In a significant escalation of the ongoing trade war, the White House has confirmed that tariffs on Chinese imports will now total 145%. This announcement has sent shockwaves through global markets, leading to dramatic declines across major US stock indices, including a 5.40% drop in the Nasdaq and a 3.82% loss in the Dow Jones. Economists warn that these steep tariffs are akin to an embargo, effectively cutting off most trade with China. Additional repercussions from the trade conflict could impact U.S. consumers and businesses, with fears of a potential recession and bear market growing among investors. Furthermore, while the EU has suspended retaliatory tariffs on U.S. goods following a reversal from Trump, tensions remain high as Beijing vows to react to the new tariff rates.