China is the first nation to retaliate on all goods imported from the US , will European Union and other countries will do the same? There is a chances that Global market will crash. JP Morgan warns of 60% global recession odds under Trump tariffs Bloomberg also reported that A wave of economic anxiety has a gripped wall Street following Donald Trump sweeping a new tariffs with leading banks warnings of an impending recession
Where as China trade summary
US total goods trade with China were an estimated$582.4 billion in 2024 . US goods exports to China in 2024 were $ 143.5 billion down to 2.9 percent $4.2 billion from 2023 US goods imports from China in 2024 totaled $438.9 billion up 2.8 percent (&12.1 billion) from 2023 the US goods trade deficit with China was $295.4 billion in 2024 a 5.8 percent increase over 2023