Markets Plunge as Trump's Tariffs Trigger Global Economic Fears

U.S. stocks face their worst day since 2020, with global markets reeling and economists warning of heightened recession risks following new sweeping tariffs.

The S&P 500 fell 4.8%, the Nasdaq Composite dropped 6%, and the Dow Jones Industrial Average declined nearly 4%, marking their worst single-day losses since the COVID-19 pandemic in 2020.
President Trump announced a 10% baseline tariff on all imports, with significantly higher rates for countries like China (54%) and the European Union (20%), leading to widespread market uncertainty.
Global markets, including European and Asian indices, also suffered major losses, with fears of a global recession escalating as retaliatory measures from key trading partners loom.
Major sectors such as technology, apparel, and automotive were hit hard, with Apple losing over 9% of its market value and Nike dropping more than 14%.
Safe-haven assets like government bonds and gold saw increased demand, while oil prices dropped over 6%, reflecting heightened investor concern over economic stability.