President Trump announced a sweeping set of tariffs, starting with a minimum tariff of 10% on imports from all countries, with higher rates on specific products from certain countries like China and the European Union.

Tech stocks, including major companies like Apple, Tesla, and Nvidia, have suffered significant losses, contributing to fears of a market recession. The S&P 500 and Nasdaq Composite reported their steepest weekly declines since 2020, largely due to investor panic over the implications of the tariffs.

The tariffs could potentially decrease U.S. economic growth by up to 2 percentage points this year and raise inflation close to 5%, creating a toxic mix that worries investors about a stagnating economy.

Retailers that heavily depend on imported goods are also experiencing losses. For instance, Dollar Tree and Five Below saw significant stock drops due to fears that consumers' purchasing power would diminish amid higher prices on imported products due to the tariffs.

Global markets are reacting negatively, with major indexes in countries like Japan, South Korea, and India also experiencing significant declines. The uncertainty surrounding the tariffs is affecting investor sentiment worldwide, leading to widespread sell-offs in various markets.