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Subscribe to enjoy similar stories. President Trump’s biggest tariff blitz yet sends a clear message to U.S. and foreign companies alike: The era of globalization is over.

safe-haven assets after U.S. President Donald Trump announced more aggressive-than-anticipated tariffs against major trading partners, widening the global trade war.

reciprocal tariffs on trading partners, stoking concerns that a global trade war may dampen demand for crude. Brent futures fell $1.97, or 2.63%, to $72.98 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures were down $1.98, or 2.76%, to $69.73.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners. The tariffs will take effect on April 9 and appeared to target about 60 countries.

Trump began speaking after Wall Street closed, and both S&P 500 futures and Nasdaq futures reversed gains as investors blanched at his sweeping tariff plans. S&P 500 futures were 1.6% lower as he spoke, with Nasdaq futures down 2.4%.

global markets amid worries the aggressive duties will slow growth, hit corporate earnings and stoke inflation, with one analyst calling the move markets' «worst-case scenario.» Global markets have been whiplashed since Trump took office and kept up a stream of rhetoric that threatened to unleash a global trade war. Trump's new levies crystallized those fears.

global trade it pioneered and furthered over several decades. Trump says the levies will bring jobs back to the United States — but executives in the immediate aftermath were focused on possibly raising prices, reducing shipments to the world's largest economy, or just cutting back investment activity outright. «This is how you sabotage the world's economic engine while claiming to supercharge it,» said Nigel Green, CEO of global financial advisory deVere Group. «The reality is stark: these tariffs will push prices higher on thousands of everyday goods — from phones to food — and that will fuel inflation at a time when it is already uncomfortably persistent.» Trump sees tariffs as a way of protecting the domestic economy from unfair global competition and a bargaining chip for better terms for the U.S.

The Trump administration imposed a 26% tariff on imports from India, which is slightly higher than the 20% levy for the European Union, the 24% for Japan and the 25% for South Korea. China was hit with one the highest rates for a major US trading partner and now faces a tariff of at least 54% on many goods. The tariffs are a setback for the Indian government, which had sought to ward off the new levies by rolling out sweeping concessions on issues central to Trump’s agenda. During a visit to Washington by Prime Minister Narendra Modi in February, the two nations agreed to work toward a trade pact this year. ALSO READ: India to face 'discounted' 26% tariff from US; Trump slaps 34% on China “India, very, very tough. Very, very tough,” Trump said at a news event at the White House on Wednesday to announce the tariffs. “The prime minister just left, and he’s a great friend of mine. But I said, you’re a friend of mine, but you’re not treating us right. They charge us 52%.”

In comments outside the White House, Trump singled out Australian beef, which saw a surge in exports to the United States last year, reaching A$4 billion amid a slump in U.S. beef production. «They won't take any of our beef. They don't want it because they don't want it to affect their farmers and you know, I don't blame them but we're doing the same thing right now,» Trump said in an event in the White House Rose Garden announcing tariffs on a wide range of U.S. trading partners. Australia banned U.S. fresh beef products in 2003 due to the detection of bovine spongiform encephalopathy, otherwise known as mad cow disease, in U.S. cattle. BSE poses a risk to human health and has never been detected in cattle in Australia. Albanese said Trump had imposed a 10% duty on all Australian goods entering the United States, equivalent to the U.S. baseline tariff on all imports, despite U.S. goods entering Australia tariff free.

Here's a look at some of the new tariff regime's key features, as detailed in Trump's executive order.

STATE OF THE MARKETS GIFT Nifty (Earlier SGX Nifty) signals a gap-down start GIFT Nifty on the NSE IX traded lower by 301 points, or 1.28 per cent, at 23,129.50, signaling that Dalal Street was headed for gap-down start on Thursday.

S&P 500 futures sank over 3.5% while contracts on the Nasdaq 100 slid 4.5%. Shares in Australia, Japan and South Korea tumbled at the open Thursday. US 10-year Treasury yields slumped with the flight to havens also lifting the Japanese yen and gold, which touched a new record high.

Trump has accused America's trading partners of undermining the United States for decades, saying they have engaged in unfair trade practices to steal the country's wealth and enrich their own economies. He has set his sights on not only adversaries like China, but also traditional allies like Canada and Europe. And he has complained about a number of factors, including high tariffs that other countries charge American products, and persistent trade deficits the United States has with foreign countries. Trump has promised to correct this situation Wednesday, when he announces expansive tariffs on foreign products that he says will level the playing field. In some cases, there's truth to the president's claim that the United States offers its trading partners more favorable terms than it often gets in return. As a proponent of free markets, the United States has long been more open to trade than many countries globally. That has encouraged the United States to rely on imports of many critical goods, like semiconductors and pharmaceuticals, instead of manufacturing them itself. And some countries do have tough trade barriers to U.S. exports, or economic policies that distort global markets — particularly China, which has flooded the world with manufactured goods. Still, trade experts say that Trump's claims include a heavy dose of exaggeration, as well as hypocrisy.

Subscribe to enjoy similar stories. NMDC Ltd: Buy at ₹70.20 | Target ₹76-78 | Stop loss ₹67 The stock has given a falling wedge pattern breakout with strong volumes (on daily chart). Additionally, the Relative Strength Index (RSI) is above the 60 level, suggesting that the momentum is likely to continue.

Subscribe to enjoy similar stories. India's stock markets have remained volatile over the past five trading sessions, facing resistance at the 50-week moving average, with Nifty 50 trading within the 23,800–23,100 range. In the broader market, only 21% of NSE 500 stocks traded above their 200-day moving average (DMA), while 54% were above their 50-DMA.

Subscribe to enjoy similar stories. New Delhi: As US President Donald Trump unleashed his global tariff war from the White House, India found itself grappling with a new regime that stopped short of full reciprocity but still posed significant trade barriers. With Trump deciding to charge half of the tariffs a country imposes on American imports, Indian exports to the US face a 26% tariff.

Subscribe to enjoy similar stories. President Trump unveiled his new “liberation day" tariffs on Wednesday, and they are another large step toward a new old era of trade protectionism. Assuming the policy sticks—and we hope it doesn’t—the effort amounts to an attempt to remake the U.S.

Waaree Energies and Premier Energies with an 'Underperform' rating, citing that the solar photovoltaic (PV) space companies are close to the cyclical peak returns. The firm set price targets of ₹1,902 for Waaree and ₹693 for Premier, implying downsides of 16% and 22% over Wednesday's closing prices. «We initiate at underperform considering where we are in the cycle, our expectation of deterioration in returns and their rich valuations,» said Bernstein in a client note. «One cannot give the same multiple to a business built on the premise of a regulatory arbitrage.»

liquidity infusion of ₹80,000 crore via open market operations (OMO) on Tuesday. On an intra-day basis, the yield touched 6.48%, its lowest in three years, Clearing Corporation of India data showed. Lower US yields and expectations of a rate cut by RBI in its monetary policy next week have also weighed on yields, treasury heads at banks said.

Bitcoin fell late Wednesday after President Donald Trump’s latest tariff announcement roiled markets.