Trump vows huge new China tariffs as markets nosedive

In his ‘Liberation Day’ speech, President Trump announced 34% in new tariffs against China, prompting Beijing to respond with 34% duties on US goods. Trump later threatened new 50% tariffs on China, causing global stocks to plummet for a third consecutive trading day, with Hong Kong experiencing a 13.2% collapse and the Dow Jones down 1.6% in the US. This escalation in the trade war has raised concerns about an international recession and drawn criticism from both domestic and international sources.

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