Wall Street in Turmoil Amid Trade War Escalation

Investors worldwide are bracing for impact as major Wall Street stock indexes suffer significant losses. The Dow Jones Industrial Average plummeted by an alarming 4.23%, or 1,716 points, by mid-morning, signaling growing anxieties over a potential global recession.

China's Retaliatory Tariff Shakes Markets

The downturn follows China's imposition of a 34% retaliatory tariff on all U.S. goods, a direct response to President Donald Trump's similar levy on Chinese imports. This escalation in the U.S.-China trade war has sent shockwaves through financial markets, with the Nasdaq 100 and S&P 500 also seeing steep declines.

Currency Markets React

The euro wasn't spared from the fallout, slipping 0.59% against the dollar to $1.09889, as investors flock to safer assets amid the uncertainty.