Global stock markets dropped, with the dollar strengthening and oil prices rising, after President Trump imposed tariffs on imports from Canada, Mexico, and China.

Asian markets, particularly Taiwan, South Korea, and Japan, saw sharp declines, with Japan’s Nikkei Index falling 2.5%.

European markets were also hit, with the STOXX 600 index down 1.4%, and major carmakers’ stocks, including GM, Ford, Toyota, and Volkswagen, falling due to the disrupted supply chain.

Trump also hinted at new tariffs on the EU but may take a softer approach toward the U.K, NPR has reported.

The dollar strengthened against several currencies.

Written by B.C. Begley