Table of Contents

• China Tariff Retaliation

• U.S. Stocks

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China Tariff Retaliation

China announced plans to enact a 34% duty on American products starting April 10, in response to recent levies imposed by the Trump administration. Beijing criticized the U.S. move as a breach of global trade standards and harmful to worldwide economic stability. Alongside these tariffs, China added multiple American businesses to its unreliable entities and export control lists, targeting rare earth materials. The country also lodged a formal grievance with the World Trade Organization, accusing the U.S. of violating trade agreements. Analysts believe the escalating tensions could push China to deepen ties with alternative trade partners and introduce more measures to support its slowing economy. The tit-for-tat tariff exchange has contributed to growing instability in global financial markets.

U.S. Stocks

U.S. equities suffered a second consecutive day of steep declines on Friday after China imposed heavy tariffs in response to President Trump’s trade actions, deepening concerns of a global economic slump. The Dow dropped over 2,200 points—its worst day since mid-2020—while the S&P 500 slid nearly 6%, marking a 17% fall from recent highs. The tech-heavy Nasdaq entered bear territory, down more than 22% from its record. Major firms like Apple, Nvidia, and Tesla—heavily reliant on Chinese markets—led the losses, with Boeing and Caterpillar also sinking. Bond yields fell as investors sought safe havens, while volatility surged.

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