Wall Street’s major indexes tumbled sharply after U.S. President Donald Trump’s sweeping tariffs on key trade partners triggered fears of a trade war and global recession. Investors reacted with panic, sending markets into a steep decline.
Wall Street’s major stock indexes suffered heavy losses after U.S. President Donald Trump imposed new tariffs, sparking fears of a trade war and a potential global economic downturn. The Dow Jones Industrial Average dropped by over 1,100 points, or 2.66%, while the S&P 500 and Nasdaq also saw sharp declines of 3.32% and 4.5%, respectively.
Technology stocks were among the hardest hit, with Apple falling by 8% after China imposed tariffs on U.S. goods, affecting its production. Microsoft and Nvidia also took a hit, losing 3% and 5.6%, respectively. Retailers such as Nike and Ralph Lauren saw double-digit drops after tariffs were imposed on major production hubs in China and Vietnam.
Global markets mirrored the U.S. sell-off, with stocks around the world slumping. Investors turned to safe-haven assets like gold, causing its price to soar. The CBOE Volatility Index (VIX), also known as Wall Street’s "fear gauge," spiked to a three-week high, reflecting mounting concerns among investors.
These tariffs mark a significant shift in U.S. trade policy and have disrupted the business-friendly environment that previously boosted stock prices. As a result, the S&P 500 and Nasdaq are now in correction territory, having fallen 10% from their recent highs.
In response to the growing turmoil, traders now expect the U.S. Federal Reserve to cut interest rates multiple times by the end of the year. The release of payroll data and a speech from Federal Reserve Chair Jerome Powell will likely provide further insights into the economy’s ability to withstand these trade tensions.
Despite market fears, the labor market showed some stability. The number of Americans filing for unemployment benefits fell, suggesting economic fundamentals are holding up, at least for now. However, with tariffs set to disrupt businesses across industries, the broader economic outlook remains uncertain.
US Secretary of State Marco Rubio has firmly rejected claims that the Trump administration is considering lifting sanctions on Russia’s Nord Stream 2 pipeline as part of negotiations to end the war in Ukraine.
Italy’s government is facing internal doubts over whether its plan to meet NATO’s defense spending target of 2 percent of GDP will satisfy NATO and the European Commission, despite publicly maintaining confidence in its budget strategy.
Just days after Vladimir Putin offered to freeze the war in Ukraine, U.S. President Donald Trump criticised Ukrainian President Volodymyr Zelenskyy for rejecting any recognition of Russia’s occupation of Crimea.
U.S. Vice President JD Vance has delivered a stark ultimatum to Moscow and Kyiv, urging them to accept a proposed ceasefire deal or face a withdrawal of American diplomatic efforts.
The chief architect of China's lunar exploration programme has accused Washington of interfering in Beijing's space diplomacy efforts with international partners.
“The EU will stand with Moldova in every step of the way until the very membership,” - stated Kaja Kallas, EU High Representative for Foreign Affairs and Security Policy, Vice-President of the European Commission at her joint press-conference with the President of Moldova, Maia Sandu.
In a significant development for Afghanistan-Russia relations, Zamir Kabulov, Special Envoy of the Russian President, held high-level talks with Taliban officials in Kabul, signaling a further warming of ties between the two nations.
Russia and Türkiye will hold consultations on the Middle East, including Syria and Palestine, on 25th April in Istanbul, according to a Turkish Foreign Ministry source speaking to TASS.
UK Prime Minister Keir Starmer is nearing a defence deal with the EU to reset post-Brexit ties, even as his government courts a U.S. trade deal. Talks will culminate at a May summit, aiming to boost cooperation in defence, energy, and youth mobility.
US Secretary of State Marco Rubio has firmly rejected claims that the Trump administration is considering lifting sanctions on Russia’s Nord Stream 2 pipeline as part of negotiations to end the war in Ukraine.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
Severe rainfall on April 17 led to flooding and landslides in the Piedmont region, prompting a large-scale emergency response from over 400 firefighters.
Uzbekistan and Iran have agreed to establish a Joint Business Council aimed at fostering development of business ties and facilitating the resolution of issues between entrepreneurs from both countries.
Brussels has fined Apple and Meta over €700 million combined, launching its first crackdown under the Digital Markets Act aimed at curbing big tech’s power and boosting competition in the digital economy.
The Trump administration is considering reducing tariffs on Chinese imports, aiming to ease tensions with Beijing as trade negotiations continue, a source familiar with the matter said on Wednesday.
Iran informed China on Wednesday about ongoing nuclear negotiations with the US, expressing a commitment to diplomacy despite past setbacks and urging stronger bilateral cooperation under their 25-year strategic agreement.
Nissan plans to invest an extra $1.4 billion in China by 2026 as it launches 10 new energy vehicles, aiming to recover from declining sales and catch up with faster-moving local competitors.
“The EU will stand with Moldova in every step of the way until the very membership,” - stated Kaja Kallas, EU High Representative for Foreign Affairs and Security Policy, Vice-President of the European Commission at her joint press-conference with the President of Moldova, Maia Sandu.
In a significant development for Afghanistan-Russia relations, Zamir Kabulov, Special Envoy of the Russian President, held high-level talks with Taliban officials in Kabul, signaling a further warming of ties between the two nations.
Russia and Türkiye will hold consultations on the Middle East, including Syria and Palestine, on 25th April in Istanbul, according to a Turkish Foreign Ministry source speaking to TASS.
UK Prime Minister Keir Starmer is nearing a defence deal with the EU to reset post-Brexit ties, even as his government courts a U.S. trade deal. Talks will culminate at a May summit, aiming to boost cooperation in defence, energy, and youth mobility.
US Secretary of State Marco Rubio has firmly rejected claims that the Trump administration is considering lifting sanctions on Russia’s Nord Stream 2 pipeline as part of negotiations to end the war in Ukraine.
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