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The Independent UK
The Independent UK
National
Karl Matchett and Andy Gregory

China hits US with massive tariffs - here’s how the markets reacted

China United States Donald Trump
  • China announced a 34 per cent tariff on all US goods in retaliation to tariffs imposed by Donald Trump.
  • The FTSE 100 experienced a significant drop, reaching its lowest point since December, following the tariff announcement.
  • Global markets experienced significant turbulence, with the S&P 500 recording its largest single-day loss since March 2020.
  • Nasdaq entered a bear market, dropping over 20 per cent from its December peak.
  • JP Morgan increased its global recession prediction to 60 per cent due to the tariffs.

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