President Trump's announcement of universal tariffs on the whole world, including the European

Union, is a major blow to the world economy.

For Australia, these tariffs are not unexpected, but let me be clear, they are totally unwarranted.

The system of global trade anchored on the United States

that Canada has relied on since the end of the Second World War is over.

The consequences will be dire for millions of people around the globe.

Well, this is a tragedy. It is also the new reality.

We're coming on the air because the stock market is plummeting in response to President

Trump's escalating trade war. The Dow, the S&P 500 and the NASDAQ, we're all down more

than 3% at one point. Retail stocks in particular

really selling off Nike, Adidas, Lulu Lemon. Global markets are also taking a hit. My fear,

I've got to say, my fear is that stocks are down and they stay down for a protected period of time.

From New York Times, I'm Michael Bavarro.

This is the Daily.

On Thursday, the fallout from President Trump's sweeping new global tariffs

reverberated across financial markets and foreign capitals, spreading fear and, in many cases, fury.

Today, we try to make sense of Trump's strategy and its consequences with three of my colleagues,

Peter Goodman, Natalie Kittrow F, and Gina Smilich.

Thank you. Peter Goodman, Natalie Kittroef, and Gina Smilich. It's Friday, April 4th.

So, colleagues, welcome to the roundtable.

Peter Goodman, thank you for being here in the studio.

Great to be here.

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