Wall Street plunged into chaos this week as aggressive U.S. tariffs sparked one of the worst trading slumps in years. The Nasdaq sank into bear territory , while the Dow and S&P 500 dropped sharply. Tech giant Apple, reliant on Chinese manufacturing, faced heavy losses, alongside retailers like Walmart and Nike.
Retaliation in Motion
China fired back with retaliatory tariffs (34% on select U.S. goods) and rare earth export restrictions . The EU, U.S. allies like Australia, and Canada also condemned the move, with Europe preparing countermeasures on American steel. "This is not the act of a friend," said Australian PM Anthony Albanese.
America vs. the World?
Analysts warn the tariffs risk fueling global protectionism. "The U.S. was the biggest beneficiary of the system it now calls unfair," noted CGTN analyst Wei Nanzhi. Experts say higher U.S. consumer prices and disrupted supply chains are inevitable. With no quick fixes, markets brace for more turbulence .
, while the Dow and S&P 500 dropped sharply. Tech giant Apple, reliant on Chinese manufacturing, faced heavy losses, alongside retailers like Walmart and Nike.
. The EU, U.S. allies like Australia, and Canada also condemned the move, with Europe preparing countermeasures on American steel. "This is not the act of a friend," said Australian PM Anthony Albanese.
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