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.
U.S. President Donald Trump sought a deal with Iran "out of deperation," Iranian Supreme Leader Mojtaba Khamenei has said, in a statment on social me...
The leader of an extremist group that carried out so-called "Sharia patrols" targeting people suspected of drinking alcohol in Russia's Kabardino-Balk...
The U.S. has announced new visa restrictions targeting individuals it says are undermining peace efforts in Ethiopia, focusing on hardline members of ...
A Ukrainian drone strike has hit an oil refinery in south-east Moscow for the second time in three days, triggering a major fire, disrupting flights a...
The European Parliament has adopted one of its strongest resolutions on Georgia to date, calling for the release of political prisoners, backing sanct...
The leader of an extremist group that carried out so-called "Sharia patrols" targeting people suspected of drinking alcohol in Russia's Kabardino-Balkarian Republic has been sentenced to four years and three months in a penal colony.
The U.S. has announced new visa restrictions targeting individuals it says are undermining peace efforts in Ethiopia, focusing on hardline members of the Tigray People's Liberation Front (TPLF) and their immediate family members amid rising tensions in the country's north.
A Ukrainian drone strike has hit an oil refinery in south-east Moscow for the second time in three days, triggering a major fire, disrupting flights across the Russian capital and highlighting growing vulnerabilities in the country's energy infrastructure.
The United Arab Emirates has introduced a minimum age of 15 for social media use, becoming the first country in the Arab world to impose such a restriction amid growing global concerns about the impact of digital platforms on children.
Donald Trump has said the U.S. will resume bombing Iran if Tehran doesn't "behave," at the sidelines of the G7 summit in France. Earlier, the U.S. President criticised Israel for its tactics against Hezbollah, saying it was unnecessary to bomb entire apartment buildings to tackle militants.
U.S. President Donald Trump sought a deal with Iran "out of deperation," Iranian Supreme Leader Mojtaba Khamenei has said, in a statment on social media. Khamenei added that he himself "held a different view," to Trump, but allowed the agreement after receiving assurances from Iran's President.
A cyber extortion group has claimed it stole more than a terabyte of data from Danish pharmaceutical giant Novo Nordisk after the company allegedly refused to pay a $25 million ransom.
American technology company Snap has launched its first augmented-reality (AR) glasses for consumers, marking a major push into wearable computing as tech firms race to redefine personal devices in the AI era.
Britain has announced an additional £8 million ($11 million) to help Pakistan combat illegal migration, human trafficking and organised crime, while praising Islamabad's role in diplomacy that helped secure the recent U.S.-Iran agreement.
The leader of an extremist group that carried out so-called "Sharia patrols" targeting people suspected of drinking alcohol in Russia's Kabardino-Balkarian Republic has been sentenced to four years and three months in a penal colony.
The U.S. has announced new visa restrictions targeting individuals it says are undermining peace efforts in Ethiopia, focusing on hardline members of the Tigray People's Liberation Front (TPLF) and their immediate family members amid rising tensions in the country's north.
A Ukrainian drone strike has hit an oil refinery in south-east Moscow for the second time in three days, triggering a major fire, disrupting flights across the Russian capital and highlighting growing vulnerabilities in the country's energy infrastructure.
The United Arab Emirates has introduced a minimum age of 15 for social media use, becoming the first country in the Arab world to impose such a restriction amid growing global concerns about the impact of digital platforms on children.
Russian President Vladimir Putin has welcomed the recent agreement between the U.S. and Iran, saying it could help stabilise the Middle East and ease pressure on global energy and food markets.
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