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Global markets faced severe turbulence as Trump’s tariffs on major trading partners triggered widespread selling. The dollar surged 0.9% to a two-year high while S&P 500 futures dropped 1.6%.
The market impact was broad and severe, with S&P 500 futures dropping 1.6%, European automakers tumbling more than 5%, and cryptocurrencies facing sharp selloffs.
The tariffs represent the most extensive protectionist action by a US president in almost a century, prompting dire warnings from major financial institutions. Goldman Sachs warns of a potential 5% US stock market decline, while RBC Capital Markets suggests losses could reach 10%.
Bloomberg Economics estimates the measures could reduce US economic growth by 1.2% while adding 0.7% to core inflation. The ripple effects extended to emerging markets and commodities, with the Mexican peso falling over 2% and oil prices surging on supply disruption fears, threatening higher gasoline prices for American consumers.
