Global Markets Reel as Trump's Tariff Stand Stirs Recession Fears

Major stock indexes in Asia plunged as President Trump remained steadfast on tariffs, causing fears of a recession and potential Federal Reserve rate cuts. This turmoil led to significant market losses globally, impacting Europe, Asia, and oil prices, and has raised concerns about global growth and inflation.

Major stock indexes in Asia plummeted on Monday following U.S. President Donald Trump's firm stance on tariffs, sparking recession fears and possible Federal Reserve rate cuts by May. This led to significant global market losses as investors reeled from the economic uncertainty.

Trump's declaration of holding off on a trade deal with China until the U.S. trade deficit is resolved intensified market jitters. Analysts warn that sustained disruptions from U.S. trade policies could potentially tip both healthy U.S. and global economies into recession.

The financial turmoil extended to Europe, with major indexes witnessing sharp declines, while oil prices and Treasury yields were also affected. Investors continue to struggle amidst the downturn, as inflation concerns loom from rising tariffs.

(With inputs from agencies.)