Shares worldwide experienced significant declines as rising U.S. tariffs sparked fears of a trade war with China. Major European markets followed Asian markets down, with notable drops such as the DAX falling 6.5%. U.S. futures indicated further market weakness ahead, with declines in key indices. President Trump reaffirmed his tariff stance, expressing indifference to market drops, which he labeled as necessary 'medicine.' The uncertainty surrounding the tariffs has heightened panic among investors, resulting in alarming sell-offs in both American and Asian markets, including significant losses for major companies like Alibaba and Tencent.
"The idea that there's so much uncertainty going forward about how these tariffs are going to play out, that's what's really driving this plummet in the stock prices."
"Late Sunday, Trump reiterated his resolve on tariffs. Speaking to reporters aboard Air Force One, he said he didn't want global markets to fall, but also that he wasn't concerned about the massive sell-offs."
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