In response to Trump’s hike in tariffs on Chinese goods to 145%, Beijing imposed up to 125% tariffs on U.S. imports but declared it would not escalate further. The news triggered a global stock market downturn, a dip in the dollar’s value, and a rush on U.S. government bonds. Gold prices soared to record highs. U.S. Treasury Secretary Scott Bassent said bilateral trade deals could stabilize markets. Meanwhile, Chinese President Xi Jinping, during a meeting with Spain’s PM, urged joint EU-China resistance to U.S. “bullying” and expressed interest in rules-based global trade.