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illuminem summarises for you the essential news of the day. Read the full piece on CNBC or enjoy below:
🗞️ Driving the news: China has announced a sharp escalation in its trade war response, slapping 84% tariffs on all U.S. goods starting April 10
• The move follows the Trump administration’s unprecedented tariff increase to 104% on Chinese imports, which took effect April 9
• Beijing’s Office of the Tariff Commission confirmed the decision, warning that U.S. actions have pushed bilateral trade toward a near standstill
• Global markets reacted swiftly, with major indices in the U.S. and Asia falling into bear market territory
🔭 The context: Tensions have been rising since Trump’s April 2 rollout of a sweeping tariff package targeting China and other countries
• China, which imported $143.5 billion of U.S. goods in 2024, had already warned of retaliation
• While other countries like Japan are seeking negotiated outcomes, China has adopted a hardline stance, with top officials emphasizing national resilience and economic self-reliance
• This is the latest round in a long-running trade war dating back to Trump’s first presidency, now compounded by political and security disputes
🌍 Why it matters for the planet: A deepening U.S.-China trade war threatens the global green supply chain, especially for clean energy technologies where both countries play key roles
• Solar panels, EV batteries, and key mineral processing are sectors heavily reliant on cross-Pacific trade
• With tariffs now exceeding 100% on both sides, costs for climate-critical goods could surge, undermining affordability and deployment of sustainable technologies worldwide
⏭️ What's next: Markets are bracing for prolonged volatility, with investors anticipating further retaliatory steps
• Analysts warn of broader macroeconomic consequences, including supply chain disruptions, inflationary pressures, and layoffs in trade-sensitive sectors
• The Trump administration has hinted at “tailor-made” deals for willing partners, but China’s posture suggests a protracted standoff
• The risk of escalation remains high, particularly if either side moves to restrict tech access or key exports
💬 One quote: “The repeated escalation of the tariffs threatens to bring trade between two of the world’s most important economies to a standstill.” – CNBC reporting
📈 One stat: The S&P 500 has fallen nearly 20% from its recent peak, officially entering bear market territory amid tariff-induced investor anxiety
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