Global Markets Plunge in Response to Escalating Trade Dispute

Global stock markets are experiencing significant declines, particularly in Asia. China's announcement of additional tariffs on US goods has triggered a sharp downturn, with Hong Kong's Hang Seng index plummeting 13% and its worst drop in 16 years. Asian markets, including Tokyo, Taipei, and Hong Kong, are down by 7% to 12%. European markets, such as Paris and Frankfurt, have also suffered losses, with Paris down by 6% and Frankfurt's DAX index declining by 10%. US oil prices have dropped below $60 a barrel for the first time since April 2021.