<h1>Trade Tensions Intensify as US-China Tariff Standoff Triggers Market Volatility and Potential Economic Downturn</h1> A trade war between the United States and China escalated as both countries imposed 34% tariffs on each other's imports. Stock markets experienced significant losses, with major sectors like agriculture, aerospace, airlines, technology, and banking suffering steep declines. Economists warned of potential recession risks, with consumer spending and economic activity likely to be negatively impacted. The market volatility reflected growing tensions and potential long-term economic consequences of the trade dispute.