Global markets plunged after China retaliated against U.S. tariffs, deepening fears of a drawn-out trade war and economic fallout.
Stock market turmoil has deepened as China retaliated against tariffs announced by U.S. President Donald Trump, heightening fears of a prolonged trade war and wider damage to the global economy.
China imposed a 34 percent tariff on U.S. goods, marking its most significant countermeasure so far.
By the close of trading on Friday, the Dow Jones Industrial Average had dropped 5.5 percent, the Nasdaq Composite was down 5.8 percent, and the S&P 500 had fallen nearly 6 percent.
In total, the three major indices recorded their worst two-day slump since March 2020, when the COVID-19 pandemic first shook the global economy.
The sharp declines, which echoed losses in markets worldwide, came after Trump’s Wednesday announcement of sweeping reciprocal tariffs on nearly all U.S. trading partners. These included a baseline 10 percent tariff on most countries and targeted tariffs as high as 50 percent on more than 60 nations.
Trump, who has vowed to reshape the global trade order, dismissed concerns over market turbulence, instead highlighting the strength of the U.S. labor market.
Analysts say the tariffs, some of which are set to take effect as early as Saturday, amount to the largest tax increase in the United States since 1968.
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Elon Musk’s rocket company SpaceX has acquired his artificial intelligence firm xAI, as the billionaire moves to bring more of his technology businesses under one structure.
U.S. President Donald Trump said on Monday that talks with Iran are ongoing, while also saying U.S. lawmakers are close to resolving a partial government shutdown.
Ukraine’s negotiating team is heading to the United Arab Emirates for a second round of trilateral peace talks with Russia and the U.S., President Volodymyr Zelenskyy said late Monday.
France’s 2026 state budget has been adopted by parliament after Prime Minister Sebastien Lecornu survived two no-confidence motions, ending months of political stalemate that had paralysed fiscal decision-making.
U.S. President Donald Trump said on Saturday that the United States has begun negotiations with European leaders over Greenland and that an agreement is already taking shape.
The United States accused Cuba of interfering with the work of its top diplomat in Havana on Sunday (1 February) after small groups of Cubans jeered at him during meetings with residents and church representatives.
Dmitry Medvedev, said European countries have failed to defeat Russia in Ukraine and have instead inflicted serious economic damage on themselves, as he criticised EU policy, praised Donald Trump as a leader who seeks peace, and said Russia would “soon” achieve military victory in the war.
U.S. president Donald Trump said Iran is “seriously talking” with the United States and expressed hope that negotiations could lead to an outcome acceptable to Washington.
A daylight robbery at a jewellery shop in Richmond, one of London’s most affluent and traditionally quiet districts, has heightened security concerns among residents and local businesses.
U.S. stock markets finished mixed on Wednesday (28 January) as investors reacted calmly after the Federal Reserve left interest rates unchanged, a decision that had been widely expected and largely priced in.
The S&P 500 edged to a record closing high on Tuesday, marking its fifth consecutive day of gains, as strong advances in technology stocks offset a sharp selloff in healthcare shares and a mixed batch of corporate earnings.
Chevron is in talks with Iraq’s oil ministry over potential changes to the commercial framework governing the West Qurna 2 oilfield, one of the world’s largest producing assets, after Baghdad nationalised the field earlier this month following U.S. sanctions imposed on Russia’s Lukoil.
Argentina's economic activity shrunk 0.3% in November compared with the same month last year, marking the first monthly contraction of 2025, data from Argentina's national statistics agency showed on Wednesday.
Wall Street closed sharply lower on Tuesday as global markets fell after U.S. President Donald Trump’s new tariff threats against Europe unsettled investors and revived fears of renewed volatility.
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