China's recent 34% tariffs on US goods signify a major escalation in the ongoing trade tensions with the United States, impacting global markets. This move is part of a wider retaliation against President Trump's decision to heighten US tariff rates. The situation has led to severe market declines, with fears of a looming recession rapidly increasing. Notably, JP Morgan raised its recession probability forecast to 60% as markets crumble globally. Japan's Prime Minister described the tariffs as a 'national crisis', indicative of the widespread economic consequences.
China's announcement of a 34pc tariff on US goods marks the most serious escalation in a trade war, heightening recession fears globally.
With President Trump raising US tariffs to historical highs, global financial markets have plummeted, prompting nations to prepare for retaliatory actions.
JP Morgan has now increased the likelihood of a global recession to 60pc by year-end after the recent trade escalations.
The tariffs have been described as a 'national crisis' by Japan's Prime Minister, reflecting severe impacts on global markets.
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