Global Markets React to U.S. Tariff Turmoil
Global markets are on edge as the U.S. enforces extensive tariffs on many trading partners, triggering a significant decline in Asian stocks and affecting others worldwide. Investors watch U.S. jobs data for indications of future Federal Reserve rate cuts, while currency and commodity markets experience varied movements.
Global financial markets are reeling in response to the United States' imposition of significant tariffs on a swathe of trading partners. Asian markets face their worst week since April, with steep declines recorded across major indices such as South Korea's KOSPI and Japan's Nikkei following the announcement.
The executive order signed by President Trump late Thursday enforces tariffs ranging from 10% to 41% on imports, affecting countries including India, Taiwan, and Canada. Despite negotiating a temporary reprieve for Mexico, the overall move has compounded uncertainties in global trade.
Investors are anxiously awaiting key U.S. jobs data, mindful that a surprise uptick could influence Federal Reserve rate decisions. The pressures ripple through currency markets, with the U.S. dollar gaining strength against several peers, while oil and gold prices show minimal movement despite broader market turbulence.
(With inputs from agencies.)
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