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.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 30th, covering the latest developments you need to know.
Around 600 North Korean soldiers have been killed while fighting for Russia against Ukraine, according to South Korean lawmakers citing information from the country’s intelligence agency. The total number of North Korean troops deployed to fight alongside Russia is reported to be 15,000.
The Trump administration is reviewing possible changes to a Biden-era rule that restricts global access to advanced AI chips, including potentially scrapping the current system that divides countries into three tiers, according to three sources familiar with the matter.
President Donald Trump said on Tuesday he believes Russian President Vladimir Putin wants to end the war in Ukraine, even as missile strikes continue across the country.
President Vladimir Putin has signed a decree renaming Volgograd International Airport as Stalingrad, invoking Soviet wartime memory as Russia continues its war in Ukraine.
Russian drone strikes targeted the Ukrainian cities of Kharkiv and Dnipro late Tuesday, killing at least one person and injuring around 50 others, according to local officials.
A satellite developed by British scientists and engineers is poised to become the world’s first to capture three-dimensional measurements of Earth’s forests from space.
Operation in Iran’s Shahid Rajaei Port in the southern city of Bandar Abbas is back to normal after firefighters put off the deadly fire which broke out on Saturday, customs authorities said.
Germany’s Social Democratic Party (SPD) has approved a coalition agreement with the conservative Christian Democrats (CDU/CSU), securing the final step needed to form a new government under Chancellor-designate Friedrich Merz.
Political directors from France, Britain, and Germany are scheduled to meet with Iranian officials in Rome on Friday, according to two diplomatic sources who confirmed the meeting to Reuters.
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.
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.
A deadly explosion at Iran’s Bandar Abbas port has left at least 40 dead, with more than 1,200 people injured, state media reported on Sunday, halting operations at one of the country’s most vital trade hubs.
For three generations, the Liebigs built railcars in Görlitz. Now, the factory that shaped their lives will produce parts for battle tanks.
North Korea has launched a new 5,000-tonne destroyer as part of Kim Jong Un’s plans to expand the country’s naval power far beyond its coastal waters.
Online retail platform Temu has begun adding steep “import charges” of around 145% to orders shipped to the United States, a direct response to President Donald Trump’s newly imposed tariffs on Chinese goods, CNBC reported.
Saudi Arabia and Qatar have agreed to settle Syria's $15 million arrears with the World Bank, allowing the institution to resume grants for the country's reconstruction and support for its public sector.
IMF and World Bank meetings in Washington left global finance leaders with more questions than answers on the economic impact of U.S. tariffs. Discussions on trade and debt concerns highlighted growing uncertainty, as markets worry about the broader economic fallout.
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.
Russian drone strikes targeted the Ukrainian cities of Kharkiv and Dnipro late Tuesday, killing at least one person and injuring around 50 others, according to local officials.
A satellite developed by British scientists and engineers is poised to become the world’s first to capture three-dimensional measurements of Earth’s forests from space.
Operation in Iran’s Shahid Rajaei Port in the southern city of Bandar Abbas is back to normal after firefighters put off the deadly fire which broke out on Saturday, customs authorities said.
Germany’s Social Democratic Party (SPD) has approved a coalition agreement with the conservative Christian Democrats (CDU/CSU), securing the final step needed to form a new government under Chancellor-designate Friedrich Merz.
Political directors from France, Britain, and Germany are scheduled to meet with Iranian officials in Rome on Friday, according to two diplomatic sources who confirmed the meeting to Reuters.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment