Global Markets Reel as Trump's Tariffs Shake Investor Confidence

Global markets experienced a significant downturn, with stocks, the dollar, and oil prices severely affected by President Trump's new tariffs. Investor concerns over a potential recession led to increased demand for safe-haven assets like gold, yen, and Swiss francs.

Global markets have suffered a major blow due to President Donald Trump's announcement of sweeping tariffs. Investors are apprehensive about the onset of a recession, driving them to shift their focus toward safe-haven assets such as gold, which neared a record peak, and traditional currencies like the yen and Swiss franc.

Asia saw a particularly sharp decline in its shares, with Japan's Nikkei falling by nearly 2% after an earlier downturn. The S&P 500 noted a dramatic single-day loss of $2.4 trillion, the highest since the pandemic's early days. Investors' fears are further compounded by potential rate cuts by the Federal Reserve to mitigate recession risks.

The dollar faced its worst performance in weeks, as intense tariff-related discussions have overshadowed U.S. growth prospects. With global economic concerns mounting, especially over growth and inflation, market watchers await further guidance from Fed Chairman Jerome Powell.

(With inputs from agencies.)