Global Trade Turbulence: Trump's Tariffs Roil Markets

President Trump's new tariffs are impacting major U.S. tech firms, retailers, and banks, sparking fears of increased costs. With 10% baseline tariffs on imports, the move threatens global supply chains and may lead to recession. Companies like Apple, Walmart, and Nike face significant financial challenges.

In a dramatic pivot, President Donald Trump has announced sweeping tariffs, sparking fears of a global economic slowdown. The new tariffs target imports with a 10% baseline duty, rattling markets and clouding future economic growth. Mega-cap tech companies, retailers, and banks are now bracing for the financial fallout.

The tariffs have sent shockwaves through the tech industry, with market giants like Apple experiencing a 7.4% drop in shares. With over 90% of its manufacturing rooted in China, Apple's predicament highlights the broader impact of these tariffs on tech companies reliant on Asian production hubs.

Retailers and manufacturers are equally affected, facing potential hikes in import costs that could squeeze margins and dampen demand. As companies strategize on how to manage these increased expenses, the economic ripple effects may heighten recession fears, posing substantial risks to both corporate profitability and consumer confidence.

(With inputs from agencies.)