Trump's Trade Tariffs Shake Global Markets

Global financial markets faced a tumultuous session after U.S. President Donald Trump announced plans to impose significant tariffs on European Union imports and iPhones manufactured outside the United States. This move intensified trade tensions, causing major stock indexes and the dollar to plummet on Friday.

Trump's tariff proposals included a potential 50% tariff on European imports starting June 1 and a 25% charge on non-American-made Apple iPhones. In response, Apple shares tumbled 2.5% in early New York trading, while the Nasdaq dropped over 1%. European stocks also experienced sharp declines.

Amid these developments, investors turned to government bonds, which rallied as haven assets. Meanwhile, the dollar index dropped, reflecting diminished confidence in the greenback, while commodities like gold surged due to rising economic anxiety. The market's focus remained on trade policies as the European Union and iPhone tariffs took center stage.

(With inputs from agencies.)