Stock markets highlights: US market closes lower after Trump's latest tariff

Traders looking for equities to snap back after a selloff of trillions of dollars were faced with a series of twists and turns on Monday.

Stock market crash highlights: India’s benchmark indices tumbled on Monday, dragged down by mounting global trade tensions and rising recession fears in the US, which triggered a broader sell-off across Wall Street and Asian markets. Asian shares in general, nosedived after a meltdown Friday on Wall Street over Donald Trump's tariff hikes and the backlash from Beijing.

US futures also signalled further weakness. The future for the S&P 500 lost 2.5% while that for the Dow Jones Industrial Average shed 2.1%. The future for the Nasdaq lost 3.1%.

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Donald Trump's “reciprocal” tariffs came into effect on April 2, with a 10 per cent baseline tax declared on imports from all countries, as well as higher rates for many nations which run trade surpluses with the US.

Among them, there is now charge a 34 per cent tax on imports from China, a 20 per cent tax on imports from the European Union, 25 per cent on South Korea, 24 per cent on Japan and 32 per cent on Taiwan.

These new tariffs come on top of all the previously-imposed levies, which includes the 20 percent tax Trump had announced on all Chinese imports earlier this year.