Global markets and cryptocurrencies tumbled as Trump’s tariff escalation sparked fears of a global recession and mass investor sell-offs.
Global markets took a hit on Monday after Donald Trump confirmed he wouldn’t soften his stance on tariffs, intensifying fears of a recession. Stocks fell sharply, with US futures pointing to a 3–4% drop and Hong Kong’s Hang Seng index plunging over 10%. European and Asian markets also slid as investors fled to safe-haven assets, pushing down bond yields globally.
Goldman Sachs increased the chance of a US recession to 45%, citing the financial strain from Trump’s steep new tariffs. The president defended his decision, claiming tariffs are bringing in billions and are needed to fix trade deficits with countries like China and the EU. China has already responded with 34% retaliatory tariffs.
Market turmoil erased over $5 trillion from US stocks in just two days—the worst week since the 2020 pandemic crash. Even Trump supporters like investors Bill Ackman and Stanley Druckenmiller criticized the strategy, warning it could damage the US’s reputation and economy.
Safe-haven bonds soared, while commodities and cryptocurrencies were hit hard. The crypto market also crashed, with Bitcoin falling to $75,000 and other major tokens posting double-digit losses. The sell-off suggests investors are pulling out of risk assets across the board, including crypto, as uncertainty around trade and global growth continues to rise.
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