Market Turmoil Follows Trump's Tariff Announcement

American equity markets faced a sharp decline at Monday's opening, as the administration held firm on President Donald Trump's introduction of steep trade tariffs against major US trading allies. This move has ignited fears of a prolonged trade war, leading to a significant market downturn over the past three days.

Global Trade Tensions Escalate

President Trump reiterated the US stance, refusing to negotiate tariffs with China until the $1 trillion trade imbalance is resolved. In response, China imposed a 34% tariff on all US goods, further straining relations between the two economic powerhouses.

Major Indexes and Stocks Hit Hard

The Dow Jones Industrial Average plummeted by 3.53%, losing 1,379 points, with NVIDIA Corporation seeing a 6.63% drop. The Nasdaq 100 and S&P 500 also suffered, declining by 3.49% and 3.45% respectively, with Tesla Inc. and MicroStrategy Inc. among the hardest hit, dropping 7.01% and 9.56%.

Meanwhile, the euro remained stable against the dollar, trading at 1.09671 at 9:31 am ET.