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According to the Financial Times, a sharp escalation in the trade war initiated by US President Donald Trump has triggered a major sell-off in global equity markets. The fallout is nothing short of a catastrophe. What to await now? Recovery will be slow, and economic efficiency is already taking a hit.
The FT reported that the European Stoxx 600 index dropped by 1.6%, while the UK’s FTSE 100 lost 1.3%. Consumer-facing companies were the hardest hit, with International Airlines Group down 7.4% and TUI down 3.8% on concerns about weakening demand for air travel.
Not all assets are suffering, however. Gold has emerged as a clear beneficiary of the turmoil, with the precious metal surging to $3,128 per troy ounce amid mounting uncertainty. Meanwhile, US Treasury yields have fallen, signaling a broad flight to safe-haven assets. Trump's erratic rollout of an aggressive trade agenda has rattled markets and alarmed US trading partners, with some already discussing retaliatory measures.
In Asia, the damage was just as severe. On March 31, Japan’s Topix index sank by 3.6%, and the Nikkei 225 plunged by 4.1%. South Korea’s Kospi dropped by 3%, while Hong Kong’s Hang Seng lost 1.3%.
Earlier reports noted a sharp pullback in Russian equities, a sharp reversal after a Trump-fueled rally had lifted the market in recent weeks. That optimism has now evaporated. The MOEX index dropped below the 3,000-point mark for the first time since February 11, 2025.
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