Stock markets fell sharply on Wednesday after President Trump's new tariffs on Chinese goods took effect, raising import taxes to 104%. The tariffs now cover nearly all U.S. trading partners and have sparked fears of a global recession.
In response, China announced new tariffs of up to 84% on American goods, set to begin Thursday, Sky News reported. The European Union also approved its own 25% tariffs on U.S. products like corn and glass, which will start next week.
