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Trump’s Sweeping Tariffs Spark Global Trade War and Market Chaos

The U.S. imposes historic tariffs as China retaliates, global markets plunge, and recession fears escalate.

A trader works on the floor of the New York Stock Exchange April 4, 2025, in New York. Wall Street stocks suffered another bruising sell-off April 4, as major indices slumped more than five per cent following President Donald Trump's aggressive tariff policies.
Containers are stacked at the Port of Los Angeles ,Wednesday, April 2, 2025, in Los Angeles. (AP Photo/Damian Dovarganes)
Image
A screen shows the Dow Jones Industrial Average after the close of trading on the floor at the New York Stock Exchange (NYSE) after the closing bell in New York City, US, April 4.

Overview

  • President Trump’s tariffs, including a 10% universal duty and higher rates for specific countries, have officially taken effect, marking the steepest trade barriers in over a century.
  • China has announced a 34% retaliatory tariff on all U.S. goods and export restrictions on rare earth elements, set to begin April 10, intensifying trade tensions.
  • Global stock markets have plummeted, with the U.S. losing $6 trillion in market value over two days and major indices entering bear market territory.
  • Economists and financial institutions, including JPMorgan, have raised U.S. recession forecasts to 60%, citing the tariffs as a significant economic shock.
  • President Trump remains defiant, urging Americans to ‘hang tough’ and defending the tariffs as essential for economic reform, despite mounting criticism and economic instability.