Market Tumult: Trump's Tariffs Shake Wall Street

Wall Street suffered its largest single-day losses in years as President Trump's tariffs heightened fears of a global trade war. The S&P 500, Dow Jones, and Nasdaq all experienced steep declines, with major global economies reacting strongly against the tariffs, stirring market volatility.

Wall Street faced a dramatic downturn on Thursday, marking its biggest single-day losses in years. President Donald Trump's new tariffs fueled fears of a potential global trade war, triggering a massive drop. The S&P 500, Dow Jones, and Nasdaq saw significant declines, reminiscent of market turmoil in 2020.

The tariffs, including a 10% levy on U.S. imports and higher duties on several countries, prompted an immediate backlash from global trading partners. Both China and the European Union vowed retaliation, while others sought concessions before tariffs took effect. This escalated market concerns, driving investors to reassess positions.

The widespread market volatility, magnified by the CBOE Volatility Index reaching levels not seen since August, has led experts to predict more fluctuations ahead. As technology and retail stocks experienced heavy losses, discussions on Federal Reserve intervention intensify, with potential interest rate cuts on the horizon.

(With inputs from agencies.)