Global Markets in Turmoil: Trump's Tariff Shockwaves Ripple Worldwide

US President Donald Trump's significant tariff hikes have ignited a trade war, leading to plummeting global markets. The US faces retaliation from China, while Italy and Taiwan navigate the economic fallout. Italian leaders call for EU de-escalation, and Taiwan promises industry support amidst tariff impacts.

US President Donald Trump's aggressive increase in tariffs has sparked an escalating trade war, causing global market instability. The S&P 500, Dow Jones, and Nasdaq composite witnessed significant declines as China responded with a 34 percent tax on US imports.

Italy's Economy Minister Giancarlo Giorgetti urged caution against retaliatory tariffs, emphasizing potential harm to Italy and Europe. Italy seeks a de-escalation strategy with the US, highlighting its budget constraints and proposing fiscal flexibility within the EU.

In Asia, Taiwan pledged a USD 2.65 billion fund to aid industries affected by US tariffs. With key sectors like electronics, steel, and agriculture hit, Taiwan is set to negotiate tariff terms with the US to mitigate economic shocks.

(With inputs from agencies.)