The global stock market sell-off continues. Live from the BBC World Service, this is the Marketplace

Morning Report. I'm Luke Wilson in for Leanna Byrne. Good morning. Asian and European markets have fallen

further this morning as investors continue to process the impact of President Trump's tariffs.

The NICA in Tokyo closed down nearly 3%, while the main indexes in London, Paris and

Frankfurt are all down more than 1.5% this morning.

Janet Moy is the head of market analysis at RBC Bruin Dolphin in London.

We haven't really seen this sort of flank blanket tariff and potential chaos in the global

trading system.

In modern history, there is just so much uncertainty the markets have to navigate.

The problem is that this raises an economist's expectation of the risk of a recession in

the US or even the global recession.

Janet Moy. One of the few industries exempt from tariffs is pharmaceuticals, although they are

widely expected to be hit at a later date. David Ricks, the boss of Farmer Giant Eli Lilly,

has told the BBC that the tariffs are a pivotal moment in US economic history, which it will be hard

to come back from.

I think the president wants to see industry reshore manufacturing into the United States.

I think there's a good chance that will happen at some scale.

In terms of raising money for the Treasury, it remains to be seen.

I think in this area, it's a complicated analysis to say the

government will collect more money when consumption of some goods that go up, others go down,

consumer behavior is hard to predict. Do you think tariffs are going to push up prices, basically,

in the U.S.? Well, I don't know. In the case of medicines, unlikely, as I said, we've gotten

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