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Global markets plunged on Monday following last week's two-day meltdown on Wall Street, and President Donald Trump said he won't back down on his sweeping new tariffs, which have roiled global trade. Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly. Trump's tariff blitz fulfilled a key campaign promise as he acted without Congress to redraw the rules of the international trading system. It was a move decades in the making for Trump, who has long denounced foreign trade deals as unfair to the US. The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight. Here's the latest: Chinese officials meet business representatives from Tesla and other US companies Chinese government officials met business representatives from Tesla, GE Healthcare and other US companies on Sunday. It called on them to issue reasonable statements and take concrete actions
Asian shares and US futures were mostly higher on Wednesday following a rocky session on Wall Street after Canada, Mexico and China were hit by steep US tariffs that took effect on Tuesday. Comments by US President Donald Trump in a speech to Congress and the nation appeared to have scant impact on world markets. The future for the S and P 500 was up 0.5 per cent, while that for the Dow Jones Industrial Average gained 0.4 per cent. China announced it intends to keep its economy growing at around a 5 per cent annual pace in 2025, in line with last year's target, as it opened the annual session of its largely ceremonial legislature. Premier Li Qiang also promised more government spending and other measures to support growth. Hong Kong's Hang Seng index jumped 2.6 per cent to 23,548.86, while the Shanghai Composite index climbed 0.6 per cent to 3,342.36. Tokyo's Nikkei 225 index edged 0.2 per cent higher to 37,418.24. In South Korea, the Kospi gained 1.2 per cent to 2,558.13, while ..