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(Bloomberg) -- Some of the world’s biggest money managers say Chinese stocks have the means to weather the tariff blitz unleashed by US President Donald Trump on the economy.Most Read from BloombergMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLondon Clears Final Hurdle for More High-Speed Trains to EuropeLocal Governments Vie for Fired Federal WorkersWhat Frank Lloyd Wright Learned From the DesertChicago School District Agrees to Minimum 16% Teacher Pay RaiseFund m

(Reuters) -Megacap U.S. tech companies including Apple and retail giants Walmart and Nike led a global market meltdown as President Donald Trump's sweeping new tariffs heightened fears of a spike in costs across a wide range of industries. The tariffs, which threaten to destabilize the world trade order and unsettle businesses, mark a sharp reversal from just a few months ago when hopes of business-friendly policies under the Trump administration pushed U.S. stocks to record highs. Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on dozens of other countries, pushing U.S. tariffs to the highest in more than a century, according to Fitch Ratings.

Asian markets and US futures tumbled on Thursday following US President Donald Trump’s announcement of big increases in tariffs on imports of goods from around the world.View on euronews

Drugmaker stocks gained a temporary reprieve on Thursday as U.S. President Donald Trump spared pharmaceutical products from reciprocal tariffs, but executives and analysts warned it was premature to celebrate as tariffs were still likely to come. Trump imposed a 10% tariff on most U.S. imports, as well as much higher levies on dozens of rivals and allies alike, but temporarily exempted some goods, including pharmaceuticals, benefiting major exporters including India, Japan and Ireland. Shares of U.S. drugmakers AbbVie and Johnson & Johnson rose about 2%, defying the broader market drop.

"We are maintaining our Stay Home (versus Go Global) bias, recommending that managers of global portfolios overweight US stocks," Ed Yardeni said.

Wall Street had hoped for a rally. Stock futures are in a free fall as investors digest President Donald Trump’s sweeping tariffs.

Companies that increase their dividend every single year "don't just suddenly stop growing their dividends because there are tariffs."

Trump transferred his shares in the media company to a trust run by his son in December. The president has said he has no plans to sell his stock.

SINGAPORE (Reuters) -Stocks dived on Thursday and investors scrambled for the safety of bonds, gold and the yen, fearing new U.S. tariffs have intensified a trade war threatening to tip the world into recession. The dollar was swept to a six-month low, falling along with U.S. bond yields after President Donald Trump imposed tariffs that raise effective import taxes to the highest levels in a century. "This is a game-changer, not only for the U.S. economy but for the global economy," said Olu Sonola, head of U.S. economic research at Fitch Ratings.

Retailers are already facing a cautious consumer.