US Tariff War / Billionaires also shaken by tariff attack, losses incurred on second day as well

US Tariff War: Donald Trump's tax attack has shaken markets around the world. Not only global stocks have come under the grip of this tariff attack, but the world's richest billionaires have also become its victims. Trump's announcement of tax hike has shaken the confidence of investors, due to which global markets saw a huge decline.

What is Trump's tariff attack?

Former US President Donald Trump has announced to increase import duty on certain products, especially on goods coming from China and the European Union. He indicated that if he returns to power, he can impose a tax of 10 to 60 percent on foreign products to promote "Made in USA". As soon as this statement came out, there was a stir in the global markets.

Billionaires got a big blow

According to the Bloomberg Billionaires Index, due to the tariff attack, the collective wealth of the world's top 500 rich people fell by more than $ 140 billion in a single day. This is the fourth time in 13 years that such a huge loss of wealth has been recorded in a single day.

The graph of the top 20 rich fell

According to Bloomberg data, the average net worth of every top billionaire has decreased by 3.3%. Earlier such a situation was seen during the Corona period. This time the blow is even more severe because losses have been recorded in almost every sector and every region.

Who suffered how much loss?

• Elon Musk: Musk, the CEO of Tesla and X (former Twitter), has suffered the biggest blow of this tariff attack. His wealth decreased by $ 19.9 billion.
• Mark Zuckerberg: Due to a sharp fall in Meta shares, Zuckerberg's wealth decreased by $ 9.44 billion.
• Jeff Bezos: Amazon shares fell 9%, causing Bezos to lose $ 7.59 billion.
• Warren Buffett and Larry Ellison: Both together suffered a loss of about $ 11 billion.
• Bernard Arnault: The chairman of LVMH lost $6 billion due to the 20% tax proposed by the European Union.
• Zhang Congyuan (Huali Industrial Group): His wealth fell by $1.2 billion after Trump announced a 34% tax on goods coming from China.
• Mukesh Ambani: His wealth fell by $3 billion due to pressure on Reliance Industries shares.

What is the threat to the global economy?

The impact of Trump's policies is not limited to the stock market. It can have a wide impact on global trade, supply chain and investment environment. Experts believe that if these tariff policies are implemented, the possibility of a global recession may increase further.