US stock markets witnessed heavy selling on Friday after President Donald Trump announced fresh trade measures against China, including a 100 per cent tariff on Chinese goods and export controls on critical software.
US stock markets faced heavy selling pressure on Friday (local US time) after President Donald Trump implemented fresh reciprocal tariffs on 70 countries, including India.
With stock markets globally taking a plunge due to his tariff decisions and the US stocks also feeling the impact, US President Donald Trump on Monday urged people not to be "weak, stupid" and said they should be "courageous and patient" and the result "will be greatness".
The US stock markets tanked more than 5 per cent on Friday after Donald Trump's reciprocal tariffs sparked fear among investors of a global economic recession.
US stocks tumbled in after-hours trading as President Donald Trump delivered remarks at the Rose Garden and unveiled sweeping tariffs, according to a report by CNN.
The sell-off in the US stocks is not necessarily a signal that US economic risks have escalated significantly, but it has been because of the unwinding of extended positions in momentum and tech stocks, according to a report by UBS.
The rout on Wall Street began early, with all three major indexes opening in the red. US stocks witnessed a drop throughout the day, and despite a brief afternoon rally, they closed in the red.
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According to analysts, Indian stock markets experienced a sharp fall, tracking a sell-off in the US markets. Weak US manufacturing activity raised concerns that the economy might be slowing faster than anticipated.