Overview

• The US raised tariffs on Chinese imports to 145%, prompting China to respond with 125% tariffs on US goods, effective Saturday.
• China's President Xi Jinping seeks closer trade ties with the EU, urging collaboration against US trade policies he calls 'unilateral bullying.'
• Trump paused new tariffs for most trade partners for 90 days, but Chinese tariffs remain at unprecedented levels, intensifying tensions.
• US domestic backlash grows as Republican lawmakers warn of potential economic and political consequences, including rising consumer costs.
• Global markets face volatility, with experts warning of supply chain disruptions and risks of fragmented economic blocs.