U.S. President Donald Trump’s big raise in tariffs has triggered an escalating trade war and sent global markets plummeting.

China hit back with a stiff import tax on US goods as countries and industries around the world weighed their responses to President Donald Trump’s latest tariffs hikes that are roiling global trade and world markets.

Markets are facing their worst crisis since the COVID crash after China matched President Donald Trump’s big raise in tariffs in the U.S. president’s escalating trade war.