U.S. Tariff Hikes Destabilize Global Economy: Peskov
U.S. President Donald Trump. X/ @essenviews
April 7, 2025 Hour: 10:47 am
Stock markets across the Asia-Pacific traded sharply lower on Monday as financial turmoil sparked by the U.S. trade war.
On Monday, the Kremlin spokesperson Dmitry Peskov criticized the United States for its sweeping tariff hikes, accusing it of undermining global economic stability.
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“We are closely monitoring the current situation, which remains highly volatile and emotionally charged,” he said, adding that the U.S.-imposed tariffs on numerous countries have created a climate of economic tension and pessimistic global market projections.
“Of course, we are doing and will do everything necessary to minimize the consequences of this global economic turmoil for our economy,” he added.
U.S. President Donald Trump signed an executive order Wednesday on so-called “reciprocal tariffs,” imposing a 10 percent “minimum baseline tariff” and higher rates on certain trading partners.
Stock markets across the Asia-Pacific traded sharply lower on Monday as financial turmoil sparked by the U.S. decision escalated recession fears worldwide. All leading European indexes also opened in the red, dropping by 4-7 percent compared to the previous trading day’s close.
Britain’s blue-chip FTSE 100 index fell by about 5 percent, while Germany’s DAX opened 9 percent lower. France’s CAC 40 dropped by more than 5 percent, and the pan-European STOXX 600 index fell over 6 percent in morning trading at the time of this report.
Monday’s sharp drop is a continuation of the ongoing losing streak in European stock markets, which has persisted for over a week. The STOXX 600 index saw a loss of more than 8 percent last week.
teleSUR/ JF
Sources: Xinhua – EFE
