Market Mayhem: Tariffs Trigger Global Stocks Tumble

Global stock markets slumped due to U.S. President Donald Trump's tariff plans, wiping $2.4 trillion off Wall Street and increasing fears of a recession. Banking stocks fell as interest rate cut bets rose, with key global indices dropping significantly. Investors sought safety in government bonds.

Global stock markets witnessed a significant downturn as U.S. President Donald Trump's ambitious tariff plans resulted in a $2.4 trillion plummet in Wall Street equities. This triggered widespread investor anxiety, pushing many towards the safety of government bonds amid heightened recession fears.

Banking stocks took a hard hit, reacting to expected central bank rate cuts. The 10-year U.S. Treasury yields reached their lowest since October as Trump imposed a 10% tariff on most U.S. imports, leading to stronger recession probabilities according to financial experts like David Bahnsen.

Worldwide indices, including Europe's STOXX 600 and Japan's Nikkei 225, saw notable declines. U.S. market futures hinted at further drops, with a major shake in U.S. bank stocks observed. Investors are now closely watching key economic data points, balancing concerns of growth reversal and potential stagflation pressures.

(With inputs from agencies.)