Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods and raising the stakes in a trade war that threatens to up-end global supply chains.
the 's retaliation intensified the economic turmoil unleashed by Trump's tariffs, which has seen markets tumbling and foreign leaders puzzling how to respond to the biggest disruption to the world trade order in decades.
U.S. markets opened lower on Friday. The Dow Jones Industrial Average fell 100.2 points at the open, while the S&P 500 fell 12.5 points at the bell.
"Recession risk is much, much higher now than it was a couple weeks ago," said Adam Hetts, global head of multi-asset at Janus Henderson.
The U.S. administration was sticking to its guns on Friday, touting its discussions with a number of countries on new trade deals which it says will justify its dramatic upheaval in policy.
"We are doing really well on our TARIFF POLICY. Very exciting for America, and the World!!! It is moving along quickly," Trump posted on social media on Friday.
However, the tit-for-tat tariff increases by the U.S. and China stand to make goods trade between the world's two largest economies impossible, analysts say. That commerce was worth more than $650 billion in 2024.
Global stocks fell, the dollar slid and a sell-off in U.S. government bonds picked up pace on Friday, reigniting fears of fragility in the world's biggest bond market. Gold, a safe haven for investors in times of crisis, scaled a record high.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
For the first time in history, an American has been chosen to lead the Catholic Church, as Cardinal Robert Prevost is named pope.
Discover every major VE Day 80 event in Britain, 5‑8 May 2025—from London’s parade and fly‑past to street parties, concerts and museum exhibitions.
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
A new rose has been named after Catherine, Princess of Wales, to promote the healing benefits of nature.
A fragment of the Soviet spacecraft Kosmos 482, launched in 1972, is expected to crash back to Earth between 9 and 10 May, according to space agencies monitoring its re-entry.
FIFA has approved a major expansion of the Women’s World Cup, increasing the number of participating teams to 48 starting from the 2031 edition.
Mexico is suing Google for disregarding repeated requests to stop referring to the Gulf of Mexico as the "Gulf of America" for U.S. users on Google Maps.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
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