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So, shares of textile makers stood out Thursday, surging as much as 18%, as the 26% tariffs were on home furnishings and readymade garments from India paled in comparison with 54% levies on China, 46% for Vietnam, 37% for Bangladesh, and 30% for Pakistan.

The S&P 500 ended down almost 5% after U.S. President Donald Trump s sweeping tariffs ignited fears of an all-out trade war and a global economic recession.

Shares in Australia and Japan fell at the open. US equity-index futures were steady as trading kicked off in Asia after the S&P 500 declined 4.9% on Thursday and the Nasdaq 100 slumped 5.5%, the biggest drop since 2020 for each.

U.S. stock markets experienced sharp declines, with the S&P 500 and Dow Jones suffering their largest losses since June 2020 due to new tariffs announced by President Trump. The Nasdaq Composite also saw a significant drop. Investors are worried about potential global economic turmoil and are awaiting further guidance from the Federal Reserve on interest rate cuts.

Gold prices remained stable, poised for the fifth weekly gain as concerns over a global trade war driven by U.S. President Trump s tariffs boosted demand for safe-haven assets. Spot gold held at $3,109.95, while U.S. gold futures rose 0.3%. Investors await the U.S. non-farm payrolls data for insights into the Federal Reserve s interest rate path.

The Canadian dollar hit a nearly four-month high against the U.S. dollar after Canada avoided new tariffs in the ongoing trade war. Investors are moving away from the American currency, anticipating further interest rate cuts by the Federal Reserve. The loonie gained 1% to 1.4090 per U.S. dollar.

Thursday s market plunge reflects investor anxiety over President Trump s significant global tariffs, resulting in declines for U.S. stocks, the dollar, and oil. Analysts forecast reduced U.S. growth and heightened recession risks, with China s potential currency devaluation in response being closely monitored. Economic and market uncertainty is expected to persist.

Bank of Japan Deputy Governor Shinichi Uchida stated that the central bank will keep raising interest rates if underlying inflation approaches its 2% target, despite potential risks from higher U.S. tariffs. Uchida noted that U.S. tariffs could impact global and Japanese economies, affecting trade, business confidence, and financial markets.

Japan s Nikkei share average tumbled by 1.7% following significant losses on Wall Street, as concerns arose over U.S. President Trump s tariffs potentially leading to a global economic recession. The broader Topix index also declined by nearly 2%, with the banking sector experiencing the worst performance.

Eight OPEC+ countries have agreed to increase oil output by 411,000 barrels per day in May, surpassing their initial plan. This decision aims to improve compliance among members and comes amid concerns over potential disruption to Iranian supply as U.S. President Trump ramps up pressure on Tehran.