PRESIDENT Donald Trump’s tariff war has triggered a global market meltdown, with London and Wall Street suffering their biggest slide since the pandemic began.
Here we take a look at which companies have been worst hit…
US President Donald Trump has spooked the markets with his global tariff warEPABANKS: Typically safe financial institutions have been in free-fall. Barclays shares fell by up to 9 per cent yesterday, while America’s JP Morgan and Goldman Sachs tanked.
Banks with an exposure to Asia, such as HSBC and Standard Chartered, were even more badly hit.
TECH: Shares in the world’s biggest tech firms, including Apple, Amazon, Nvidia and Meta, all plunged.
These giants have trillion-dollar market values, so the heavy share falls have wiped off hundreds of billions of dollars. Apple lost $300billion on Thursday.
It relies on tariff-hit Asian manufacturers for its tech devices.
SPORT BRANDS: Nike, Adidas, Puma and JD Sports suffered heavy falls. Nike had $12billion wiped off its value on Thursday.
These firms have been hit hard as they make the bulk of their goods in Vietnam, China and Thailand — all facing the highest US import rates.
FASHION: Gap, H&M and Levi’s also suffered heavy falls due to the double whammy of Asian manufacturing and a huge US market.
Analysts reckon prices will have to rise by 20 per cent in the US to afford the 54 per cent rate of tariffs in China and protect firms’ profits.
LUXURY BRANDS: Britain’s biggest Rolex seller — Watches of Switzerland — took a heavy beating as it has a big market in the US and will face tariffs on watch imports from Europe.
Shares in Burberry plunged and European luxury brands LVMH and Richemont also saw big falls.
Van drop off
SALES of new vans have dropped for the fourth month running.
Registrations fell 3.2 per cent in March, with a 10 per cent slump for the biggest vehicles.
However new pickups surged by 40.6 per cent as businesses rushed to avoid a tax hit on “double cabs”, according to the Society of motor manufacturers and traders.
BP chair exit
BP chairman Helge Lund has bowed to pressure from investors and is leaving the energy giant.
Analysts speculated on how much longer he would survive after BP ditched the ill-fated and costly push into renewables which he oversaw.
The Norwegian, 62, chairman since 2019, promised “an orderly and seamless handover” to his successor.
GOOD WEEK: ALEX Baldock, boss of Currys, which lifted profit forecasts for the second time in a week on the back of strong AI laptop sales.
BAD WEEK: LUKE Johnson of leisure firm Brighton Pier Group, which tanked 60 per cent over plans to quit the stock market.
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