The stock market has seen the biggest daily fall since the Covid-19 period, as a result of Donald Trump's tariffs announced last week.
Beijing responded with its own retaliatory tariffs, which caused the S&P 500 to fall another 6%.
Craigs Investment Partners Director Mark Lister says it's a historic fall.
"It's pretty rare for things to fall as much as that in a two-day period."
Lister talks to Mike Hosking about where New Zealand sits in the aftermath.
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The Mike Hosking Breakfast