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Global markets plunge on Donald Trump’s shock tariff threat as the US-China trade war escalates

May 6, 2019

Global markets plunged after President Donald Trump on Sunday threatened to raise tariffs on hundreds of billions of dollars worth of Chinese goods and , escalating the US-China trade war.

Trump threatened to dramatically ramp up the trade war with China unless a breakthrough on talks is struck by the end of the week. He said tariffs on $200 billion worth of Chinese goods would increase from 10% to 25%, and that an additional $325 billion worth of Chinese goods would be hit with a 25% tariff.

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