Trade Turmoil: China's Retaliatory Tariffs Escalate Global Economic Tensions

China imposed new tariffs on U.S. goods, intensifying the trade war and spurring fears of a global recession. The move follows U.S. tariff hikes, which rattled stock markets worldwide and drew responses from other nations. Economic uncertainty looms as negotiations remain contentious.

China's announcement of a 34% tariff on U.S. goods marks a new escalation in the trade war, with severe repercussions for the global economy. This move comes after U.S. President Donald Trump's decision to raise tariffs to historic levels, sparking widespread market chaos.

Beijing has also imposed export controls on rare earths and labeled 11 U.S. entities as unreliable, further straining relations. Meanwhile, the U.S. economy faces significant turmoil, with key sectors like technology experiencing steep declines due to the bilateral tensions.

Despite reassurances from the White House about the long-term benefits of this trade stance, the immediate financial ripple effects signal volatility and uncertainty. Key global players, including Canada and Japan, are also preparing retaliatory measures, underscoring the potential for escalating international conflict.

(With inputs from agencies.)