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Global Markets Plunge as Trump's Reciprocal Tariffs Loom

Asian and European markets follow Wall Street's sharp declines while gold prices hit record highs ahead of April 2 tariff implementation.

People work at the trading floor of the Euronext stock exchange in the La Defense business district in Paris, France, March 10, 2025. REUTERS/Benoit Tessier/File Photo
The screens showing the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) are seen at a foreign exchange dealing room in Seoul, South Korea, Monday, March 31, 2025. (AP Photo/Lee Jin-man)
A currency trader walks by the screens showing the foreign exchange rate between U.S. dollar and South Korean won, left, and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a foreign exchange dealing room in Seoul, South Korea, Monday, March 31, 2025. (AP Photo/Lee Jin-man)
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Overview

  • Asian markets suffered steep losses, with Japan's Nikkei dropping 3.9% and South Korea's KOSPI falling 3%, as investor confidence erodes.
  • President Trump confirmed that reciprocal tariffs will target all countries, intensifying trade tensions and economic uncertainty.
  • Gold prices surged to a record $3,128 per ounce as investors seek safe-haven assets during escalating market volatility.
  • The U.S. dollar is on track for its worst monthly performance since 2022, losing 3.5% against major currencies in March.
  • Global stock indices, including the MSCI World Index, are heading toward their largest monthly losses since September 2022, reflecting widespread economic concerns.