In a significant downturn, global stock markets have fallen sharply as the much-anticipated tariffs implemented by former President Trump come into effect. The Dow Jones dropped nearly 650 points, with worries escalating over the economic impact of these tariffs on the U.S. economy. European auto stocks were particularly hard hit, sinking as tariffs were imposed on imports from Mexico and Canada. As a result, European markets recorded their worst day in over six months, with losses amounting to €367 billion. Meanwhile, Asian stocks also felt the pressure, as indices like the Hang Seng and Nikkei 225 experienced declines. Investor sentiment remains mixed across Asia, showing concern over the retaliatory measures from China and the potential for a wider trade war. Furthermore, emerging market currencies are experiencing volatility amid these escalating tensions.