Global Markets Tumble as Trump's 100% Tariff Plan Shakes Investors

Global markets took a hit on Friday following U.S. President Donald Trump's announcement of imposing 100% import tariffs on pharmaceutical drugs starting October 1. The move is designed to protect national security and respond to foreign competition in sectors like furniture and cabinetry. However, it has sparked investor concerns globally.

In Asian markets, indexes showed negative trends with Japan's Nikkei dropping nearly 0.9%, while South Korea's Kospi fell 2.5% amid ongoing U.S. tariff negotiations. Meanwhile, Chinese markets also experienced declines, although Australia's market posted minor gains. Concerns about prolonged tariff discussions and economic impacts loomed large across the region.

Wall Street ended the week on a downturn as major indexes like the S&P 500 and Dow Jones both saw declines, alongside a rise in Treasury yields. Market analysts suggest potential changes in Federal Reserve policy as a consequence of stronger-than-expected U.S. economic data, questioning future rate cuts.

(With inputs from agencies.)