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(Reuters) -Shares of U.S. banks tumbled to multi-month lows on Thursday, after President Donald Trump's sweeping tariffs plan sparked fears of a recession and a slowdown in consumer spending that could hurt earnings. Citigroup fell over 12%, while Bank of America sank 11%. Morgan Stanley, Goldman Sachs and Wells Fargo fell over 9% each.

Treasury yields tumbled on Thursday to a nearly 6-month low a day after President Trump announced sweeping tariffs that shook stock markets around the world.

The Federal Reserve's fight against inflation just got more complicated as President Donald Trump's tariffs could push up inflation and increase the chances of a recession, economists said.

SINGAPORE/LONDON (Reuters) -Emerging economies worldwide are bracing for sliding currencies and a possible deterioration of their sovereign credit after U.S. President Donald Trump's tariffs brought levies on U.S. imports to their highest levels in 100 years. It could mark a negative turning point for emerging market debt just as many nations had hoped to lure investments after years of risk aversion. "We are immediately concerned by the potential impact of the severe tariffs imposed on a range of emerging economies — an approach which risks further damaging the development prospects of countries already facing worsening terms of trade," said John Denton, Secretary-General of the International Chamber of Commerce.

Domestic carmakers' shares fell Thursday morning after auto-specific tariffs took effect at midnight.

(Bloomberg) -- Roughly $1.7 trillion was erased from the S&P 500 Index at the start of trading on Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession.Most Read from BloombergMetro-North Is Faster Than Acela on NYC-New Haven Route After Signal UpdatesLondon Clears Final Hurdle for More High-Speed Trains to EuropeLocal Governments Vie for Fired Federal WorkersChicago School District Agrees to Minimum 16% Teacher Pay RaiseThe d

Trump's new universal tariffs ripple through global markets, driving volatility higher and accelerating investor migration toward Bitcoin, stablecoins, and offshore crypto assets.