Donald Trump's sweeping tariffs sent Wall Street to its worst day since June 2020, even as the president promised a market "boom."

On Friday, Japan's benchmark Nikkei 225 fell by another 3.5%, Australia's ASX 200 was down more than 2%, and Singapore's Straits Times Index was almost 3% lower. South Korean stocks are also losing ground but that appears to be related to the country's constitutional court upholding the impeachment of President Yoon Suk Yeol.

After several years of consistent mortgage rate increases and soaring home prices, the prognosis for the 2025 housing market seemed promising at the start of the the year. However, recent economic and political instability has cratered consumer confidence and homebuyer optimism.

The idea of an import tax started weighing on investor sentiment in March, when President Trump laid out his initial plan to target Canada, Mexico, and China. Stocks tumbled, with the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) both temporarily slipping into correction territory.

Funcas estimates that the impact of the measures could subtract nearly 5,000 million from the GDP. The indirect effects could have an even greater impact. On April 2, the President of the United States,

President Donald Trump has announced reciprocal tariffs. He has announced a 10 per cent baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.

A 10 per cent tariff on UK imports into America began on Saturday, as president Donald Trump began enacting increased taxes on goods from other countries. The initial 10 per cent “baseline” tariff took effect at US seaports,

At Taylor's Market in Sacramento's Land Park neighborhood, they could be taking a direct hit from these tariffs because 50% of the food they sell is imported.

How could Donald Trump’s tariffs affect UK households and their finances? - Households could see their money affected in various ways following the US president’s announcement on tariffs