Srinagar, April 4 -- Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump's trade war, while the White House insisted the US economy will emerge victorious.

The S&P 500 dropped 4.8 per cent in its biggest loss since 2020. The tech-rich Nasdaq plummeted 6.0 per cent and the Dow Jones 4.0 per cent.

Shock waves also tore through markets in Asia and Europe in the wake of Trump's Wednesday announcement, while foreign leaders signaled readiness to negotiate but also threatened counter-tariffs.

Trump slapped 10 per cent import duties on all nations and far higher levies on imports from dozens of specific countries - including top trade partners China and the European Union.

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