Global Markets Slide as Trump Announces New Tariffs on Key Trade Partners

Asian, European, and U.S. markets react sharply to President Trump's confirmation of tariffs targeting Canada, Mexico, China, and the EU, stoking fears of a prolonged trade war.

• President Trump has confirmed that 25% tariffs on imports from Canada and Mexico will take effect on March 4, with an additional 10% levy on Chinese goods and 25% duties on European Union imports also planned.
• Global stock markets tumbled, with Asian markets seeing steep declines including a 2.8% drop in Tokyo's Nikkei and a 1.5% dip in Hong Kong's Hang Seng Index, while European futures pointed lower after Thursday's losses.
• Technology stocks, particularly in the U.S., were hit hard as Nvidia's disappointing earnings report exacerbated a sell-off in the AI-driven 'Magnificent Seven' mega-cap stocks, signaling a shift in investor sentiment.
• The U.S. dollar strengthened against most major currencies, while safe-haven assets like the yen and Swiss franc gained traction, reflecting heightened market uncertainty over trade and economic growth prospects.
• Oil prices remained relatively stable, but cryptocurrencies like Bitcoin fell sharply, with Bitcoin dropping below $80,000 for the first time since November, reflecting broader risk-off sentiment in financial markets.

6 Articles

Australian Broadcasting Corporation