In recent days, global markets have been in turmoil following President Trump’s announcement of tariffs, followed by a 90-day pause for most countries except China. China has retaliated with tariffs on US imports, escalating tensions between the two largest economies. Trump’s sudden U-turn on tariffs led to a positive response in Asian markets, with stocks rising. However, the head of the World Trade Organization warned that the US-China tariff war could severely damage the global economy by cutting trade in goods between the two countries by 80%. China’s countermeasures against the US, including increased tariffs on all products, have already come into effect.
Vietnam and the US have agreed to start negotiations on a reciprocal trade agreement after Washington delayed imposing significant tariffs on Vietnamese exports. China’s economy is facing deflation, with consumer prices falling for the second consecutive month. Amidst the tariff war, China continues to stand firm, with state media sharing quotes from Mao Zedong emphasizing China’s resolve.
Japan has demanded a review of US tariffs, while Indonesia’s stock market responded positively to Trump’s tariff pause. Republicans are attempting to limit Congress’ power to overturn Trump’s tariff policy, while South Korea and Taiwan have expressed relief over the pause, stating that it provides breathing room for negotiations. The situation remains uncertain as both China and the US show no signs of easing tensions.
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