The Global Sell-Off

It’s been an ugly few days for markets around the world.Yesterday, the S&P 500 closed down 10 percent from where it was at the start of the month.

It briefly entered bear-market territory.European and Asian indexes are also down since April 1.The chaos began, of course, with President Trump’s tariffs.

International leaders are now seeking reprieves from the president.More than 50 nations have contacted the White House to negotiate, the administration claims.

Israel’s prime minister came to Washington yesterday in search of a deal.The situation is unusual in that it’s entirely in Trump’s hands.The president can usually influence, but rarely control, economic challenges — a bank collapse, a housing bubble, a pandemic.

In the current market rout, Trump is the cause.He imposed the tariffs, and he decides when they go.So world leaders have one place to turn.

Today’s newsletter looks at their efforts to persuade Trump and whether they’re likely to succeed.Seeking reprieveOther countries, it’s fair to say, are confused.World leaders want to strike a bargain with Trump to ease the tariffs against them, but they don’t know what he wants.

And he has not explained a clear purpose for his tariffs.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....