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.
President Donald Trump and Ukrainian President Volodymyr Zelenskyy met ahead of Pope Francis' funeral at the Vatican, according to sources.
China and Kazakhstan have reaffirmed their commitment to strengthening their permanent comprehensive strategic partnership, pledging to boost cooperation across key sectors during the second China-Kazakhstan Foreign Ministers' Strategic Dialogue in Beijing.
A highly accurate blood test that uses artificial intelligence to detect multiple cancers from just a few drops of blood is now entering clinical trials across the UK’s National Health Service.
A magnitude-6.3 earthquake jolted Ecuador’s Pacific coast near Esmeraldas early Friday, sending residents into the streets but causing no immediate damage or tsunami alert, according to the European-Mediterranean Seismological Centre.
In an expansive interview marking his first 100 days back in office, President Donald Trump sketched out an agenda that touches everything from punitive tariffs and China policy to cease-fire hopes in Ukraine and an overhaul of domestic programmes. Below are the highlights.
President Donald Trump and Ukrainian President Volodymyr Zelenskyy met ahead of Pope Francis' funeral at the Vatican, according to sources.
The global movement against sex trafficking has lost a key voice, as Virginia Giuffre, a prominent figure in exposing Jeffrey Epstein’s crimes, has died in Australia at the age of 41.
After weeks of no new infections, Uganda has officially brought its latest battle against the deadly ebola virus to a close, authorities announced on Saturday.
China and Kazakhstan have reaffirmed their commitment to strengthening their permanent comprehensive strategic partnership, pledging to boost cooperation across key sectors during the second China-Kazakhstan Foreign Ministers' Strategic Dialogue in Beijing.
Thousands of mourners and dozens of world leaders are attending the funeral of Pope Francis at St. Peter’s Basilica, following his death at age 88.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
China’s pivot away from U.S. liquefied petroleum gas under new tariffs is shaking global energy flows, slashing demand, and fuelling a scramble for alternatives across Asia, with Middle Eastern suppliers and rival buyers seizing the moment.
President Donald Trump on Thursday signed an executive order aimed at boosting the deep-sea mining industry, marking his latest attempt to boost U.S. access to nickel, copper and other critical minerals used widely across the economy.
Uzbekistan and Iran have agreed to establish a Joint Business Council aimed at fostering development of business ties and facilitating the resolution of issues between entrepreneurs from both countries.
Brussels has fined Apple and Meta over €700 million combined, launching its first crackdown under the Digital Markets Act aimed at curbing big tech’s power and boosting competition in the digital economy.
The Trump administration is considering reducing tariffs on Chinese imports, aiming to ease tensions with Beijing as trade negotiations continue, a source familiar with the matter said on Wednesday.
Iran informed China on Wednesday about ongoing nuclear negotiations with the US, expressing a commitment to diplomacy despite past setbacks and urging stronger bilateral cooperation under their 25-year strategic agreement.
President Donald Trump and Ukrainian President Volodymyr Zelenskyy met ahead of Pope Francis' funeral at the Vatican, according to sources.
The global movement against sex trafficking has lost a key voice, as Virginia Giuffre, a prominent figure in exposing Jeffrey Epstein’s crimes, has died in Australia at the age of 41.
After weeks of no new infections, Uganda has officially brought its latest battle against the deadly ebola virus to a close, authorities announced on Saturday.
China and Kazakhstan have reaffirmed their commitment to strengthening their permanent comprehensive strategic partnership, pledging to boost cooperation across key sectors during the second China-Kazakhstan Foreign Ministers' Strategic Dialogue in Beijing.
Thousands of mourners and dozens of world leaders are attending the funeral of Pope Francis at St. Peter’s Basilica, following his death at age 88.
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