US and European equity markets slumped on Friday after President Donald Trump rolled out a sweeping set of reciprocal tariffs on 70 countries, including India.
The move spooked investors, raising fears of fresh inflationary pressure in the US as higher import costs could lead to price hikes in the coming months, reported ANI.
Wall Street Suffers Sharp Losses
All three major US indices ended the session deep in the red. The Dow Jones Industrial Average shed 542.40 points, a drop of 1.2 per cent, closing at 43,588.58. The S&P 500 fell 1.6 per cent, losing 101 points to finish at 6,238. The tech-focused Nasdaq Composite saw the steepest fall, tumbling 2.2 per cent or 472 points to close at 20,650.
Technology stocks bore the brunt of the selloff. Amazon’s shares plunged by 8.27 per cent on the Nasdaq, while Apple slipped 2.5 per cent, underlining the sector-wide pressure triggered by the tariff announcement.
Also Read : Dalal Street Weekly Wrap: Sensex Falls 600 Points Amid Tariff Worries, Nifty Hits Two-Month Low
Trump Fires Labour Statistics Chief
Adding to the day’s drama, Trump abruptly dismissed Dr Erika McEntarfer, head of the Bureau of Labour Statistics (BLS). In a post on social media, he accused her of releasing “fake” jobs data to favour Vice President Kamala Harris ahead of the 2024 US Presidential Election.
“This is the same Bureau of Labor Statistics that overstated the Jobs Growth in March 2024 by approximately 818,000 and, then again, right before the 2024 Presidential Election, in August and September, by 112,000,” Trump wrote, insisting she be replaced “IMMEDIATELY”.
European Markets Also Hit
The turmoil rippled across the Atlantic. Germany’s DAX index slid 2.7 per cent, while France’s CAC index fell nearly 3 per cent, showing how Trump’s tariff move sparked widespread concern. Investors remain wary about the broader economic fallout of the new trade measures.
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