Tariffs ring recession alarm

The global trade war further escalated Friday as China retaliated against the US by raising its tariffs on American imports to a whopping 125 per cent.

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The US has imposed 145 per cent tariffs on China. This reciprocal action poses a significant threat to global supply chains and could potentially push the world toward a recession. China’s response has deepened the economic instability triggered by US President Donald Trump’s tariffs, causing markets to decline further and leaving foreign leaders grappling with how to address the most significant disruption to the global trade system in decades. Analysts warn that these reciprocal tariff increases could render trade between the two largest economies in the world nearly impossible, a trade that was valued at over $650 b