Looks like Asian stock markets opened Monday with big drops, triggering circuit breakers. Oil prices also crashing.
I think that a lot of countries will drop their tariffs against the USA and strike trade deals quickly, but China just can’t.
China can’t afford to balance trade with the USA. It is just too big of an imbalance. The rest of the world can’t absorb China’s production that now goes (went) to the USA.
A hard landing in China would drag down others. China may announce another huge stimulus (Print tons more Yuan), but there still won’t be anywhere for all the factory product to go, so they won’t need to burn so much oil. They are the world’s sump of oil demand. Less Chinese demand, can move oil prices a lot.
The drop in oil/gasoline prices has certainly been influenced by the worldwide Tariff issue. Another cause has been the major disruption and anxiety caused by mass firings, rehirings, layoffs, etc. both by Musk and the President. I suspect many a family has decided not to take a long drive, a short vacation, and certainly not long vacations of expensive trips to resorts. Thus many people are not buying gas. I think airlines are also hurting, but several crashes in the past few months have also encouraged people to keep out of airplanes, especially when everything else seems so uncertain. Al this should help put the brakes on Putin’s aggression, in addition to what Ukraine has accomplished with its longer range attacks on military oriented sites.