Trump's Tariff Tsunami Rattles Global Markets

Global financial markets reeled as President Trump's new tariffs sparked fears of economic damage. Key indices like the S&P 500, Dow, and Nasdaq plummeted amid concerns about slowing growth and rising inflation. The tariffs, unprecedented in scope, raise uncertainties about future economic stability.

Wall Street experienced a dramatic downturn Thursday as fear of economic repercussions from President Donald Trump's newly announced tariffs spread across global markets.

The S&P 500 dropped 4.8%, marking its worst day since the pandemic's economic impact in 2020, while the Dow plunged 1,679 points. The Nasdaq composite also fell significantly by 6%.

Economists warn the tariffs could decrease US economic growth by two percentage points this year, with inflation nearing 5%. Investors worry about potential recessions, yet Trump's stance seems geared towards ideological objectives rather than negotiation.

(With inputs from agencies.)