On April 2, 2025, President Donald Trump initiated a national economic emergency by imposing new import tariffs, known as 'Liberation Day.' These tariffs included a 10% baseline on all foreign goods and a significant 145% rate on Chinese products. In response, China raised tariffs on US imports to 125% and restricted the export of rare earth elements. This led to a slowdown in trade between the two largest economies, causing stock markets to plummet. The S&P 500 and Nasdaq experienced significant drops, reflecting investor concerns over escalating trade tensions. The uncertainty also impacted the crypto market, with Bitcoin witnessing increased trading volumes as investors sought digital assets as a hedge. Despite the initial market turmoil, Trump later announced a 90-day tariff pause, providing some relief. However, the long-term implications of the trade war on global supply chains and various industries, such as electronics, automakers, and healthcare, remain uncertain, with potential disruptions and increased costs anticipated. Read more AI-generated news on: https://app.chaingpt.org/news