Global markets lose $10 trillion in 3–4 days – Mirziyoyev

President Shavkat Mirziyoyev has announced that approximately $10 trillion has been lost in international financial markets over the past three to four days. He made the statement on April 9 during a videoconference focused on boosting regional tourism potential and accelerating foreign investment projects.

The head of state emphasized that the global economy is currently experiencing an emergency situation, highlighting the substantial losses in global markets within a short period.

“Those who believe that these fluctuations won’t affect us are mistaken. Some of that capital could have reached us in the form of investments, loans, or Eurobonds,” said the President.

In light of the global financial instability, he instructed all governors and regional economic departments to conduct daily economic analyses and to prioritize maintaining production volumes, employment, and export levels.

Officials in the economic sectors were tasked with presenting weekly analyses and new proposals, while district and regional governors were directed to resolve issues faced by entrepreneurs in their jurisdictions.

Trump's new tariffs add to global uncertainty

On April 2, U.S. President Donald Trump announced the introduction of “mutual” tariffs on 185 foreign trade partners. The minimum base tariff was set at 10 percent, with higher rates applied based on the U.S. trade deficit with individual countries. For Uzbekistan, the tariff was set at 10 percent, while China faced 34 percent, and the European Union 20 percent.

On April 7, Trump declared that the U.S. would impose an additional 50 percent tariff on Chinese imports unless Beijing rescinded its retaliatory tariffs. These new tariffs were slated to take effect on April 9.

In response, China vowed to fight the trade war to the end. Additionally, Elon Musk, head of the U.S. Department of Government Efficiency (DOGE), personally urged President Trump to reconsider the aggressive tariff policy.

As of April 9, the U.S. has implemented an additional 84 percent tariff on Chinese imports, bringing the total tariff rate to 104 percent.