Global markets tumble, oil prices drop as tariff tensions escalate,

In Asia, Taiwan’s TAIEX index and Hong Kong’s Hang Seng have both plunged nearly 10 percent, while Japan’s Nikkei 225 has dropped almost 9 percent. These sharp losses reflect growing concerns among investors about the impact of the tariffs.

The oil market is also feeling the strain, with both Brent and WTI futures seeing a nearly 4 percent decrease in value.

Analysts attribute this decline to fears of an impending recession, which could reduce global demand for oil.

In response to the market downturn, the OPEC+ group, consisting of the Organisation of the Petroleum Exporting Countries and its allies, has announced plans to increase oil output by 411,000 barrels per day starting in May, despite the ongoing market volatility.

The geopolitical tensions at the heart of these market fluctuations have been exacerbated by Trump’s recent statements on Truth Social, where he defended his sweeping tariffs.

He claimed that the tariffs are bringing “billions of dollars a week” into the U.S. government, pointing out that countries like China, which have long imposed similar tariffs on U.S. goods, are now being targeted by his measures.

Trump also blamed China for retaliating with a 34 percent tariff on U.S. products, warning that this could escalate into a full-blown trade war.

Despite concerns from analysts that the tariffs could lead to rising costs and inflation, Trump insisted that his tariffs have had no inflationary impact on the U.S. economy.

He also reiterated his call for the Federal Reserve to cut interest rates to stimulate economic growth.

In Russia, a nation that heavily depends on oil revenues, economic officials are closely monitoring the situation. The Kremlin has labeled the ongoing trade tensions as “very tense,” reflecting the strain these developments are placing on oil-exporting countries.