South Korea’s Lee and Trump agree to work quickly on tariff deal
South Korean President Lee Jae-myung and US President Donald Trump spoke by phone Friday, their first conversation since Lee’s election earlier this week.
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.
As peace talks progress, voices from Yerevan, Tbilisi, and Baku reveal hopes, concerns, and expectations for a future shaped by trade, trust, and generational change in the South Caucasus.
A bridge collapse in the Vygonichsky district of Russia’s Bryansk region, near the Ukrainian border, caused a train derailment and a traffic accident early Sunday, killing at least seven people and leaving 30 injured, according to emergency services.
Ukraine’s Security Service (SBU) has confirmed it carried out a third targeted attack against the Crimean Bridge, also known as the Kerch Bridge, early Tuesday morning, marking a new escalation in the ongoing conflict with Russia.
A strong 6.3 magnitude earthquake shook Japan’s Hokkaido prefecture early Monday, causing no reported injuries or damage, and no tsunami warning was issued, officials confirmed.
Peace talks between Russia and Ukraine ended abruptly in Istanbul on Monday, lasting just over an hour amid mounting tensions following a major Ukrainian drone strike on Russian strategic bombers and renewed pressure from the U.S. for a breakthrough.
Germany’s new government has launched a major program aimed at boosting investment and helping Europe’s largest economy recover after two years of decline.
The European Central Bank has reduced its three key interest rates by 25 basis points, aligning with expectations and reflecting progress toward its inflation target.
Centrica, owner of British Gas, has agreed to a £20 billion deal with Norway’s Equinor to supply nearly 10% of the UK’s gas needs annually for the next decade, supporting energy security while paving the way for future hydrogen integration.
Tesla’s shares declined by about 14.2% on Thursday, reducing the company’s market value by roughly $152 billion, as Elon Musk and Donald Trump publicly exchanged criticisms on social media.
A U.S. appeals panel has rejected Apple’s request to pause a ruling that restricts the tech giant from charging commissions on in-app purchases made outside its payment system—delivering a major blow to the company in its long-running legal fight with Epic Games.
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