President Trump's announcement of global tariffs prompted swift retaliation from China, with plans to impose a 34 percent tax on American imports, particularly in agriculture. Financial markets reacted negatively, with the S&P 500 experiencing significant declines and fears of a prolonged trade conflict rising amongst investors. Notable figures like Ngozi Okonjo-Iweala of the WTO and Jerome Powell from the Federal Reserve expressed concerns over the potential for escalating trade tensions and the unpredictable economic landscape that may follow, including risks of inflation and slowed economic growth.
In the wake of President Trump's global tariffs, a possible trade war looms, prompting sharp market declines and retaliation from China.
China's response to U.S. tariffs includes a promised 34 percent tax on American goods, particularly affecting agricultural products.
Kicking off this economic face-off, global equity markets fell dramatically, reflecting investor fears of a prolonged trade conflict and its ramifications.
WTO's Ngozi Okonjo-Iweala warned against escalating trade retaliations while Fed's Jerome Powell highlighted the economic uncertainties and higher inflation risks.
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