- 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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