China has hit back hard against Donald Trump’s “bullying” tariffs, raising fears that the escalating trade war could trigger a global recession and prompting fresh turmoil in financial markets. The dramatic escalation in trade hostilities between the world’s two largest economies magnified concerns among investors about the risks to global growth. The International Monetary Fund (IMF) also warned the escalating trade war was likely to hit global economic growth. Oil prices also declined sharply, as experts reassessed their projections for global growth, with Brent crude down 7% at about $65 a barrel. Certainly not enough to decisively change the outlook for UK growth.

Source: The Guardian April 05, 2025 11:46 UTC