SINGAPORE, April 7 (Xinhua) -- Market turmoil triggered by new U.S. tariff measures continued to ripple through global equities on Monday, sending Singapore's Straits Times Index (STI) plunging 8.7 percent at the open to 3,494.39 points.

The sharp drop marked the STI's steepest single-day decline since an 8.9 percent plunge during the 2008 global financial crisis, and exceeded the 8.4 percent fall seen in March 2020 amid COVID-19.

"According to experts, if tariffs are sustained, they could contribute to higher inflation and slower global growth, which may in turn trigger further volatility and potential sell-offs in markets globally, including Singapore," said David Gerald, president of the Securities Investors Association (Singapore), as quoted by The Straits Times.

The association noted in a report on Monday that while Singapore's stock market had remained relatively resilient in recent weeks despite looming tariff concerns, it "ultimately caved in" when broad-based selling took hold on Friday. This followed worse-than-expected tariff announcements by the Trump administration, a move many fear could tip the global economy into recession.

On Wednesday, Trump signed an executive order imposing a 10-percent "minimum baseline tariff" on all imports, including those from Singapore, with higher rates targeting specific trading partners. Enditem

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