Shockwaves in Global Market as Trump's Tariffs Loom Large

The global financial landscape experienced significant turbulence as U.S. President Donald Trump's latest tariffs sent stock markets plummeting on Friday. Trading partners, including Switzerland and India, faced steep tariffs, prompting a reevaluation of international trade strategies.

Trump imposed tariffs ranging from 10% to a staggering 41% on 69 trading partners, escalating the U.S. effective tariff rate to 18%, up from 2.3% last year. The market reacted swiftly, with major U.S. indices like the Dow Jones Industrial Average and Nasdaq Composite seeing notable declines.

Countries hit by these tariffs expressed concerns and sought negotiations, while Trump's administration defended its strategy as essential for securing favorable trade deals. The potential implications of these policies on both local and global economies remain unclear, sparking anxiety among impacted industries.

(With inputs from agencies.)