India, April 4 -- Indian shares fell sharply on Friday as U.S. President Donald Trump's broad tariff announcements stoked fears about the outlook for inflation and global growth.
According to UBS, the latest tariff measures unveiled by Trump may knock down U.S. economic growth by 2 percentage points this year and raise inflation close to 5 percent.
PMorgan has raised the probability of a global recession this year to 60 percent, from a previous 40 percent.
In the face of sweeping tariffs on imports to the U.S. it is feared that domestic sectors and companies with a meaningful portion of their revenues from the U.S. market will be hit hard.
Adding to investor anxiety, Trump said tariffs on pharmaceutical and semiconductor imports will be...