Markets are facing their worst crisis since the COVID crash after China matched President Donald Trump’s big raise in tariffs following the president's "liberation day" announcement.

New Civil Liberties Alliance sued the Trump administration in Florida federal court Thursday over the president's executive orders imposing tariffs on Chinese imports.

President Donald Trump had a TikTok deal in place Wednesday for the app's operations to be spun off into a new company based in the U.S. and owned and operated by a majority of American investors, with ByteDance maintaining a minority position,

As countries around the world reel from the U.S. tariffs, Beijing has been quick to try to capitalize on the upheaval and extend its influence — economic and otherwise.

The drop follows European markets slumping further after China hit back at US import taxes with an additional 34% tariff.

The move came two days after President Donald Trump imposed the same tariff on all Chinese imports, bringing the total U.S. tariff on Chinese goods to at least 54%.

U.S. President Donald Trump on Friday said China "played it wrong" after Beijing retaliated against new U.S. tariffs, unveiling countermeasures that included additional duties of 34% on U.S. goods.

China said Friday that it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war.

President Donald Trump's "Liberation Day" tariffs, which slapped significant duties on 180 countries, with the highest on Cambodia and Laos, may end up benefiting China and "undermine" U.S. relationships in the region,