Global stock markets tumbled after President Donald Trump announced sweeping new tariffs, triggering fears of inflation and economic slowdown. The S&P 500 suffered its worst day since the 2020 pandemic crash, plunging 4.8%, wiping out $2 trillion in value. The Dow fell 4%, while the Nasdaq sank 6%.
Asian markets followed suit, with Japan’s Nikkei 225 dropping 2.7% and Australia’s ASX 200 down 1.6%. European markets also declined, with the UK’s FTSE 100 slipping 1.5%.
The tariffs, starting at 10%, target major trade partners like China (54%) and the EU (20%). In response, China and the EU vowed retaliation, while France’s President Macron urged firms to halt US investments. Consumer giants Nike, Apple, and Target saw shares plummet over 9%, while luxury and automotive brands also suffered. Analysts warn of a looming recession unless Trump delivers major tax cuts to counteract the economic impact.
