Trump's Tariffs Trigger Global Market Turmoil and Retaliation
Sweeping U.S. import tariffs take effect, sparking $6 trillion in stock losses, retaliatory measures from China and the EU, and fears of a global recession.
- President Donald Trump's 10% baseline import tariff is now in effect, with higher rates targeting specific countries set to begin on April 9.
- Global markets have lost over $6 trillion in value, with U.S. stock indices experiencing their worst week since the COVID-19 pandemic began in 2020.
- China has retaliated with a 34% tariff on U.S. goods, announced export restrictions on rare earth materials, and plans to file a WTO lawsuit.
- The EU is preparing $28 billion in retaliatory tariffs, while over 50 countries have reached out to the U.S. for trade negotiations.
- Economists warn of a 60% likelihood of a global recession this year, with fears of higher inflation and slower growth exacerbating economic uncertainty.
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