STI plunges more than 8% after U.S. tariffs rattle markets

It fell by 8.06% an hour before its close on 7 April.

The Straits Times Index fell sharply to 3,517 an hour before closing on April 7, down 8.06% or 308.53 points.

The fall is close to the 8.3% single-day crash during the 2008 financial crisis.

The decline followed the United States' move to impose a 10% “baseline” tariff on all imports, effective April 5.

Hong Kong’s stock market also slumped, plunging 13.5%.

Globally, there has been a widespread sell-off in financial markets, according to GlobalData.

UOB said in a report that while Singapore has avoided the steepest tariff hikes under the United States’ latest trade measures, it could still face a disproportionate impact.

On 28 March, STI crossed 4,000 ahead of trade tariff news.

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