Market Turmoil as Tariffs Spark Recession Concerns

The US financial sector experienced significant losses on Friday, following the Trump administration's announcement of reciprocal tariffs on a wide range of countries. This move has heightened fears of a potential recession, as experts warn of the negative impact on the country's economic growth.

Expert Warnings and Stock Market Reactions

Fitch Ratings recently highlighted the increased risk of a US recession due to the current tariff policies, predicting a slowdown in growth. The stock market reacted sharply, with major financial institutions seeing substantial declines in their share prices.

Notably, Blackstone and Morgan Stanley saw their stocks drop by 8.77% and 8.39% respectively, while Citigroup experienced a 9.15% dip. BlackRock and Goldman Sachs weren't spared, with their shares falling by 7.26% and 8.26%. JPMorgan Chase also faced a 6.71% decrease in its stock value.