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The Guardian - UK
The Guardian - UK
Business
Richard Partington Senior economics correspondent

How ‘liberation day’ rout compares with other notorious stock market crises

Stock Market United States Donald Trump Michael Fish Great Depression Wall Street
Screen shows share prices dropping several percentage points
Global markets continued to plunge in the wake of Trump's tariffs announcement when the New York Stock Exchange opened on Monday. Photograph: Justin Lane/EPA

Donald Trump’s escalating trade war has plunged global financial markets into the steepest rout since the spread of the Covid pandemic five years ago.

Drawing parallels with the 1929 Wall Street crash and the ensuing 1930s Great Depression, the US president’s “liberation day” tariff plan has led to warnings of a global recession from leading economists.

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