The Daily Tribune
Tariff blitz stokes global bloodbath
Asian and European stocks extended their losses on Friday, following a global rout triggered by Donald Trump's "Liberation Day" tariffs.
The harsher-than-expected levies sent shockwaves through markets, with Wall Street suffering its worst day since the early stages of the Covid-19 pandemic and the dollar tanking.
The Philippine Stock Exchange index (PSEi) fell 61.54 points to 6,084.19, with trading volume reaching 58,265 valued at P5.137 billion.
Analysts express concerns about a global trade war, recession, and inflation due to the tariffs.
A key concern among market participants is the potential for retaliatory measures from other countries.
The reciprocal tariff is designed to achieve a zero trade deficit with the US, though its impact across multiple tariff lines is difficult to estimate.
Topics in this story
Explore more stories about these topics.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippine Stock Exchange Index (PSEi) plunged by 4.3 percent to close at 5,822.85 points, its lowest in two-and-a-half years, due to investor panic over escalating global trade wars.
+1
Read more →
The Philippine Stock Exchange Index (PSEi) dropped 1% to close at 6,084.19 on Friday, continuing its decline amid US President Donald Trump's reciprocal tariffs.
+3
Read more →
US President Donald Trump has implemented new tariffs on numerous countries, with levies on Chinese goods now exceeding 100 percent, intensifying the global trade war and causing market instability.
Read more →
The Philippine peso weakened to the ₱57 level against the US dollar on Monday, April 7, after a brief dip into the stronger ₱56 range last Friday.
Read more →
International Monetary Fund (IMF) chief Kristalina Georgieva has identified new US tariffs as a significant risk to the global economy's outlook, especially during a period of sluggish growth.
Read more →