Global Markets Tumble as Trump Launches Trade War with 104% Tariff on Chinese Imports

Global Markets Tumble as Trump Launches Trade War with 104% Tariff on Chinese Imports

Global stock markets took a major hit today following former U.S. President Donald Trump’s declaration of a "war with the world," marked by the implementation of sweeping new tariffs, including a staggering 104% levy on Chinese imports.

The FTSE opened with a 2% drop as financial markets reacted to the disruption of long-standing global trade practices, with growing fears of a looming recession. The shockwaves extended across continents Japan’s stock index, for instance, plunged over 5% overnight as concerns about a full-scale trade war escalated.

The tariffs officially took effect at midnight Washington time, sparking anxiety among international trade partners and businesses that rely heavily on access to the U.S. market.