Markets around the world continued to suffer on Monday following the announcement of global tariffs by US President Donald Trump last week.
In Spain, the Ibex 35 opened with a sharp drop of 4.5%, extending to 6% by 9.25am, before rising marginally back to a 5.10% dip at midday. By closing its losses stood at 4.9%.
READ MORE: Spain’s PM vows to protect the Spanish people from Trump’s tariffs
Such sharp losses have not been seen since the onset of the Covid-19 pandemic back in 2020, when uncertainty ran riot among investors.
In Tokyo, the stock exchange fell by up to 6%, while Hong Kong and Taiwan lost as much as 10.7% and 9.7% respectively.
The losses seen in Spain on Monday morning were the worst for past five years.
The Spanish minister for the economy Carlos Cuerpo said it was a ‘very clear sign’ of the negative impact investors around the world fear will come from Trump’s tariffs.
‘There are still many factors that remain unknown, and much uncertainty lies ahead regarding the reaction of different countries or economic areas to the American measures,’ he said.
‘We will see how it progresses, whether or not there is room for negotiation, but what we want from the beginning is to minimise the potential impact on our economy, our companies, industries, and workers (…)
‘But they agree that everyone is already pointing to the American economy, consumers, and their companies as the most affected by these measures.’
