Tariff Turmoil Shakes Global Markets

Wall Street experienced a downturn as President Donald Trump announced tariffs on Canada, Mexico, and China. Major stock indexes dipped, with the tech-heavy Nasdaq affected by the popularity of DeepSeek. Oil prices decreased, and gold surged past $2,800 due to market uncertainty.

In a turbulent week for global markets, Wall Street faced a downturn after President Donald Trump revealed tariffs on Canada, Mexico, and China. On Friday, major stock indexes slipped, with the tech-heavy Nasdaq heavily impacted by the Chinese AI model DeepSeek's rising popularity, which shook investor confidence and affected stocks like Nvidia.

Trump's tariff announcement, set to levy 25% on Canada and Mexico and 10% on China, is linked to demands for action against opioid flows into the U.S. Market volatility ensued with fluctuations in currencies such as the Canadian dollar and Mexican peso, and a jump in U.S. Treasury yields.

Oil prices fell ahead of the tariff implementation, while gold reached new heights above $2,800, driven by investor anxiety. Despite mixed sentiment, European shares hit record highs led by positive earnings in the tech sector, helping to offset economic recovery concerns.

(With inputs from agencies.)