Global markets faced steep declines this week as the U.S. unleashed fresh tariffs, igniting fierce international condemnation and investor panic. Wall Street recorded its sharpest two-day drop in years, with the Nasdaq plunging into bear market territory and the Dow Jones Industrial Average sinking nearly 9%. Tech giant Apple led the sell-off, impacted by its reliance on Chinese manufacturing, while retail heavyweights like Walmart and Nike also faltered.
Global Markets in Turmoil
Asia and Europe mirrored the volatility, with major indices tumbling amid concerns over escalating protectionism. Analysts warn the tariffs could disrupt supply chains, raise consumer prices, and stifle economic growth worldwide. A CGTN survey revealed 85% of respondents believe the measures harm U.S. interests, criticizing them as “economic bullying.”
Nations Unite Against Tariffs
China announced retaliatory tariffs of 34% on select U.S. goods and rare earth export restrictions, calling the U.S. actions “unilateral bullying.” The EU finalized countermeasures targeting American steel, while Britain, Australia, and Canada condemned the tariffs. European Commission President Ursula von der Leyen warned of “immense consequences,” urging firms to rethink U.S. investments.
Beijing-based scholar Wei Nanzhi noted the U.S.-led global order it now rejects had long benefited Washington. “Tariffs won’t repatriate manufacturing overnight,” she cautioned. Economic expert Cui Fan added rising domestic costs and policy instability could deepen U.S. economic strains.
