Global stocks slump on Trump’s sweeping tariffs

President Donald Trump’s worldwide tariffs on imports has sent US-listed shares tumbling today, 3 April, with gambling operators impacted by the mass sell-offs.

Trump announced a slew of tariffs yesterday, on what the president described as the US’ “Liberation Day”, with new rates applied from China to the remote Heard and McDonald Islands.

China will face a 34% new tariff on all exports to the US, while the European Union will now have to deal with a 20% rate.

The UK avoided one of the top rates, with Trump settling on 10%. There will also be a blanket 25% rate on steel, aluminium and cars exported from the to the US.

The EU has said it is preparing a “united” approach to the decision, while UK Prime Minister Sir Keir Starmer said a consultation on potential retaliatory tariffs will be launched.

The aggressive economic policy has sent global stocks sliding. Early falls in Asia were replicated in the UK and other European markets on 3 April.

In London, Entain’s shares fell 4.8% and evoke’s were down 4.2%. Today, 4 April, Entain’s stock has slumped a further 5%, and evoke is down another 4%.

The FTSE 250 has slipped almost 2%, and is down a further 1.5% today, while Japan’s Nikkei fell to an eight-month low.

In the US, with markets having just opened this morning, the effect of Trump’s tariffs are plain to see.

The S&P 500 was down 4.8% at close, while the Nasdaq has tumbled by nearly 6%.

For listed gambling companies in the US, there was no reprieve from the wider stock market sell-off, given fears of a possible recession in the country.

Flutter’s stock has slumped 5.2% to $217 (£164) since the market opened in New York, while main US rival DraftKings has seen its shares plummet 5.9% to $32.

Flutter has shed $11bn in its valuation since breaching the $50bn market cap barrier earlier this year.

Other US operators affected by investors running for cover include Caesars Entertainment (down 9.5%), MGM Resorts International (down 9.3%), Rush Street Interactive (down 5.2%) and PENN Entertainment (down 10%).

The share prices of supplier giants Sportradar and Genius Sports, both of which are listed in New York, have slipped 4.6% and 7.3%, respectively.

Pre-market stocks in the US are plunging again, with China having also announced a reciprocal 34% tariff on the US.

US-listed firms’ shares had already cratered over the past month following Trump’s initial pledge to introduce tariffs.

As a result, Flutter is down by almost a fifth, while DraftKings has slumped 23%.