Global Markets React to Trump's Sweeping Tariffs: A Tumultuous Friday

Global financial markets tumbled as investors reacted to U.S. President Donald Trump's new tariffs affecting global imports. Asian and European shares declined, with the U.S. dollar taking a hit. Reactions from various countries highlighted economic concerns and the potential for escalating trade tensions.

In a dramatic response to new tariffs announced by U.S. President Donald Trump, global markets faced a tumultuous day on Friday. Asian and European shares saw significant declines, while U.S. futures also pointed downward.

The tariffs impose a minimum 10 per cent levy on global imports, with specific targets including China and the European Union facing higher charges. The move is seen as a double-edged sword—potentially boosting U.S. competitiveness abroad while risking inflation and dampening global economic growth.

Countries like Vietnam, China, and Taiwan voiced their concerns, emphasizing the adverse impacts on trade relations. As financial entities and governments take stock of the ramifications, the global economic landscape faces a period of heightened uncertainty.

(With inputs from agencies.)