Global stocks slump on Trump’s sweeping tariffs
US-listed gambling companies caught up in market slides following unveiling of president’s global tariff plans, with fears of economic downturns growing
President Donald Trump’s worldwide tariffs on imports sent US-listed shares slumping yesterday, April 3, with gambling operators impacted by the mass selloffs.
Trump announced a slew of tariffs on Wednesday, 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 25% rate on steel, aluminium and cars exported to the US, too.
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.
China has since retaliated with its own 34% tariff on US imports as the trade war escalates.
The aggressive economic policy sent global stocks sliding, with early falls in Asia replicated in the UK and other European markets.
Stock markets in Asia and Europe continued to slide today, April 4, as the shockwaves from the decision continue to reverberate.
In the US, the effect of Trump’s tariffs are also plain to see. The S&P 500 was down 4.8% at close, while the Nasdaq tumbled by nearly 6%.
For listed gambling companies in the US, there was no reprieve from the wider stock market selloff, given fears of a possible recession in the country.
Flutter’s stock slumped 5.2% to $217 yesterday after 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, fell 4.6% and 7.3%, respectively.
Today, the mass selloffs continued, with listed gambling firms continue to witness slumping stock prices.
As the markets opened in New York, Flutter fell a further 5% to $208. DraftKings was down a further 7%, too.
PENN’s woes also ramped up, with the stock down another 10% at the time of writing.
It is a similar story for the other listed firms, with share prices being slashed in early morning trading.
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%.