China has retaliated with an additional 50% tariff on all U.S. imports, bringing the total to 84%, as global markets continue to plummet. The new measures are a response to President Trump’s latest round of tariffs, which went into effect overnight. China calls on the U.S. to cancel its tariffs and resolve differences through dialogue.
The Chinese finance ministry announced the fresh round of levies at midnight in China, or Wednesday noon Eastern time. The move sent Dow futures down over 700 points, with S&P and Nasdaq futures also falling sharply.
Global stock markets are experiencing a sharp downturn, with Europe’s major markets remaining nearly 12% lower than they were a week ago. Asia markets have also slumped, with Japan’s Nikkei closing down 4%, South Korea’s KOSPI falling 1.74%, and Taiwan’s composite index shedding 5.79%.
Despite the negative impact on Chinese goods, mainland China indexes closed up over 1%. Other countries are trying to negotiate with the U.S., including Japan, South Korea, Vietnam, and India. Trade negotiators from these countries will discuss trade agreements and other issues with the U.S.
Recession fears have been raised further by the continued volatility in America’s stock market, which has seen trillions of dollars in corporate value destroyed over recent days. The possibility of a global recession is now estimated at 60% by JP Morgan economists.
Source: https://www.npr.org/2025/04/09/g-s1-59092/asian-markets-tumble-trump-tariffs