In response to Donald Trump’s first term as president, Xi Jinping, China’s leader, initiated a campaign to reduce China’s economic dependence on America. Chinese officials are hoping that a revival in domestic demand,

The penalties announced on Wednesday unleashed turbulence across world markets and drew condemnation from other leaders facing the end of an era of trade liberalization that has shaped the global order for decades.

Just days after Trump unveiled sweeping new “reciprocal” tariffs on imports from around the world, China levied a retaliatory 34% tariff on all US products starting April 10.

Asian shares slid further Friday after U.S. President Donald Trump’s tariffs sent shudders through financial markets at a level of shock unseen since the COVID-19 pummeled world markets in 2020. Trump announced a minimum tariff of 10% on global imports,

Mega-cap tech stocks led the rout, with Apple posting its worst two-day drop since March 2020. Financial stocks also suffered steep losses.