Stocks, oil slump as China retaliates and Trump digs in heels

Donald Trump says there will be no tariff policy change. (Image: NZME)

Sat, 05 Apr 2025

Equities and oil prices extended a global rout for markets Friday (Saturday NZ time) after China hit back over President Donald Trump's tariff blitz with its own mammoth levy on US goods, inflaming international trade war fears.The Chinese government said Friday it would impose an additional 34% tariffs on all imports of US goods, making it the first major nation to unveil retaliatory measures.Despite the market turmoil, Trump insisted that "my policies will never change" and urged the US Federal Reserve to cut interest rates.Mean...

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