Global stocks tumble as Donald Trump offers no respite from tariffs

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The market rout triggered by Donald Trump’s tariffs deepened on Monday after the US president signalled he would not back down from his aggressive trade policies despite growing fears of a global recession.

Equities fell heavily, haven currencies rose and bond yields declined. Contracts tracking the blue-chip S&P 500 were down 1.9 per cent, while those for the Nasdaq…