U.S. imposes tariffs on 57 nations, triggering global market turmoil

The United States has imposed reciprocal tariffs on 57 nations, including a staggering 104% tariff on Chinese goods, significantly escalating global trade tensions. This move has rattled financial markets, with the South Korean KOSPI index experiencing its lowest close since the 2009 financial crisis, and other Asian markets also suffering notable declines. In retaliation, China announced an 84% tariff on U.S. imports, further igniting fears of a trade war that could lead to a recession. President Trump's aggressive tariff strategy targets countries he deems 'worst offenders,' affecting up to 60 nations, and has prompted several countries, including Canada, to consider imposing their own tariffs. Analysts warn that these developments may lead to a broader economic fallout reminiscent of the 2008 financial crisis, with the S&P 500 nearing bear market territory. Central banks around the world are on alert as financial stability is threatened, underscoring the urgent need for a resolution to the trade conflict.