 on Friday.¹⁷ The Nifty, another key Indian index, also plunged by 1.49% to close at 22,904.45 on the same day.¹⁷ While the percentage declines in the Indian market were less pronounced compared to some other regions, this negative movement reflects India’s increasing integration into the global financial system and its susceptibility to international market sentiment, particularly in response to significant events involving major economies like the United States.

The decline in Indian markets was largely attributed to negative cues from global markets, including the sharp drops observed in the Nikkei, FTSE, and DAX indices.¹⁷ Furthermore, Foreign Institutional Investors (FIIs) continued their trend of heavily selling off equities in the Indian market.¹⁷ This sustained outflow of foreign capital indicates a cautious stance among international investors towards the Indian market amidst the rising global economic uncertainty spurred by the US tariff announcement. This suggests that international investors are becoming more risk-averse and are pulling funds from emerging markets like India as they react to the increased global economic uncertainty.

The United States imposed a 26% tariff on imports from India ¹⁷, a rate higher than those levied on the European Union and Japan. This move sparked concerns about potential disruptions to global trade and could negatively impact supply chains involving Indian goods.¹⁷ Consequently, the Indian Rupee opened weaker against the US Dollar, marking its worst opening since March 10th.¹⁷ This depreciation of the Rupee was directly linked to the rising global trade conflict concerns stemming from the US tariff announcement. The higher tariff rate imposed on Indian imports compared to other major economies could disproportionately affect specific Indian industries and potentially lead to trade disputes between the two nations. The weakening Rupee makes imports more expensive for India and could contribute to inflationary pressures within the Indian economy, further complicating the overall economic outlook. A weaker currency can also negatively impact foreign investment flows and increase the cost of servicing any dollar-denominated debt held by Indian entities.

Oceania Markets Enter Correction Territory

Stock markets in the Oceania region also experienced significant downward pressure during the week. Australia’s S&P/ASX 200 index slid by 2.44% on Friday ²⁴, pushing it into correction territory, defined as a fall of 10% or more from its recent peak.²⁴ The overall weekly decline for the ASX 200 was 3.94%.¹⁶ Similarly, New Zealand’s NZX 50 index was down by 1.28% in Friday morning trading (New Zealand time) ²⁹ and closed the day down by 0.92% ³⁰, with a weekly decrease of 0.51%.¹⁶ The entry of the Australian market into correction territory underscores the widespread impact of the global sell-off and the prevailing negative sentiment on investor confidence in the region.

The decline in Oceania markets was primarily driven by uncertainty surrounding the potential impact of the newly announced US tariffs on Australian companies listed on the ASX 200.²⁸ The broader concerns about a potential global recession, triggered by the escalating trade tensions, also contributed to the negative market sentiment in the region.²⁴

Sectoral performance within the Australian market on Friday revealed significant disparities. The energy sector was the worst performer, experiencing a sharp decline of 8.00%, with notable drops in the share prices of major players like Santos and Woodside Energy.²⁷ This steep decline in the energy sector could reflect concerns about the potential impact of a global recession on the demand and prices for energy commodities. In contrast, the consumer staples sector showed some resilience, with supermarkets such as Coles and Woolworths among the few stocks that registered gains.²⁷ This suggests a flight to defensive stocks as investors sought companies that are considered less sensitive to economic downturns. In New Zealand, specific company news also played a role. Shares of Fisher & Paykel Healthcare experienced a 1.8% loss after the company announced that the new US tariffs were expected to increase their costs in the fiscal year 2026.³⁰ Additionally, Tourism Holdings saw its stock price shed 4.6% following a warning about weaker consumer sentiment towards vacationing in the United States, where the company has operations.³⁰ The negative impact on Fisher & Paykel Healthcare demonstrates how even well-established companies can be affected by the introduction of new trade barriers, particularly if they have significant exposure to the US market.

Conclusion: A Week of Tariff-Induced Turmoil

The week ending April 4th, 2025, will be remembered as a period of significant and synchronised decline across global stock markets. The unexpected announcement of sweeping tariffs by US President Donald Trump served as the primary catalyst, triggering widespread fears of an escalating global trade war and a potential economic recession. The United States market experienced the most severe losses, with key indices posting their worst weekly performances since the initial shock of the COVID-19 pandemic, and the Nasdaq entering bear market territory. European markets reacted sharply in tandem, while Asian markets also felt the impact of the global sell-off. The Indian market saw a notable downturn, and Oceania markets entered correction territory. Overall, the week was characterised by heightened market volatility and a significant reassessment of economic growth prospects in the face of rising trade tensions.

Key Performance Summary Table:

Disclaimer

The information provided in this article is for general informational purposes only and should not be considered as financial advice. The stock market is inherently risky, and past performance is not indicative of future results. Any investment decisions should be made after consulting with a qualified financial advisor who can assess your individual financial situation and risk tolerance. The author and the publishing entity are not responsible for any financial losses incurred based on the information presented in this article.

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