US stocks shed $5.4tn in two days as Trump’s tariffs stoke recession fears

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Donald Trump’s bid to upend the international trading order with huge tariffs has wiped $5.4tn from US stocks in two days, as China hit back with its own levies, deepening fears of recession in the global economy.

The S&P 500 index tumbled 6 per cent on Friday, following a 4.8 per cent drop the previous day, shedding $5.38tn in market value, in the wake of the US…

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