Global Markets Tumble as Trump Unveils Sweeping New Tariffs
World stocks, the dollar, and oil prices plummeted Thursday as Donald Trump's dramatic new U.S. trade tariffs sparked widespread fears of a global recession, sending investors rushing toward safe-haven bonds and the Japanese yen. The announcement of a baseline 10% tariff on imported goods plus additional "reciprocal" tariffs on numerous countries that Trump claimed maintained unfair trade barriers left traders visibly shaken by their severity. In Europe, where the 27-country EU bloc now faces a 20% reciprocal levy, markets fell between 1.3% and 2% as Brussels and other capitals expressed outrage. Wall Street futures dropped 3% ahead of what was anticipated to be a volatile U.S. market opening later. The dollar's 2% decline was on track to be its worst daily performance since November 2022. Asian markets, targeted by some of the harshest tariffs, saw Tokyo drop 2.7%, heading toward […]
