Washington: As US President Donald Trump's tariffs pressure markets worldwide, nine out of the world's richest 10 men lost around $370 billion in their collective fortunes since the beginning of the year.

According to Anadolu Agency, Trump's protectionism is fueling global uncertainties, with retaliatory steps from targeted countries maintaining perceived risk at a historic high. Washington's continuous tariff announcements have clouded global economic forecasts, while expected retaliations further solidify fears that trade wars will intensify.

World manufacturing hubs such as China, Vietnam, and Taiwan have been hit with high tariffs. These countries offer cheap labor and logistics, but the tariff costs are expected to overshadow the many benefits they provide. Concerns that the trade wars will deepen and products like chips will be targeted have supported the downward trend in tech stocks, impacting tech billionaires with significant losses.

Following Washington's tariffs on China, Beijing placed seven categories of medium and heavy rate metals on the export control list. These metals are used in a wide range of products, from weapons systems to nuclear reactors, and even batteries, chips, superconductors, and more. China, which produces nearly 90% of the 17 groups of rare earth elements, has reiterated its intention to leverage its global dominance by restricting the US.