Stocks Fall Dow -196 Trump's proposed tariffs will lead deep recession', say World Trade Organiation

The director-general of the World Trade Organisation (WTO) is urging President Donald Trump not impose steep tariffs on aluminium and steel exports, saying that doing so could lead the world into a "deep recession".

"An eye for an eye will leave us all blind, and the world in deep recession," Director-General Roberto Azevedo told members of his organisation Monday. We "must make every effort to avoid the fall of the first dominoes."

The warning follows less than a week after Mr Trump shocked global markets by saying he wants to impose a 10 per cent tax on aluminium exports, and a 25 per cent tariff on steel imports. That announcement was met with swift threats from the international community, including key allies like the European Union and Canada, which pledged to retaliate if the American president makes good on his plan.

The Thursday announcement led to a drop in US stocks, with the Nasdaq, S&P 500, and Dow declining more than 1 per cent. The one market bright spot occurred with US steel, which climbed 6 per cent as investors eyed a potential drop in competition for American companies if Mr Trump made good on his plans.

https://www.independent.co.uk/news/world/americas/us-politics/trump-tariffs-recession-us-imports-aluminium-steel-world-trade-organization-warning-a8240941.html