Trump insists tariff war is ‘doing really well’ as recession fears mount

S&P 500 and Dow Jones rise sharply after extraordinarily volatile week as experts warn of continued turbulence

An aerial view of new cars waiting for shipment at a pier for ro-ro ships in Yantai city in eastern China's Shandong province Sunday, March 30, 2025. (Chinatopix Via AP) CHINA OUT

Donald Trump insisted his trade war with much of the world was “doing really well” despite mounting fears of recession and as Beijing hit back and again hiked tariffs on US exports to China.

As the US president said his aggressive tariffs strategy was “moving along quickly”, a closely watched economic survey revealed that US consumer expectations for price growth had soared to a four-decade high.