Global stock markets took a nosedive as China responded to the US with imposing new tariffs, sparking concerns of a worldwide economic downturn. The S&P 500 faced its most substantial decline since 2020, accompanied by significant drops in the Dow and Nasdaq. US businesses heavily reliant on China witnessed substantial losses amid the escalating trade tensions. The retaliatory actions between the two economic giants have sent shockwaves through the financial markets, with investors on edge about the potential ramifications. The uncertainty surrounding the trade war has created a sense of unease among market participants, leading to heightened volatility and widespread sell-offs. The situation remains fluid as both countries continue to engage in a tit-for-tat battle, impacting not only their economies but also sending ripples across global markets. Stay tuned for more updates on this evolving economic landscape.