US trade policy causes carnage on global markets as recession fears grow | Close of Business

Fears of an economic downturn spooked investors and sparked a $US4 trillion sell-off on Wall Street, as on-again-off-again tariff threats from the White House against allies like Canada and Mexico ramped up uncertainty.
The Australian share market followed suit, tumbling to a 7-month-low, narrowly avoiding a technical correction, which is a 10% fall from the most recent peak.
Leading independent economist Saul Eslake told Close of Business the moves from the US administration are creating volatility and uncertainty not just for investors, but US households who will ultimately carry the cost of tariffs. He spoke to business presenter Alicia Barry.
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