President Trump’s sweeping new tariffs have rattled global markets and sparked fears of a recession. U.S. stocks plunged Thursday, with the S&P 500 down 4.3%, Nasdaq falling 5.6%, and the Dow dropping 1,500 points. Markets in Asia and Europe also took hits.
The new tariffs — up to 50% on some imports — are shaking business confidence worldwide. Economists warn the U.S. tariff rate could rise to 22%, levels unseen in over a century, with potentially billions in added costs for U.S. consumers and companies.
Allies are outraged. The EU and Australia condemned the move, with some preparing retaliatory measures. China, facing tariffs as high as 54%, is expected to respond strongly. Many small business owners say the sudden cost hikes on global goods could put them out of business.
While some industries — like steel and oil — welcomed the changes, many others, including tech, retail, and food sectors, warned of rising prices and job losses. Uncertainty now clouds the global economic outlook.
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