Global Markets Plummet Amid Trade Tensions

Global stock markets, including those in Hong Kong, Shanghai, Shenzhen, and India, faced severe declines following U.S. President Trump's announcement of new tariffs on Chinese goods. Hong Kong's Hang Seng Index saw a dramatic drop of 13.22%, its steepest since the 1997 Asian financial crisis, as investors reacted to both U.S. tariffs and China's retaliatory measures. The Shanghai Composite and Shenzhen indices also plummeted, with Shenzhen experiencing an erroneous report of a 97% decline. In India, the BSE Sensex and Nifty50 fell over 4% each, affecting major companies like Tata Steel and Infosys. Taiwan's stock market was not spared, with a record drop of 9.7%, as tech companies like TSMC and Foxconn hit their down limits. The widespread panic reflects fears of a deepening recession due to the escalating trade war.