Panmure Liberum strategists believe that after Trump announced the tariffs, the US stock market may enter a bear market and fall more than 20% from the February all-time high. Joachim Klement and Susana Cruz said this meant that the S&P 500 index is likely to drop 500 points to 4,915 points, down 13% from Wednesday's close. The UK and EU stock markets are expected to correct, but they will not fall into a bear market and may outperform the US stock market.

Panmure Liberum strategists believe that after Trump announced the tariffs, the US stock market may enter a bear market and fall more than 20% from the February all-time high. Joachim Klement and Susana Cruz said this meant that the S&P 500 index is likely to drop 500 points to 4,915 points, down 13% from Wednesday's close. The UK and EU stock markets are expected to correct, but they will not fall into a bear market and may outperform the US stock market.