U.S stock markets tumbled yesterday as investors grew increasingly concerned about the economic impact of President Donald Trump’s tariffs.

The downturn followed Trump’s remarks during a Television interview, where he described the economy as being in a period of transition.

Despite efforts by top officials to reassure investors, the S&P 500 fell 2.7%, the Dow Jones dropped 2%, and the Nasdaq plummeted 4%, with major tech stocks such as Tesla, Nvidia, Meta, and Amazon suffering significant losses.

The dollar also continued its decline against the pound and euro.

Asian markets initially mirrored Wall Street’s slump but later recovered slightly, with Japan’s Nikkei 225 closing 0.6% lower and South Korea’s Kospi down 1.3%.

Meanwhile, European markets remained relatively stable, with the FTSE 100 and DAX 40 opening flat, while France’s CAC 40 saw slight gains.

White House spokesman Kush Desai who later defended Trump’s economic policies, claimed they had prompted trillions in investment commitments from industry leaders.