Trump’s trade wars deepen as China retaliates and markets fall. Here’s what to know

The trade wars launched by U.S. President Donald Trump have escalated to new heights. Just days after Trump unveiled sweeping new “reciprocal” tariffs on imports from around the world, China on Friday levied a retaliatory 34% tariff on all U.S. products starting April 10. Stock markets worldwide plummeted, with the S&P 500 closing its worst week since COVID-19 upended the global economy in…

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