Asian markets plummeted Friday in reaction to President Trump's announcement of comprehensive tariffs, evoking fears not seen since the early COVID-19 market disruptions. The tariffs range from a minimum of 10% on global imports to as high as 49% for smaller Asian economies. This shock has caused declines in multiple sectors, including crude oil, tech stocks, and even gold. Economists warn that these actions could reduce U.S. economic growth by 2% and raise inflation rates significantly, underscoring concerns about a weakened dollar and potential recession.
Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies has fallen, highlighting the wide-ranging impact of Trump’s tariffs.
Trump announced a minimum tariff of 10% on global imports, targeting key partners and smaller nations, raising concerns over a substantial economic slowdown and higher inflation.
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