US President Donald Trump has escalated trade tensions with China by imposing new “reciprocal” tariffs reaching 104% on Chinese goods, leading to a global trade war and causing market disruptions. The introduction of these tariffs, starting with duties on fentanyl and escalating with retaliatory actions, has resulted in a significant drop in stock markets and raised concerns about a potential recession. The implementation of these tariffs is anticipated to result in higher consumer prices, further impacting the global economy.