Global Markets Tumble as Trump's Tariffs Shake Industries

Tech giants and retail leaders steered a worldwide market downturn amid new tariffs introduced by President Trump. These tariffs threaten global trade stability, impacting industries from technology to retail. The move raises recession fears, with key companies like Apple and Walmart significantly affected due to supply chain disruptions and rising costs.

Global markets experienced a significant downturn as President Donald Trump's newly introduced tariffs alarm potential economic costs across diverse industries. These sweeping tariffs signal a drastic departure from previous business-friendly policies, unsettling businesses and shaking the world trade order.

The tariffs introduce a 10% baseline duty on all U.S. imports, with higher charges on various countries, pushing American tariffs to record highs. Analysts forecast that these tariffs, especially impacting Asian manufacturing powerhouses, could harm global supply chains and reduce corporate profits.

Tech and retail sectors felt the immediate impact. Apple's shares tumbled sharply, highlighting China's crucial role in its manufacturing chain. Meanwhile, U.S. retailers like Walmart and Nike faced stock declines between 4% to 11%, reflecting price hikes due to increased import costs.

(With inputs from agencies.)