Global Markets Tumble: Trump's Tariffs Ignite Economic Uncertainty

Wall Street continued its decline as new U.S. tariffs, announced by President Trump, heightened global trade tensions and recession fears. With significant drops in major indexes, markets brace for more volatility amid potential retaliatory moves by trading partners. The Nasdaq is nearing a bear market status.

Wall Street endured another day of steep losses on Friday, catalyzed by U.S. President Donald Trump's new tariffs on global imports, which incited fears of an escalating trade war and a looming recession. The major indexes recorded one of their sharpest declines since the onset of the coronavirus pandemic.

The tech-focused Nasdaq Composite edged closer to a bear market, a sign of prolonged market distress. S&P 500 companies witnessed a historical plummet, losing over $4 trillion in value within two days after Trump intensified tariff measures.

Investors, alarmed by potential retaliations from trading partners, rushed to offload stocks. The heightened market anxiety pushed the CBOE Volatility index to its highest levels since August. As global leaders deliberate on responses, the market remains in a state of heightened alertness.

(With inputs from agencies.)