Nvidia's CEO Jensen Huang revealed that the company's revenue in China was slashed in half due to export controls, shedding light on the significant impact of trade restrictions on the tech giant's business operations in the Chinese market.
Markets were rattled as stocks and bitcoin plummeted due to fears surrounding President Trump's tariff plans, his aggressive cost-cutting mission, declining consumer confidence stemming from inflation worries, and the increasing alignment of cryptocurrency markets with traditional markets.
Amid escalating trade tensions and concerns about slowing growth, a rare inversion of the yield curve, with long-term rates dipping below short-term rates, has flashed a warning signal about a potential recession, though solid economic data suggests it may not be imminent.
Despite a temporary delay, President Trump vows to impose sweeping tariffs on imports from Canada and Mexico, claiming the U.S. has been exploited by foreign nations, and plans to enact 'reciprocal tariffs' as the pause on new tariffs ends next week.