China vowed not to succumb to U.S. "blackmail" amid escalating trade tensions, with Beijing planning to fight back if the U.S. continues to raise tariffs.
President Trump threatened to increase tariffs on Chinese imports to over 100% in retaliation for China’s reciprocal duties.
China’s Commerce Ministry called U.S. actions a "mistake on top of a mistake" and accused the U.S. of blackmailing.
The global trade war sparked fears of a recession, causing stock markets to fall sharply, although they stabilized somewhat on Tuesday.
The European Union proposed its own counter-tariffs in response to Trump’s tariff actions affecting multiple countries.
After days of heavy losses, global stock markets showed signs of recovery, with Japan's Nikkei index rising 6%.
Trump argued that the tariffs would help the U.S. regain its industrial base, stating it’s the only way to "reset the table" in trade relations.
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