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.
Russia’s special envoy for foreign investment and economic cooperation, Kirill Dmitriev, announced on Thursday that Moscow and Washington made “three steps forward” over the past two days in a series of high-level discussions aimed at mending ties.
European Commission President Ursula von der Leyen says the EU is ready to respond with countermeasures if talks with Washington fail, following new US tariffs imposed by President Trump.
International Monetary Fund Managing Director Kristalina Georgieva issued a stark warning on Thursday, cautioning that the latest tariff measures announced by US President Donald Trump could deepen economic uncertainty and threaten global growth.
U.S. President Donald Trump’s inner circle is advising him against speaking with Russian President Vladimir Putin unless Russia commits to a full ceasefire in Ukraine, NBC News reported on Thursday, citing administration officials.
The United States is relapsing into an old identity. In 2025, President Donald Trump revived the strategy that once defined the American economy — tariffs. For more than a century, from 1789 to 1913, tariffs powered U.S. government revenues and protected domestic industry.
Russia’s special envoy for foreign investment and economic cooperation, Kirill Dmitriev, announced on Thursday that Moscow and Washington made “three steps forward” over the past two days in a series of high-level discussions aimed at mending ties.
European Commission President Ursula von der Leyen says the EU is ready to respond with countermeasures if talks with Washington fail, following new US tariffs imposed by President Trump.
Today, the High-Level Economic Dialogue between Türkiye and the European Union has been resumed in Brussels after six years.
Lebanon’s new central bank governor, Karim Souaid, has outlined plans to bolster financial oversight and restore economic stability, including restructuring public debt and addressing long-standing obligations to depositors.
The United Nations has accused Myanmar’s military of obstructing humanitarian aid to earthquake-affected regions, warning that the situation is rapidly deteriorating in areas outside military control.
Aid groups in Myanmar’s worst-hit areas urgently need shelter, food, and water after a devastating 7.7 magnitude earthquake killed over 2,700 people. Rescue efforts face challenges due to ongoing civil war, damaged infrastructure, and restricted aid access, with the toll expected to rise.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
The Armenian armed forces attempted three reconnaissance drone flights over Azerbaijan Army positions near Gerenzur, but all were successfully intercepted. Meanwhile, Armenian units repeatedly fired on Azerbaijani positions from multiple regions, escalating tensions in the area.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
Today, the High-Level Economic Dialogue between Türkiye and the European Union has been resumed in Brussels after six years.
BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, the energy group said on Friday amid a campaign by activist hedge fund Elliott for more change at the company.
The European Bank for Reconstruction and Development (EBRD) and the Food and Agriculture Organization of the United Nations (FAO) have joined forces to improve farmland management and strengthen food security in the Kyrgyz Republic.
Asian stock markets experienced a significant decline on Thursday following the announcement by US President Donald Trump of new reciprocal tariffs on several US trade partners. The tariffs, which range from 10% to 50%, were announced by Trump on April 2, a day he referred to as “Liberation Day.”
Eight OPEC+ countries meeting on Thursday will focus debates on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction as the group steps up gradual production hikes.
Russia’s special envoy for foreign investment and economic cooperation, Kirill Dmitriev, announced on Thursday that Moscow and Washington made “three steps forward” over the past two days in a series of high-level discussions aimed at mending ties.
European Commission President Ursula von der Leyen says the EU is ready to respond with countermeasures if talks with Washington fail, following new US tariffs imposed by President Trump.
Today, the High-Level Economic Dialogue between Türkiye and the European Union has been resumed in Brussels after six years.
Lebanon’s new central bank governor, Karim Souaid, has outlined plans to bolster financial oversight and restore economic stability, including restructuring public debt and addressing long-standing obligations to depositors.
The United Nations has accused Myanmar’s military of obstructing humanitarian aid to earthquake-affected regions, warning that the situation is rapidly deteriorating in areas outside military control.
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