Business
Trump tariffs trigger steepest US stocks drop since 2020 as China, EU vow to hit back
Global stocks have sunk, a day after President Donald Trump announced sweeping new tariffs that are forecast to raise prices and weigh on growth in the US and abroad.
Stock markets in the Asia-Pacific region fell for a second day, hot on the heels of the US S&P 500, which had its worst day since Covid crashed the economy in 2020.
Nike, Apple and Target were among big consumer names worst hit, all of them sinking by more than 9%.
At the White House, Trump told reporters the US economy would “boom” thanks to the minimum 10% tariff he plans to slap on imports in the hope of boosting federal revenues and bringing American manufacturing home.
The Republican president plans to hit products from dozens of other countries with far higher levies, including trade partners such as China and the European Union. China, which is facing an aggregate 54% tariff, and the EU, which faces duties of 20%, both vowed retaliation on Thursday.
Tariffs are taxes on goods imported from other countries, and Trump’s plan that he announced on Wednesday would hike such duties to some of the highest levels in more than 100 years.
The World Trade Organization said it was “deeply concerned”, estimating trade volumes could shrink as a result by 1% this year.
Traders expressed concern that the tariffs could stoke inflation and stall growth.
In early trading on Friday, Japan’s benchmark Nikkei 225 index fell by 1.8%, the Kospi in South Korea was around 1% lower and Australia’s ASX 200 dipped by 1.4%.
On Thursday, the S&P 500 – which tracks 500 of the biggest American firms – plunged 4.8%, shedding roughly $2tn in value.
The Dow Jones closed about 4% lower, while the Nasdaq tumbled roughly 6%. The US shares sell-off has been going on since mid-February amid trade war fears.
Earlier, the UK’s FTSE 100 share index dropped 1.5% and other European markets also fell, echoing declines from Japan to Hong Kong.
On Thursday at the White House, Trump doubled down on a high-stakes gambit aimed at reversing decades of US-led liberalisation that shaped the global trade order.
“I think it’s going very well,” he said. “It was an operation like when a patient gets operated on, and it’s a big thing. I said this would exactly be the way it is.”
He added: “The markets are going to boom. The stock is going to boom. The country is going to boom.”
Trump also said he was open to negotiating with trade partners on the tariffs “if somebody said we’re going to give you something that’s so phenomenal”.
On Thursday, Canada’s Prime Minister Mark Carney said that country would retaliate with a 25% levy on vehicles imported from the US.
Trump last month imposed tariffs of 25% on Canada and Mexico, though he did not announce any new duties on Wednesday against the North American trade partners.
Firms now face a choice of swallowing the tariff cost, working with partners to share that burden, or passing it on to consumers – and risking a drop in sales.
That could have a major impact as US consumer spending amounts to about 10% – 15% of the world economy, according to some estimates.
While stocks fell on Thursday, the price of gold, which is seen as a safer asset in times of turbulence, touched a record high of $3,167.57 an ounce at one point on Thursday, before falling back.
The dollar also weakened against many other currencies.
In Europe, the tariffs could drag down growth by nearly a percentage point, with a further hit if the bloc retaliates, according to analysts at Principal Asset Management.
In the US, a recession is likely to materialise without other changes, such as big tax cuts, which Trump has also promised, warned Seema Shah, chief global strategist at the firm.
She said Trump’s goals of boosting manufacturing would be a years-long process “if it happens at all”.
“In the meantime, the steep tariffs on imports are likely to be an immediate drag on the economy, with limited short-term benefit,” she said.
On Thursday, Stellantis, which makes Jeep, Fiat and other brands, said it was temporarily halting production at a factory in Toluca, Mexico and Windsor, Canada.
It said the move, a response to Trump’s 25% tax on car imports, would also lead to temporary layoffs of 900 people at five plants in the US that supply those factories.
On the stock market, Nike, which makes much of its sportswear in Asia, was among the hardest hit on the S&P, with shares down 14%.
Shares in Apple, which relies heavily on China and Taiwan, tumbled 9%.
Other retailers also fell, with Target down roughly 10%.
Motorbike maker Harley-Davidson – which was subject of retaliatory tariffs by the EU during Trump’s first term as president – fell 10%.
In Europe, shares in sportswear firm Adidas fell more than 10%, while stocks in rival Puma tumbled more than 9%.
Among luxury goods firms, jewellery maker Pandora fell more than 10%, and LVMH (Louis Vuitton Moet Hennessy) dropped more than 3% after tariffs were imposed on the European Union and Switzerland.
“You’re seeing retailers get destroyed right now because tariffs extended to countries we did not expect,” said Jay Woods, chief global strategy at Freedom Capital Markets, adding that he expected more turbulence ahead.
[BBC]
ASUS and Republic of Gamers (ROG) Sri Lanka officially launched their latest suite of computing innovations, setting a new benchmark for ultra-portability, AI acceleration, and next-generation gaming experiences in the country.
Unveiled at Shangri La, Colombo on May 7th, the lineup includes five cutting-edge laptops designed to cater to students, professionals, gamers, and creators, marking a transformative leap for Sri Lanka’s tech landscape.
Leading the charge is the ASUS Zenbook A14, the world’s lightest Copilot+ PC at just 980 grams. Featuring a durable Ceraluminum chassis, Snapdragon X processor, and a 45 TOPS NPU for AI tasks, it boasts an ASUS Lumina OLED display, up to 32-hour battery life, Wi-Fi 7, and 1 TB SSD storage. Meanwhile, the gaming-focused ROG Strix SCAR 16/18 and Zephyrus G16 pack Intel Core Ultra 9 processors and NVIDIA RTX 5090 GPUs, paired with 240Hz Mini-LED displays, customizable RGB lighting, and advanced cooling systems for marathon sessions.
“Our mission is to push boundaries in performance and design,” said Eric Ou, ASUS South Asia’s Regional Head, emphasizing the brand’s commitment to innovation. The new devices blend portability with power, offering AI-enhanced workflows and gaming prowess.With multi-day battery life and groundbreaking specs, ASUS aims to redefine how Sri Lankans work, create, and play.
By Sanath Nanayakkare
Business
Direct Kitchens opens flagship Colombo showroom blending Australian luxury design with local elegance
Direct Kitchens, Melbourne’s premier designer and manufacturer of high-end custom kitchens, marked a significant milestone with the launch of its first international showroom in Colombo, bringing over 40 years of world-class kitchen design expertise to sophisticated Sri Lankan homeowners. Located at No. 314, R.A. De Mel Mawatha, Colombo 03, the new Experience Centre reflects the brand’s commitment to luxury, craftsmanship, and innovation.
The soft launch of the showroom was attended by select invitees including Nalin Herath, Chairman and Managing Director of Home Lands Group, who graced the occasion as the Chief Guest, along with industry professionals and well-wishers.
For over three decades, Direct Kitchens has earned a stellar reputation in Australia for creating bespoke, luxurious kitchens that are as functional as they are visually stunning. From sleek modern designs to timeless French provincial and country styles, each kitchen is crafted with precision, using the finest materials and cutting-edge technology. The brand also specializes in a range of custom interior solutions including pantry units, wardrobes, closets, laundry units, and more—tailored to suit the lifestyle and aesthetic of each client. Direct Kitchens Sri Lanka is a subsidiary of Home Lands Group, Sri Lanka’s leading real estate solutions provider.
The Colombo Experience Centre marks the beginning of Direct Kitchens’ global journey in redefining sophisticated living spaces. Visitors to the showroom can explore a curated selection of premium kitchen displays, cabinetry styles, finishes, and fittings—guided by a team of expert designers who offer personalized consultations and complete project management services.
Speaking at the launch, Amaya Herath, Director of Direct Kitchens Sri Lanka, stated, “We are proud to bring the legacy of Direct Kitchens to Sri Lanka and offer homeowners here access to a new standard in luxury interior solutions. Our Experience Centre is more than just a showroom—it’s a space where creativity, lifestyle, and functionality meet. With our decades of expertise and design excellence, we look forward to helping our clients transform their homes into elegant, purposeful spaces.”
Harold Samuel, a British real estate mogul is credited with the phrase- location, location, location, a sentiment that will forever be pertinent and one that is evident when you behold W15 Ambuluwawa, a white clad stunning boutique hotel perched atop an outcrop of land in Gampola, offering 360-degree views of hills wearing jade and crowns of white clouds. It is a magical place that invites guests to leave the ordinary behind and step into the extraordinary and be enveloped with an utter stillness of being and a peace that transcends quiet.
W15 Ambuluwawa is indeed a rare find, a gem that has been recently added to adorn the W15 Collection, a group of luxurious boutique hotels dotted across some of the most beautiful locations in Sri Lanka. The first boutique hotel to be opened within the Ambuluwawa biodiversity project, W15 Ambuluwawa, with one master suite, 4 deluxe and 3 standard rooms, has been designed with responsibility to the surroundings and sustainability at its core. The ingenuity of architectural genius is displayed from every space in this breathtaking property as the exterior beauty is captured through floor to ceiling windows, a spacious patio and a sundeck.
Guests can expect W15’s signature exceptional service with a large staff cadre and a personal butler assigned to each room, an extraordinary al-fresco dining experience where tastebuds will be tantalized while nature paints the skies with vivid hues and birdsong provides a harmony of background music. Evenings are for breathtaking sunsets to be imbued into your restless soul while you sip a sundowner on the patio.
Heat index is likely to increase up to ‘Caution level’ at some places in Northern, North-central and Eastern provinces and Monaragala and Hambantota districts
Showers above 50 mm are likely at some places in Western, Sabaragamuwa, Central, Northern and North-central provinces.
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