The discoveries of the New World had a profound impact on European trade by opening up new markets and introducing a variety of goods. Explorers like Christopher Columbus and later conquistadors established trade routes that allowed for the exchange of precious metals, such as gold and silver, back to Europe. This influx of wealth fueled European economies and contributed to the rise of capitalism. Additionally, crops like potatoes, tomatoes, and maize were introduced, revolutionizing European diets and agricultural practices. The resulting economic expansion led to increased competition among European nations and ultimately contributed to the colonial powers' expansion worldwide.