Global markets reel as Trump's tariffs take hold

The latest news on the United States. The latest wave of US tariffs took effect on Wednesday, most notably a 104% duty on Chinese goods, and has jolted financial markets, sparking widespread selling and intensifying fears of a looming recession.

As Washington presses ahead with its aggressive trade agenda, allies and rivals alike brace for impact, while investors scramble to reposition amid falling equities, unstable bonds, and a growing sense of economic unease.

Though some Asian markets showed signs of resilience thanks to state support, European and American futures point to further losses. Trump's rhetoric remains firm, suggesting more tariffs could follow, including on pharmaceuticals.