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Trump on Tariffs News Live Updates: Chinese President Xi Jinping said that his country is “not afraid of unjust oppression” amid the ongoing trade wars with the United States, which are a result of the tariffs imposed on China by US President Donald Trump. While speaking to Spanish Prime Minister Pedro Sanchez, Jinping said, “There are no winners in a trade war, and going against the world will only lead to self-isolation,” as per state broadcaster CCTV. This comes after US imposed a hefty 145 percent tariff on China, leading to global markets tanking and sparking fears of recession.
US stocks plummet amid trade wars: US stocks plummeted on Thursday, with the S&P 500 down 2.1% and the Nasdaq Composite index falling 2.7%, as investors weighed the impact of new US-China tariffs on the tech sector. The trade tensions escalated after President Trump raised duties on Chinese imports to 125%, prompting Beijing to retaliate with 84% tariffs, effective Thursday. This move marked a significant increase in the ongoing trade war, with President Trump having raised tariffs on Chinese goods by a total of 145% since taking office. The worsening trade war led to a 4% drop in US stocks in early afternoon trading.
Indian markets surge in early trade: While Western and Asian markets tanked on Thursday, India’s Sensex and Nifty soared in the early trade hours of Friday. This came shortly after the US administration decided to pause the imposition of tariffs on India and other countries by 90 days. The 30-share BSE benchmark Sensex jumped 1,210.68 points to 75,057.83 in early trade. The NSE Nifty surged 388.35 points to 22,787.50.
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