US markets suffered their worst day since 2020, as President Donald Trump's sweeping tariffs spooked investors of a global trade war and a weakening American economy.
Mr Trump had announced a baseline 10 per cent tariff on all imports during a White House ceremony on Wednesday. He also announced so-called reciprocal tariffs on dozens of others, including China, the EU, the UK, the UAE and Saudi Arabia.
“Trump’s tariff announcement was worse than expected,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
The Dow Jones Industrial Average tumbled 1,679 points – or 3.98 per cent – when trading closed. The S&P 500 and Nasdaq Composite fell 4.84 and 5.97 per cent, respectively, in what was their worst performance since the onset of the Covid-19 pandemic.
“Companies that make up the S&P 500 generate about 40 per cent of their revenue outside of the United States. This leaves Wall Street exposed to potential trade wars that hamper the free flow of goods and services,” said Zain Vawda, market analyst at Oanda.
The small-cap Russell 2000 entered bear market territory after dropping 6.56 per cent.
Brent, the benchmark for two thirds of the world’s oil, was down 6.7 per cent at $69.93 a barrel. West Texas Intermediate, the gauge that tracks US crude, was 7.01 per cent lower at $66.68 a barrel.
Asian stocks also fell sharply, with Japan's Nikkei 225 index plunging by about 4.6 per cent in early trading to hit its lowest in about eight months, before recovering slightly later in the day. The 24 per cent tariff on Japanese goods was much higher than expected.
Meanwhile, South Korea's benchmark Kospi index was also down about 1.08 per cent, Hong Kong’s Hang Seng index was 1.64 per cent lower, and the Shanghai Composite index was 0.36 per cent lower at 7.25am UAE time.
Europe's STOXX 600 index fell 2.7 per cent.
Leaders in China, the EU and Canada all vowed to impose retaliatory measures against the US in response to Mr Trump's tariffs. Mexican President Claudia Sheinbaum was expected to announce her country's response to the latest duties later on Thursday.
"I think it's going very well," Mr Trump said when asked about the response to tariffs.
China and Vietnam were the targets of some of the harshest tariffs, at 34 per cent and 46 per cent. India will be hit with a 26 per cent tariff while the EU will receive a 20 per cent levy.
“Traders will likely brake themselves for another few weeks, if not months, of major swings given the severity of the US package and the time consuming nature of negotiations,” said Christian Gattiker, head of research at Julius Baer. “Although it is unlikely to be the classical ‘sell the rumour, buy the fact’ set-up, there may be some short-term bounce in the cards.”
Peter Andersen, founder of Andersen Capital Management in Boston, believes markets will be able to absorb the long-term impact of the tariffs. "I'm waiting to see if this will trigger real negotiations with countries impacted by the tariffs," he said. "If that were to start happening – that would be a short-term rally – I think the market would snap back."
Trump officials spent part of Thursday rushing to defend the President's orders. "We are a couple hours in," Agriculture Secretary Brooke Rollins said. "The President announced this yesterday afternoon. We knew that there would be some of that, as people are adjusting, but at the end of the day, yesterday marks step one."
Economists largely agree that Mr Trump's tariffs will raise inflation and weaken economic growth in the US, which will likely lead to lower global growth.
One analysis from Oxford Economics expects the uncertainty surrounding trade policy could result in global growth below 2 per cent.
"This would still be some way off the technical definition of a global recession – for this to happen, GDP [gross domestic product] growth would need to fall below the rate of world population growth, which is currently about 0.9 per cent in annual terms," wrote Ben May, director of global macro research at Oxford Economics.
"Nonetheless, it would be the weakest annual growth rate since the global financial crisis, excluding the pandemic period."
UAE currency: the story behind the money in your pockets
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Killing of Qassem Suleimani
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The biog
Mission to Seafarers is one of the largest port-based welfare operators in the world.
It provided services to around 200 ports across 50 countries.
They also provide port chaplains to help them deliver professional welfare services.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Mohammed bin Zayed Majlis
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
UAE jiu-jitsu squad
Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)
Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
ABU DHABI T10: DAY TWO
Bangla Tigers v Deccan Gladiators (3.30pm)
Delhi Bulls v Karnataka Tuskers (5.45pm)
Northern Warriors v Qalandars (8.00pm)
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
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The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
