Tensions between the US and China have escalated as China implemented a sweeping 34% tariff on all US imports and fresh export bans on rare earths. Analysts predict a prolonged trade war marked by mismatched negotiation styles between the nations' leaders, leading to detrimental impacts on global markets. Economists warn of potential hardships on American households and businesses due to increasing prices and market instability, raising concerns about an impending economic downturn fueled by reduced aggregate demand.
The intensifying spat between the world's two largest economies contributed to a worsening market rout globally.
Needless devastation by way of collateral damage all around will be hard to avert as aggregate demand slumps accentuated by a sharp drop.
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