
The dollar and equity markets tumbled Thursday after President Donald Trump’s latest tariffs salvo against countries worldwide, fanning a trade war that many fear will spark recession and ramp up inflation. Oil prices plummeted around 4.5 percent, while safe-haven gold hit a new peak of $3,167.84 an ounce. Wall Street experienced its steepest decline since the onset of the COVID-19 pandemic, with Donald Trump’s tariffs contributing to a staggering loss of over $3 trillion in market value. The US dollar weakened significantly as investors sought refuge in gold, which reached all-time highs this week, reflecting rising concerns over economic stability and the impact of trade policies.