Global Market Turmoil: Tariff Tensions Spur Economic Unrest

Asian stocks experienced a steep decline following U.S. President Donald Trump's imposition of tariffs on auto imports. This move has intensified global trade war fears, affected auto industry stocks, and led to a surge in gold prices. Market reactions indicate possible inflationary impacts and economic instability.

Asian stocks nosedived on Friday, driven down by notable sell-offs in South Korea and Japan, as investor concerns heightened over potential global trade warfare due to U.S. President Donald Trump's latest tariff impositions.

Trump's decision to implement a 25% tariff on auto imports sparked controversy and warnings from global automakers about imminent price hikes. This has significantly impacted markets worldwide, with Japanese and South Korean automaker stocks noting substantial losses.

As apprehensions spread, European and U.S. stock futures displayed varied reactions. Meanwhile, the currency market remains in flux, with the U.S. dollar showing signs of volatility amidst inflation data releases, and gold prices reaching new peaks as a safe-haven asset.

(With inputs from agencies.)