Indian markets took a major hit on Monday, 7 April 2024, after US President Donald Trump announced tariffs on all countries. The world is shaken by the fear of a growing trade war, and at least 50 countries have reached out to the White House for talks.

Both the benchmark indices Nifty and Sensex fell by nearly 3%. Sensex crashed 2226.79 points to 73,137.90 on Monday, while Nifty tumbled 742.85 points to 22,161.60.

Among those worse-hit shares were those of IT companies, which earn significant revenue from the US. Tata Steel plunged over 9%, while Tata Motors fell more than 8%. Other major losers included Larsen & Toubro, HCL Technologies, Kotak Mahindra Bank, Infosys, ICICI Bank, Axis Bank, Reliance Industries, and Adani Ports.

Global markets have been tumbling since President Trump’s sweeping tariff announcement, sparking fears of a global trade war. Countries like China, Canada, and Mexico are already planning retaliatory actions. Both the Chinese and Japanese markets dropped 10% and 8% respectively, while the US S&P 500 fell 6% and the Dow Jones plunged over 2,000 points—its worst week since the COVID-19 crisis. China plans to impose 34% tariffs on all US imports starting April 10. Analysts warn that these rising tariffs could fuel inflation, squeeze corporate profit margins, and trigger slower global growth. The Nasdaq slipped into bear market territory, with commodities and oil prices also plummeting amid heightened uncertainty.