ONTRADE Forex
Europe and Asia markets plunge as Trump says ‘you have to take medicine’

Europe and Asia markets plunge as Trump says ‘you have to take medicine’

US president tells reporters foreign governments will have to pay ‘a lot of money’ to lift levies

Stock markets in Asia and Europe have fallen sharply on Monday after Donald Trump said foreign governments would have to pay “a lot of money” to lift sweeping tariffs that he characterised as “medicine”.

Speaking to reporters aboard Air Force One late on Sunday, the US president indicated he was not concerned about market losses that have already wiped out nearly $6tn (£5tn) in value from US stocks. “I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said.

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Falling Australian dollar spells bad news for travellers and shoppers

Falling Australian dollar spells bad news for travellers and shoppers

The value of one Australian dollar dropped to a low of 59.64 US cents, its lowest point since April 2020

Consumers and travellers will face higher prices after the Australian dollar fell to Covid-era lows, as markets reel from Donald Trump’s “liberation day” tariff plan.

Fears of a global recession dragged the Australian dollar sharply lower on Monday against the country’s major trade partners and to its lowest point against the Euro, pound and US dollar since 2020.

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Monday briefing: Asian markets slump after Trump insists that tariff policy will not change

Monday briefing: Asian markets slump after Trump insists that tariff policy will not change

In today’s newsletter: Why the global sell-off continued in earnest this morning – and why it matters

Good morning. The markets might have been closed over the weekend, but the break has offered little respite for those who might have hoped for some sign that Donald Trump would consider a change to his tariffs policy.

With White House officials and the president himself insisting that their plan was the right one despite the global economic meltdown it has induced, the market sell-off in response continued in earnest this morning in Asia – and traders in Europe and the US will be braced for more of the same later today.

War crimes | A war crimes complaint against 10 Britons who served with the Israeli military in Gaza is to be submitted to the Met police by one of the UK’s leading human rights lawyers. Michael Mansfield KC is one of a group of lawyers behind a dossier alleging targeted killing of civilians and aid workers.

France | The French far-right leader Marine Le Pen has told supporters in Paris she would fight “a political, not a judicial ruling” that could bar her from the next presidential election, as a rival rally denounced an “existential threat” to the rule of law after her conviction for embezzling public funds.

UK politics | Labour and the Tories have become embroiled in a war of words after the Conservative leader, Kemi Badenoch, defended Israel’s decision to deny two MPs entry into the country and deport them. MPs from across parliament criticised Badenoch for her response to Israel’s decision to expel the Labour MPs Yuan Yang and Abtisam Mohamed.

Deaths in custody | More than 100 relatives of people who have died after contact with the police in the UK since 1971 have joined plans for a class action lawsuit in pursuit of compensation and justice. Organisers had recorded 3,000 deaths involving the police in the UK over the past 50 years, during which time four police officers have been convicted over a killing.

Olivier awards | The play Giant, which portrays children’s author Roald Dahl amid an outcry about his antisemitism, has triumphed at the Olivier awards on a star-studded night at the Royal Albert Hall in London. Among three awards for the production, US star John Lithgow took home the best actor prize for his performance as Dahl.

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Government will step in to support key industries amid tariff turmoil, says Starmer

Government will step in to support key industries amid tariff turmoil, says Starmer

Carmakers will be given more flexibility over targets on transitioning to electric vehicles

Keir Starmer has said the government will step in to support key British industries, as business grapples with the economic turmoil unleashed by Donald Trump’s global tariffs.

As the government attempts to counter the impact of the White House hitting the UK with a 10% base levy on exports to the US, the prime minister will promise to help shelter vulnerable sectors and will implement key parts of the industrial strategy months early.

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