Global Markets Tumble as New Trade Deadlines Loom

Global financial markets saw steep declines on Thursday as investors braced for the expiration of key trade negotiations between the United States and the European Union. The Dow Jones Industrial Average fell more than 400 points in early trading, while European and Asian indexes also dropped sharply. The sell-off comes just hours before a midnight deadline for the two economic blocs to reach a new agreement on steel and aluminum tariffs. Analysts say a failure to secure a deal could trigger immediate retaliation tariffs on billions of dollars in goods. In other news, a powerful cyclone is moving toward the coast of Bangladesh, prompting evacuations of over 1 million people. Forecasters warn of destructive winds and storm surges. Meanwhile, the World Health Organization confirmed a new case of polio in a remote region of Afghanistan, the first reported there in over a year. On the technology front, social media giant Meta announced it will lay off 7% of its global workforce, citing a shift toward artificial intelligence investments. The company says affected employees will receive severance packages.