China has responded strongly to the US's recently imposed tariffs by enacting a 34% additional tariff on all American goods. This countermeasure has sparked significant concerns about a potential global recession and has increased turmoil in financial markets, notably contributing to a loss of nearly $5 trillion in global market value. Analysts and leaders, including those from the Federal Reserve and IMF, warn about the implications of this trade war, indicating it may constrain global growth and spur inflation amid already sluggish economic conditions.
China's retaliatory tariffs against US imports aim to mirror Trump's aggressive tariff policies, generating fears of a global recession as financial markets experience turmoil.
The escalating trade war between the US and China is drawing warnings from the IMF, highlighting the risk of slowed global economic growth and higher inflation.
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