US markets have plunged due to new tariffs, with the US 500 down 1.8% and the tech-heavy US Tech 100 losing 2.6%. The technology and automotive sectors are particularly affected, with companies like Nvidia and Tesla facing significant stock declines. Global markets, including Japan and Europe, are also reacting negatively, highlighting the widespread impact of US trade policies. Currency and commodity markets are experiencing volatility, with crude oil prices hitting yearly lows. The Federal Reserve is expected to cut interest rates in response to these economic challenges, as investors brace for potential retaliatory measures and prolonged trade disputes.