Global Markets Plunge Amidst U.S. Tariff Tensions

Global financial markets fell as U.S. President Donald Trump imposed tariffs on Canada, Mexico, and China, triggering fears of a trade war. European Union leaders are prepared to retaliate if targeted next. Economists warn of slowed growth, price hikes, and potential recessions in North America.

Global financial markets took a nosedive on Monday as U.S. President Donald Trump imposed tariffs targeting Canada, Mexico, and China. The announcement has stirred fears of a trade war, with the European Union poised to respond if it becomes the next focus of U.S. trade policy.

The Dow Jones and other major indices plummeted, reflecting heightened economic tensions. Speaking in Washington, Trump hinted that the European Union could be next in line for tariffs, further adding to the uncertainty.

European leaders convened for an informal summit in Brussels, where they expressed readiness to counter any U.S. tariff impositions while advocating for reasoned negotiation. Economists predict these tariffs could hinder global growth and provoke inflation, potentially destabilizing North American economies.

(With inputs from agencies.)