Global stock markets experienced significant losses in March 2025, driven by fears of an escalating trade war due to President Trump’s upcoming reciprocal tariffs. Despite a late rally on Wall Street, with the S&P 500 rising by 0.55% and the Dow Jones gaining 1%, these gains did not offset the overall poor performance for the month. The S&P 500 suffered a 5.7% decline, marking its worst monthly fall since December 2022. European and Asian markets also faced steep declines, with Japan’s Nikkei dropping 4%. Analysts from Goldman Sachs have raised the probability of a U.S. recession to 35%, reflecting growing concerns about the economic impact of the impending tariffs.