US stock markets fall sharply after Trump’s announcement of global import tariffs

KATHMANDU — The US stock market fell sharply after President Donald Trump announced additional global customs duties, i.e. import taxes. The share prices of big brands such as Nike, Apple and Amazon have seen a direct decline.

However, the White House has urged Wall Street to “trust President Trump”. In Canada, Prime Minister Mark Carney has announced a 25 percent customs duty on some American vehicles.

The UK has prepared a 400-page long list of American products. On which additional customs duties can be imposed. US President Trump has announced that he will impose a 10 percent customs duty, or import tax, on most countries, including the UK, from Saturday. Where the higher rates can be imposed on some of America’s major trading partners from April 9.