Global Stock Markets Tumble Amid Escalating US-China Tariff Tensions

Global trade war rattles markets, hits exports, boosts gold demand.

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Global stock markets extended their losses as China responded to US import taxes with retaliatory tariffs, deepening fears of an extended trade war.

Major US indexes opened nearly 3% lower on Friday, while European markets saw even sharper declines, with some companies suffering double-digit drops in share prices.

These losses followed Thursday's steep declines, as markets continued to absorb the uncertainty sparked by US tariffs. Traders remain concerned that the tariffs could drive up prices and dampen economic growth both in the US and globally.

China announced it would impose a 34% tariff on US goods starting 10 April, a move that has intensified fears of a prolonged trade conflict. According to China's finance ministry, the US tariffs on Chinese goods are "not in line with international trade rules."