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Wall Street Stumbles as Trump’s Tariff Threats Rattle Global Markets

U.S. stock markets kicked off the week in the red as renewed trade tensions sparked by former President Donald Trump sent shockwaves through Wall Street. The Dow Jones Industrial Average tumbled over 400 points, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9% respectively. The sell-off followed Trump’s announcement of sweeping new tariffs set to take effect on August 1. In a series of public letters posted to social media, Trump warned that countries including Japan, South Korea, South Africa, and Malaysia would face levies ranging from 25% to 40% unless trade agreements are finalized by a self-imposed July 9 deadline. Adding to the market jitters, Trump declared that any nation aligning with the “Anti-American policies of BRICS” would be hit with an additional 10% tariff, escalating tensions with key trading partners like China and India. The tech sector bore the brunt of the downturn, with Tesla shares plunging nearly 7% amid political controversy surrounding CEO Elo...
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Taiwan Struck by Powerful Earthquake: What We Know So Far

 


Taiwan was rocked by a magnitude 7 earthquake on Wednesday, marking the strongest seismic event to hit the island in 25 years. The impact has been significant, with nine fatalities, nearly 900 injuries, and 77 people still trapped in tunnels and collapsed buildings.

Key Details:

  • When: The powerful earthquake struck the east coast of Taiwan at 7:58 a.m. local time (23:58 GMT).
  • Aftershocks: At least 58 aftershocks followed, with one reaching a magnitude of 6.5.
  • Building Damage: 26 buildings collapsed, including 15 in Hualien City. Another building fell in Changhua County on the west coast.
  • Tsunami Warnings: Initial tsunami warnings were issued for Taiwan, southern Japan, and the Philippines, but all were later lifted.
  • Landslides: The earthquake triggered nine landslides on Suhua Highway in Hualien.
  • Epicenter: The epicenter was located about 18 km (11 miles) southwest of Hualien City, which is on the island’s east coast along the Pacific Ocean.
  • Tourist Hub: Hualien City is popular with international tourists as the gateway to Taroko Gorge, one of Taiwan’s most scenic spots.
  • Previous Quake: Hualien City experienced a deadly earthquake in 2018, which caused the collapse of a historic hotel and other structures.

Victims and Rescue Efforts:

  • Fatalities: At least nine people lost their lives, while 77 remain trapped.
  • Injuries: 882 people have been confirmed injured, with 132 in Hualien County.
  • Tragic Incident: Three individuals were killed while walking along the Dekalun Trail in Taroko National Park.
  • Truck Driver: A truck driver was killed when a boulder struck their vehicle on the Suhua Highway.

The exact intensity of the earthquake remains uncertain, with the Japanese weather agency estimating a magnitude of 7.7, while Taiwanese authorities put it at 7.2.

Our thoughts are with the victims and their families during this challenging time. Emergency responders continue their tireless efforts to rescue those still trapped and provide aid to the affected communities. 

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