On Friday, China imposed additional tariffs of 34% on U.S. goods, marking a significant escalation in the ongoing trade war initiated by President Trump. This move has raised concerns about a recession, reflected in a downturn in global stock markets. In response, Japan's Prime Minister characterized the situation as a 'national crisis.' Meanwhile, JP Morgan updated its recession forecast to a 60% likelihood by year-end. Countries worldwide are preparing retaliatory measures as the trade conflict deepens and affects financial stability.
China's announcement of a 34% tariff on U.S. goods escalates the trade war, causing fears of recession and a global stock market downturn.
The additional tariffs lead to worries that the world economy could face a recession, with JP Morgan raising the likelihood to 60% by year's end.
Japan's Prime Minister described the tariffs as creating a 'national crisis,' reflecting the broader economic impact of U.S. trade policies.
Global nations are bracing for retaliatory measures as the trade war intensifies, impacting financial markets worldwide.
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