China, EU retaliate as Trump trade tariffs kick in

China and the European Union have implemented new trade barriers on US goods in response to President Donald Trump’s tariffs, escalating a global trade war that has impacted markets and raised recession concerns. China raised tariffs on US imports to 84%, while the EU imposed 25% tariffs on various American products. Trump’s tariffs have caused market turmoil, with Japan and Canada working to stabilize the financial system amid fears of a global economic downturn.

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