Bangladesh, April 9 -- In a dramatic escalation of the ongoing US-China trade conflict, President Donald Trump announced on April 8 that all Chinese imports to the United States would now face a sweeping 104% tariff. The move, an abrupt hike from the initially planned 34%, sent shockwaves through the global financial markets, wiping out an estimated $1.5 trillion in value from major US indices in a single day.

Trump, speaking at a National Republican Congressional Committee dinner in Washington, presented the decision as a retaliatory measure following Chinas proportional response to earlier US tariffs. “After all of the abuses theyve perpetrated, China is attempting to impose additional unjustified tariffs,” Trump declared. ...