On Friday, China announced a 34% tariff on U.S. goods, marking a significant escalation in the trade conflict with President Trump. This development exacerbated fears of a recession and led to sharp declines in global stock markets, with U.S. equities losing $2.4 trillion following U.S. tariffs. Meanwhile, the EU's trade commissioner stated that Europe would respond in a calm and coordinated manner to these developments, aiming to foster negotiations that would yield equitable outcomes for all parties involved. Additionally, analysts expressed skepticism regarding the US tariff plan's effectiveness.
China's new 34% tariffs on U.S. goods represent the most significant escalation in the ongoing trade war, heightening recession fears and causing major market declines.
U.S. stock futures dropped sharply after China's retaliatory tariffs took effect, with significant losses predicted for Wall Street amid escalating trade tensions.
The EU’s trade commissioner emphasizes a calm and unified response to the tariffs, highlighting the importance of negotiations to reach a fair deal for both sides.
Concerns were raised by James Lucier regarding the tariff plans, suggesting they lack serious consideration for effective negotiations and could complicate trade discussions further.
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