U.S. President Donald Trump's recent increase in tariffs has initiated a growing trade conflict that has led to a downturn in global markets. On Friday, the S&P 500 saw a significant 6% drop, while the Dow Jones Industrial Average and the Nasdaq composite experienced declines of 5.5% and 5.8% respectively.

In response to Trump's tariffs, China announced its plan to impose a 34% tax on all U.S. imports next week, joining other countries in retaliating against the U.S. Italy's Economy Minister, Giancarlo Giorgetti, cautioned against implementing retaliatory tariffs, stating that it would be detrimental to both Italy and Europe. Giorgetti emphasized the importance of de-escalating tensions with the U.S. and proposed increasing spending flexibility within the European Union.

Taiwan, which has a trade surplus with the U.S., pledged a $2.65 billion fund to support industries most affected by the tariffs. The country plans to negotiate with the U.S. to address the impact of the new tariffs on its industries, including electronics, information technology, steel, machinery, auto parts, and agriculture. In particular, products like moth orchids, edamame, and various fish species are expected to be significantly affected. The Taiwanese government aims to stabilize the economy by working closely with impacted sectors and communicating their plans to the public.