Global Markets Plummet Amid Intensifying US-China Trade War

Global stock markets are tumbling as China responds to US tariffs, intensifying concerns of a trade war's impact on the economy. Despite strong US job data, markets remain volatile with fears of recession looming. The situation reflects global economic shifts and challenges for investors worldwide.

Stock markets worldwide took a significant hit on Friday as tensions between the US and China escalated due to new tariffs imposed by both nations. Despite better-than-expected US job data, the global trade war appears to be weighing heavily on financial markets.

The S&P 500 recorded a 5% drop in morning trading, marking its worst performance since the COVID-19 pandemic, while the Dow Jones Industrial Average and the Nasdaq composite also saw substantial declines. European and Asian markets mirrored these losses, attributed largely to the recent tariff exchange.

With China's retaliatory tariffs exacerbating market losses, fears are growing about the potential for a global recession. As companies with extensive business ties to China report significant losses, the uncertainty is wreaking havoc on global financial stability.

(With inputs from agencies.)