Global Markets in Turmoil: Trump's Tariff Trigger

U.S. President Donald Trump's extensive tariffs have led to a plunge in global stock markets and oil prices, prompting investments in safer assets like bonds and gold. The tariffs could spark recessions, with norms shattered across global economies. Experts warn of a potential game-changing economic downturn worldwide.

Stock markets worldwide have plunged dramatically following U.S. President Donald Trump's new tariffs, with oil prices also sharply declining. Investors are now seeking refuge in safer assets such as bonds and gold.

Trump introduced a 10% tax on imported goods, accompanied by significant additional 'reciprocal' tariffs, particularly affecting countries erecting high trade barriers against the U.S. This move triggered significant market volatility in Europe and Asia, with Japanese markets seeing their steepest weekly fall in nearly two years.

Experts from major financial institutions, including Fitch and Deutsche Bank, have issued warnings about the severe impact these tariffs could have on both the U.S. and the global economy, labeling them as a potential game-changer that could initiate widespread recessions.

(With inputs from agencies.)