‘Torrid’ time for council finances after Trump’s tariffs wipe trillions off US stock markets

The US stock markets have fallen sharply. Image: Pexels from Pixabay

The collapse of the US stock market has led to a “torrid” time for the SIC’s investments, councillors have been told.

Finance manager Paul Fraser told members of today’s (Monday) policy and resources committee that the council’s reserves and pension fund had taken a hit.

Last week the US stock market lost $4 trillion in value after President Donald Trump vowed to continue with his controversial tariffs.

Mr Turmp insists the tariffs will boost US manufacturing and protect jobs - but the uncertainty has resulted in a sharp reduction in investor confidence.

Shetland South councillor Robbie McGregor asked Mr Fraser what effect the “plunge” in the US markets had on the SIC’s investments. 

Mr Fraser said that while he not seen the latest figures, there had been an impact.

“We had a very good January and I think we’ve had a fairly torrid period since then,” he said.

Mr Fraser said it had been an “exceptionally uncertain” time for the markets.