Global markets are reeling as the U.S. and China escalate their trade war with a fresh wave of tariffs. President Donald Trump's latest round—raising duties on nearly all Chinese imports above 100%—took effect just after midnight. China's retaliatory 85% tariffs on U.S. goods caps off a week of tit-for-tat moves that have now seen each country impose two rounds of steep tariffs on the other. The European Union is also preparing to strike back with its own countermeasures.
President Trump,...
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