Asian markets experienced a significant downturn after Wall Street's steep losses driven by U.S. President Trump’s tariff increases and China's retaliatory measures. Futures for major U.S. indices indicated further declines, and Asian indices saw drops up to 8%. With commodities like oil and copper also falling sharply, concerns over a potential global recession heightened. China's Commerce Ministry announced plans for equivalent tariffs on U.S. imports, exacerbating fears that the trade conflict between the world's largest economies could lead to a widespread economic downturn.
The S&P 500 plummeted 6% and the Dow plunged 5.5%. The Nasdaq composite dropped 5.8% amid escalating tensions from tariffs.
China matched President Trump's tariff hikes, further escalating the trade war, prompting fears of a recession that could affect global markets.
Oil prices sank, with U.S. benchmark crude down 4% to $59.49 per barrel, reflecting broader concerns over the global economy amid trade tensions.
The central question looking ahead is: Will the trade war cause a global recession, affecting the world's two largest economies?
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