The Milan stock exchange has experienced severe declines amid concerns over potential global recession following the imposition of tariffs by former President Donald Trump. The FTSE Mib index fell by 3.6% by the end of trading on April 3, 2025, and further plunged by 7.1% during mid-trading on April 4. Bank stocks were particularly affected, with many experiencing declines of over 10%. The downturn in Milan reflects broader turmoil in European markets, which are reacting negatively to the announcement of U.S. tariffs and fears of a trade war. In the U.S., major indices also opened lower, with the Dow Jones Industrial Average down by 2.22%, the Nasdaq down by 2.72%, and the S&P 500 down by 2.42%.