Markets reel from tariffs as today’s top 5 finance stories highlight global instability

1. Donald-25: The new virus that’s devastating the world economy

Niall Ferguson draws parallels between the economic impact of the 2020 COVID-19 pandemic and President Trump’s aggressive tariff policy in 2025. Labeling the latter a “mind virus,” Ferguson argues that the massive increase in U.S. tariffs—now averaging over 20%—is disrupting global trade networks, triggering severe economic consequences akin to a pandemic.
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2. Labour must focus on risk to global financial stability posed by Trump policies, not only trade

As UK Chancellor Rachel Reeves prepares for the IMF meetings in Washington, Labour is mainly focusing on trade risks stemming from Donald Trump’s economic policies, particularly tariffs. However, deeper concerns about global financial stability emerge from volatile US Treasury markets and Trump’s interference with the Federal Reserve.
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3. Take five: Lasting damage

Global financial markets are grappling with the ongoing repercussions of a U.S.-China trade war that has led to tariffs exceeding 100%, adversely impacting economic forecasts and prompting expectations of monetary easing from Beijing. Analysts anticipate China may reduce loan prime rates to support economic stability.
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4. Global economic growth will slow amid Trump tariffs, IMF warns

Global economic growth is expected to slow due to heightened trade tensions, notably stemming from former President Donald Trump’s tariffs, as warned by the International Monetary Fund (IMF) and the European Central Bank (ECB). The ECB responded by reducing its main interest rate for the seventh time in a year, citing “exceptional uncertainty” and the negative economic impact of rising tariffs, particularly those levied by the U.S.
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5. WTO slashes 2025 trade growth forecast, warns of deeper slump

The World Trade Organization (WTO) has revised its 2025 global merchandise trade forecast from a 3.0% increase to a 0.2% decline, citing the resurgence of U.S. tariffs and broader economic spillovers as key factors. WTO Director General Ngozi Okonjo-Iweala expressed concern about the contraction and its potential impact on global GDP, financial markets, and particularly on developing economies.
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