Private Equity Shares Plunge as Trump Tariffs Stun Markets

Shares of the biggest US private equity firms plunged on Thursday, some by the most on record, as US President Donald Trump’s sweeping tariffs shocked global markets.

KKR & Co. and Ares Management Corp. both tumbled 15%, the biggest one-day drop since their initial public offerings, after Trump announced the steepest tariffs in more than a century, threatening to wreak havoc on supply chains and crush economic growth.