Global Market Turmoil: Impact of Escalating U.S.-China Trade Tensions

Commodities, including oil and soybeans, plummeted as China retaliated against U.S. tariffs, sparking fears of a global trade war. Key economic indicators suffered, with Wall Street experiencing significant selloffs and broader market instability amid escalating tensions between the two largest economies.

Oil prices dropped nearly 8% on Friday, reaching their lowest level since 2021. Other commodities, such as copper and soybeans, also experienced declines as China retaliated against U.S. tariffs.

In response to President Trump's 10% tariff on U.S. imports, China imposed a 34% levy on American goods, escalating trade tensions.

This move intensified fears of a global trade war that could hinder economic growth, affecting demand for essential commodities like oil and soybeans.

(With inputs from agencies.)