Shares retreated Friday in Europe and Asia, with benchmarks in Japan, Hong Kong and South Korea tumbling more than 2% as U.S. President Donald Trump’s decision to push ahead with 25% tariffs on imports from Mexico and Canada and to double tariffs on Chinese products to 20% left investors reeling.

An upbeat tone is seeping into markets as investors dig into Nvidia's quarterly earnings beat, which signaled plenty of scope for growth.

U.S. stock indexes are slumping further from their records as Wall Street’s frenzy around artificial-intelligence technology weakens some more. The S&P 500 fell 1% Thursday and was on track for