It took just one 50-minute speech by US President Donald Trump to undermine global economic stability and raise the prospect of a recession, with China's countermeasures only amplifying the risk of a debilitating tit-for-tat trade war. But it said things could get worse if a tit-for-tat trade war began, and on Friday China announced retaliatory tariffs on US goods of 34 percent.

NEW YORK: Stock markets and the dollar tumbled Thursday (Apr 3) after President Donald Trump's latest worldwide tariff salvo fanned a trade war that many fear will spark recession and ramp up inflation. The dollar slumped by as much as 2.6 per cent versus the euro, its biggest intraday plunge in a decade,

US President Donald Trump's widest-ranging tariffs to date took effect Saturday, in a move which could trigger retaliation and escalating trade tensions that could upset the global economy.

Trump's widest-ranging tariffs to date took effect in a move which could trigger retaliation and escalating trade tensions.

Global markets plunged as Trump’s tariffs triggered a trade war escalation with China. The Dow fell over 2,000 points, crude prices tumbled, and investors feared an impending global recession.

Even as Trump's trade policies led to a bloodbath and panic not only in the US but global markets across Europe and Asia, a defiant Trump told his followers on Truth Social that it 'is a great time to get rich.'

Global markets have nose-dived as Trump’s 10% ‘baseline’ tariff came into effect today.

Following the US-China trade war, global investment firm J.P. Morgan said it now sees a 60% chance of the global economy entering recession by year end, up from 40% previously.