Major stock indexes and US share futures plunged and volatility gauges spiked as US President Donald Trump showed no sign of backing away from his sweeping tariff plans.
TVNZ's Jack Tame talks to RNZ's Morning Report presenter Corin Dann about trade wars.
Dann said it feels like a Global Financial Crisis or Covid moment.
"Now we just feel like we're gripped by this uncertainty and no-one really knows what's going to happen next," he said.
"It's not going to suddenly go away, Donald Trump seems intent on pushing on with this and the longer he does, the greater the risk of a big global recession that really will cause some pain."
