Trump Doubles Tariffs, Escalates China Trade Dispute

Former President Donald Trump accused China of violating a recent U.S.-China trade agreement that paused most new tariffs for 90 days and announced a doubling of steel and aluminum tariffs to 50%. Trump claimed China failed to honor the deal's terms without providing specific details. U.S. officials, including Treasury Secretary Scott Bessent, acknowledged that trade talks are stalled and suggested Trump and Chinese President Xi Jinping might intervene directly. China criticized the U.S. for 'discriminatory restrictions' and 'abuse of export control measures,' particularly targeting the semiconductor industry, and urged Washington to uphold the consensus reached at recent Geneva talks. The escalating dispute has caused significant declines in both stock indices and cryptocurrencies. The situation highlights the ongoing fragility in U.S.-China economic relations and the widespread global market impact.