Global Markets Shudder as US-China Trade War Escalates

Asian shares plummeted following US President Trump's tariff hikes and retaliatory measures from China. Major indices, including the S&P 500 and Dow Jones, saw significant drops. The ongoing trade war between the US and China, two of the largest global economies, raises concerns of a potential recession.

Asian markets took a hit on Monday, mirroring Friday's dramatic downturn on Wall Street following US President Donald Trump's tariff escalation, which was met with swift retaliation from Beijing. Futures for major US indices signaled further declines, with the S&P 500, Dow Jones, and Nasdaq all showing significant percentage losses.

Market turbulence was not confined to equities, as oil prices also experienced sharp declines. This downturn underscores growing concerns over a global recession, exacerbated by escalating tariffs between the world's two largest economies. Despite a strong US jobs report, the fallout from the trade war overshadowed economic gains.

The trade conflict's ripple effects were felt globally, with the Commerce Ministry in Beijing unveiling its 34% retaliatory tariff, matching the US's recent hike. As discussions on the global economic impact continue, the looming question remains: will this trade war trigger a worldwide recession?

(With inputs from agencies.)