0:00
it's getting harder and harder to come
0:02
up with new superlatives each day for
0:04
how scared global investors businesses
0:07
and markets are about the impacts of
0:09
Trump's tariffs the London Stock
0:11
Exchange just behind me might look
0:13
relatively peaceful from outside but
0:15
inside it's the worst day of trading
0:17
since the COVID lockdown was announced
0:19
in March 2020 when the Footsie 100
0:21
opened this morning it plummeted 6.1%
0:24
for context that's an even deeper fall
0:26
than on Friday when losses surpassed 5%
0:29
in the afternoon and around Europe the
0:32
picture is even worse germany's DAX
0:34
index has plunged nearly 10% that is
0:37
double the losses it saw on Friday and
0:40
in response to all of this market
0:41
turmoil Goldman Sachs has uprated the
0:44
chances of a US recession up from 35%
0:48
all the way up to 45 because of what it
0:50
describes as tightening financial
0:52
conditions and Bill Aman who is a hedge
0:55
fund manager billionaire investor and
0:57
was a high-profile backer of Trump's
1:00
2024 bid for the White House warned over
1:02
the weekend that he risks plunging the
1:05
world into an economic nuclear winter he
1:07
said that the US is in the process of
1:09
destroying confidence in our country as
1:11
a trading partner a place to do business
1:13
and as a market to invest capital and
1:16
today the UK Prime Minister Kier Starma
1:18
announced a new industrial strategy to
1:20
boost British manufacturing like auto
1:23
manufacturing in particular to build
1:24
more EVs essentially to compensate for
1:27
this 25% flat import tariff on US
1:32
imports of automotives so the big
1:35
question is now when US markets open
1:38
today can Trump really justify
1:41
continuing with this policy it's clear
1:43
that the depth and the breadth of the
1:45
market reaction will be even more severe
1:48
than anyone in the Trump White House
1:50
could have really predicted and that
1:53
even some in his inner circle are
1:55
getting nervous now for a president who
1:57
swept to power with promises of economic
1:59
prosperity robust economic growth and a
2:03
real reaction away from the uh the Biden
2:05
years of inflation of economic
2:07
stagnation can he really afford to make
2:11
such a high stakes gamble with the US
2:14
economy and it's worth remembering that
2:16
just after his so-called liberation day
2:19
last Wednesday Trump has said that this
2:21
was a kind of economic medicine that he
2:23
was using to treat a so-called patient
2:25
he said that the operation is over the
2:27
patient has survived but as US markets
2:30
open later on today the big question
2:33
will be has the patient survived and
2:35
really how is the patient doing for
2:37
everything you need to know about this
2:39
story as the updates come in and as US
2:41
markets open head over to cityam.com
