Trump tariffs; sharemarket set to fall 4.3pc in $115b wipeout

The Australian sharemarket is poised for its biggest intraday fall since the pandemic after a global trade war dramatically escalated late last week, leading to concerns that a recession could take shape. ASX 200 futures are pointing down 331 points, or 4.3 per cent, predicting the index will open at 7388 - what would be its lowest level since January last year. More than $114 billion could be wiped off the bourse in a single day after China retaliated against the Trump administration's tariffs late Friday, dimming hopes of a deal between the two superpowers. Beijing announced an additional 34…