02/28/2025

Stocks Tumble as Latest Tariff Threats Ruffle Markets

Bitcoin slides below $80,000

World stocks fell to their lowest levels in six weeks on Friday, and the dollar hovered near multi-week highs, as the prospect of higher U.S. tariffs sent jitters through markets and revived concerns about a global trade war.

Technology shares took an additional hit following a sharp sell-off in AI darling Nvidia and other so-called "Magnificent Seven" Wall Street mega-cap stocks, as investors judged the chipmaker's earnings report harshly a day after its release.

On Thursday, President Donald Trump said that 25 percent duties on imports from Canada and Mexico will come into effect on March 4 - not April 2 as he had suggested a day earlier - and said goods from China will be subject to an additional 10 percent duty. This week, he also floated 25 percent tariffs on shipments from the European Union (EU).

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