• Source:JND
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Trump's Reciprocal Tariff Effect: After US President Donald Trump announced reciprocal tariffs, the world's 500 richest people saw a fall in fortunes in one of the largest in over a decade. The wealthiest 500 lost to the tune of $208 billion.

While those affected the most were US billionaires, the biggest losses were suffered by Facebook and Meta founder Mark Zuckerberg, whose wealth saw a nine per cent decline in his wealth amounting to #17.9 billion, as per Bloomberg.

The recent decline is the fourth-largest in a single day in Bloomberg's Billionaire Index in 13 years and the largest since the COVID pandemic.

Meanwhile, Amazon's Jeff Bezos also saw a nine per cent decline in shares. For Amazon, it is the biggest loss since April 2022, which cost Bezos $15.9 billion in personal wealth.

Moreover, Trump's close aide and advisor, Elon Musk, also faced the heat of the tariffs as he lost $11 billion, after Tesla shares fell 5.5 per cent.

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Others whose wealth declined include Michael Dell ($9.53 billion), Larry Ellison ($8.1 billion), Jensen Huang ($7.36 billion), Larry Page ($4.79 billion), Sergey Brin ($4.46 billion), and Thomas Peterffy ($4.06 billion).

Outside the US, the only billionaire who lost significant wealth was France's Bernard Arnault.

The White House on Friday released a document that showed it adjusted reciprocal tariff rates for at least 14 nations announced by Trump. The highest reciprocal tariff (46%) has been imposed on Vietnam, followed by China with 34 per cent. Meanwhile, in India, Trump has imposed a 26% tariff.

Irked by the Trump administration's decision, China slapped a matching 34 per cent tariff on US goods. Following which, Trump said, "China played it wrong, they panicked - the one thing they cannot afford to do!,"

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