Global markets are experiencing significant declines as new tariffs imposed by the Trump administration on Mexico, Canada, and China come into effect. European stocks and oil prices have dropped sharply, with auto stocks witnessing substantial losses. Investors are growing increasingly concerned about the implications of the trade war, prompting fears of a potential economic slowdown. Despite a rally in some Asian markets, overall sentiment remains cautious as traders assess the impact of these tariffs and seek clarity on future trade policies.