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Trump Tariffs Live: $5 trillion wiped off Wall Street as escalating trade war spurs fear of global recession​

By Kylie Maclellan, Stephen Farrell, Heather Timmons, Zoe Law, Noel Randewich and Vanessa Balintec

The Week in Numbers: Trump goes big, stocks head south

Phew. What a week.

We're closing down our Live Page coverage of the continued market sell-off over Trump's tariff plans and the reaction from China and other trading partners.

From Trump's big reveal on tariffs exceeding expectations, to a very negative response from stocks, here is a round up of the big stories in business and finance over the week to April 4:

Shares of U.S. refiners fell to near two-year lows as fears of slower fuel demand and weakening refining margins rattled investors.

Top refiners Marathon Petroleum, Valero Energy and Phillips 66 have shed more than $20 billion in market capitalization since Trump announced sweeping new tariffs on Wednesday, based on LSEG data.

Nations around the world have readied retaliatory tariffs and China, the world's top oil importer, announced it will impose additional tariffs of 34% on all U.S. goods from April 10.

"We consider the adoption of the 'reconciliatory tariffs' will result in weaker global GDP growth and so lower oil demand growth, oil prices and weaker refining margins, as exemplified by the futures markets over recent days," Alan Gelder, vice president of refining, chemicals and oil markets at Wood Mackenzie.

'FORCED THE MARKET TO RE-EXAMINE DEMAND'

Crude futures closed at their lowest in more than three years on Friday, with Brent diving 6.5% to $65.58 a barrel and U.S. West Texas Intermediate crude slumping 7.4% to $61.99.

For the week, both benchmarks tumbled nearly 11% in their biggest weekly loss in percentage terms since 2023. ...

READ THE FULL STORY - REUTERS

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