China raises retaliatory levies on U.S. items to 125% as greenback sinks

The week appears set to finish a lot because it started, with world markets convulsing as Trump’s tariffs increase fears of recession.

Asia-Pacific markets have been combined, with U.S. ally Japan’s Nikkei 225 shedding essentially the most at 2.96%. Hong Kong’s Cling Seng Index and China’s CSI 300 each ended the day greater earlier than China’s tariff enhance announcement.

In Europe, main markets have been all decrease, led by Germany’s Dax which was down virtually 1.7% in morning buying and selling.

The greenback fell to its lowest in 10 years in opposition to the Swiss franc and its lowest in six months in opposition to the yen, Reuters reported, because the euro reached its highest degree in opposition to the U.S. foreign money since February 2022 and gold hit one other file excessive.