Tech Giants and Retail Titans Reel as Trump Tariffs Trigger Global Market Turmoil

U.S. tech firms like Apple and retailers, including Walmart, suffered significantly after President Trump's imposed tariffs heightened fears of global supply chain disruptions. The tariffs are poised to elevate costs across industries, threatening to upend trade and shake corporate profits, as global markets witnessed a steep downturn.

The imposition of new tariffs by President Donald Trump has led to significant disruptions across global markets, with major U.S. tech companies such as Apple, and retail giants including Walmart and Nike, facing heavy losses. Economic instability has further been exacerbated by looming fears of increased costs across various industrial sectors.

Announcing a 10% baseline tariff on all U.S. imports, alongside steeper duties on multiple countries, analysts predict chaos for global supply chains and corporate profit margins, potentially heightening recession risks. Tech and retail sectors have already seen notable impacts, with Apple facing considerable tariff-induced cost hikes.

In anticipation of tariffs impacting margins, share prices of major companies have plummeted while some auto manufacturers and pharmaceuticals were temporarily exempted. Despite oil and gas imports being spared, energy stocks also declined due to fears of a global economic slowdown, compounded by OPEC's increased output moves.

(With inputs from agencies.)