Stock market crashes as US shows no sign of backing down on tariff plans
India’s benchmark stock indices plunged more than 3.5% in early trade on Monday as the United States showed no signs of backing down on its tariff plan and amid recession fears.
The Sensex fell about 3,000 points as trading began on Monday morning. The Nifty 50 dived by about 1,000 points.
The so-called reciprocal tariffs, announced by US President Donald Trump last week, are scheduled to take effect on Wednesday.
On Sunday, Trump said that he will not back down on the tariffs on imports from most of the world unless countries even out their trade with the US, the Associated Press reported.
Trump said he did not want global markets to fall, but added that he was not concerned about the staggering sell-off underway. “Sometimes you have to take medicine to fix something,” the US president told reporters.
White House officials said that more than 50 nations had reached out to the US to begin negotiations to end the tariffs.
The major Asian stock indices also plunged on Monday morning. Hong Kong’s Hang Seng index opened with a fall of about 9%.
Japan’s Nikkei fell 6%, falling to a level last seen in late 2023, Reuters reported. South Korea’s Kospi plummeted 5%.
Similarly, the price of Brent crude oil fell by $1.35 per barrel to $64.23 a barrel. US crude oil price also fell by...
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