Global markets experienced one of their most turbulent nights of the year, following U.S. President Trump's imposition of a 100% tariff on Chinese imports starting in November.

The unexpected decision sparked a wave of panic in the stock exchanges, leading to a sequential collapse of U.S. indices, while investors rushed to gold as a safe haven amid increasing uncertainty.

Conversely, the oil market took a severe hit, with rising fears of a global growth slowdown and falling energy demand.

On the other hand, gold continued to shine, reaching record levels exceeding $4030 per ounce, benefiting from the decline of the U.S. dollar and a shift in investor sentiment towards defensive assets amid escalating trade tensions.

Trump's move is considered the strongest escalation since the beginning of the trade war with China according to international observers, and it is expected to open the door for a new round of retaliatory measures, in an open economic confrontation that could plunge markets back into the chaos of previous years.

Will the trade war between Washington and Beijing turn into a new global economic crisis? Share with us in the comments.