US stock futures slide amid historic rout in foreign markets​on April 7, 2025 at 5:06 pm

Global markets plunged Monday following last week’s two-day meltdown on Wall Street, and President Donald Trump said he won’t back down on his sweeping new tariffs, which have roiled global trade.

Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly.

Trump’s tariff blitz fulfilled a key campaign promise as he acted without Congress to redraw the rules of the international trading system. It was a move decades in the making for Trump, who has long denounced foreign trade deals as unfair to the U.S.

The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight.

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Here’s the latest:

China accuses US of unilateralism, protectionism and economic bullying

China on Monday accused the United States of unilateralism, protectionism and economic bullying with tariffs.

“Putting ‘America First’ over international rules is a typical act of unilateralism, protectionism and economic bullying,” Foreign Affairs spokesperson Lin Jian told reporters.

Last week, Trump put an additional 34% tariff on Chinese goods, on top of two rounds of 10% tariffs already declared in February and March, which Trump said was due to Beijing’s role in the fentanyl crisis. China and other governments retaliated quickly. China announced its own 34% tariff rate on U.S. goods.

Lin said the new tariffs harmed the stability of global production and supply chains and seriously impacted the world’s economic recovery.

“Pressure and threats are not the way to deal with China. China will firmly safeguard its legitimate rights and interests,” Lin added.

European shares plunge in early trading