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China hits back hard at ‘bullying’ Trump tariffs as global recession fears grow (www.theguardian.com)

submitted 1 month ago by geneva_convenience@lemmy.ml to c/worldnews@lemmy.ml

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China has hit back hard against Donald Trump’s “bullying” tariffs, raising fears that the escalating trade war could trigger a global recession and prompting fresh turmoil in financial markets.

Beijing retaliated on Friday with punitive 34% additional tariffs on all goods imported from the US – mirroring the US decision and exacerbating a sell-off on global stock markets.

Almost $5tn (£4tn) has been wiped off the value of global stock markets since Trump’s Rose Garden address on Wednesday evening, analysts calculated.

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[–] SatansMaggotyCumFart@lemmy.world 16 points 1 month ago (1 children)

Walmart's low low price are in trouble with these tariffs!

Hopefully the government bails out the Waltons so they can keep trickling down on us.

[–] miss_demeanour@lemmy.dbzer0.com 4 points 1 month ago

Trump is letting Wally buy Tik Tok.