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.
Iran has said that reaching an agreement with the U.S. to end the war does not mean Tehran will overlook what it describes as war crimes committed aga...
Russia has allowed some oil refineries to produce fuel with lower environmental standards for the domestic market as repeated Ukrainian attacks on ene...
The United Nations Security Council unanimously extended the United Nations Assistance Mission in Afghanistan (UNAMA) until 17 June 2027 in New York o...
The first day of the Group of Seven (G7) summit in Évian-les-Bains, France, was dominated by discussions on the Middle East, Ukraine and the global e...
The FIFA World Cup 2026 produced drama and surprises on 14-15 June, with Iran fighting back to draw 2-2 with New Zealand, Ivory Coast scoring a stoppa...
Russia has allowed some oil refineries to produce fuel with lower environmental standards for the domestic market as repeated Ukrainian attacks on energy infrastructure disrupt supplies, according to a report by the Russian newspaper Kommersant.
The United Nations Security Council unanimously extended the United Nations Assistance Mission in Afghanistan (UNAMA) until 17 June 2027 in New York on Monday, preserving its humanitarian, rights and political work.
The first day of the Group of Seven (G7) summit in Évian-les-Bains, France, was dominated by discussions on the Middle East, Ukraine and the global economy, as leaders grappled with multiple crises that have reshaped the international landscape.
The FIFA World Cup 2026 produced drama and surprises on 14-15 June, with Iran fighting back to draw 2-2 with New Zealand, Ivory Coast scoring a stoppage-time winner over Ecuador, Sweden thrashing Tunisia 5-1, and debutants Cape Verde holding Spain to a goalless draw.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
A senior U.S. official said on Monday that the memorandum of understanding linked to the U.S.-Iran agreement had been signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf.
Israeli Prime Minister Benjamin Netanyahu has told U.S. President Donald Trump that Israel does not consider itself bound by a Lebanon-related provision in an emerging agreement with Iran, according to Israeli officials.
Switzerland on Sunday rejected a referendum proposal to cap its population at 10 million, a projection showed, as voters prioritised economic stability and the country's ties with the European Union over immigration concerns.
At the start of 2026, something unusual happened in China's car market. BYD, the company that had spent years at the top of the domestic sales charts, was knocked off its perch by a rival.
Apple has unveiled a long-awaited upgrade to Siri, aiming to close the gap with technology rivals and emerging artificial intelligence firms in an increasingly competitive market.
ChatGPT maker OpenAI has confidentially filed for a U.S. initial public offering (IPO), the company said on Monday, joining rival Anthropic in a race to the stock market as investors seek exposure to the artificial intelligence boom.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
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