China has imposed a new 125% tariff on American imports, escalating the global trade tensions sparked by US President Donald Trump’s tariffs. The White House has vowed to “hit back harder” when the US is hit.
The news comes as Wall Street indexes and Asian markets opened to lows on Friday, while UK stocks were slightly up. More than 75 countries have reached out to the US for trade deals, according to White House press secretary Karoline Leavitt.
However, some experts are warning of a growing recession. Blackrock CEO Larry Fink has stated that the US is “very close” to entering a recession now. The situation remains fluid and will be closely watched in the coming days as more countries respond to the escalating trade tensions.
Source: https://news.sky.com/story/tariffs-latest-china-accuses-us-of-economic-bullying-over-latest-trade-threat-musk-asked-trump-to-reverse-tariffs-13209921