Tariff Turmoil: Commodities Plunge Amid Global Recession Fears

Commodities fell as global recession fears intensified due to aggressive U.S. tariffs announced by President Trump. Gold hit a record high as a safe-haven asset. China's potential countermeasures, along with tariffs from the EU, threaten U.S. exports, impacting global economic growth and trade market stability.

On Thursday, commodities like oil, copper, and agricultural products saw substantial declines following U.S. President Donald Trump's aggressive tariffs on key trading partners. These moves heightened fears of a global recession, while safe-haven gold soared to an all-time high.

Trump declared a 10% minimum tariff on most U.S. imports, with steeper duties on numerous countries' goods, notably from China. This is anticipated to incite countermeasures, potentially increasing prices and reducing U.S. goods' demand.

Stock markets dropped sharply, hitting the tech sector hard. China's threat of countermeasures and EU's similar actions could further harm U.S. product demand, particularly in agricultural sectors. Analysts warn that retaliatory tariffs may pressure global economic growth and impact industrial activities.

(With inputs from agencies.)