US politics live: American stock markets plunge as worst tariff fears confirmed

Trillions of dollars has been wiped off US stocks just minutes after the markets opened as fears of a global recession rise. Follow live.

Welcome to our live coverage of US politics.

Prime Minister Anthony Albanese said US tarriffs on Australian exports was “unwarranted”.

“This is not the act of a friend,” Mr Albanese said.

On Wednesday in the US, President Donald Trump announced his long awaited so-called “Liberation Day” tariffs.

All countries will have a baseline tariff of 10 per cent on all imports. On top of that, the US will charge reciprocal tariffs on certain countries at “approximately half” their existing rate of levies on US-made goods.

US stock markets plunged when they opened on Thursday wiping trillions of dollars off of investments. Major stocks, like Apple, have had their worst day of trading in years.

But Mr Trump is unrepentant declaring on Thursday: “the operation is over, the patient lives”.

Others would say there remains a long way to go to correctly asess the prognosis of the patient.

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Originally published as US politics live: American stock markets plunge as worst tariff fears confirmed