Overview

• The US has enacted a sweeping tariff policy, including a record 104% tariff on Chinese imports and 20% on goods from the European Union.
• China has vowed to implement 'firm and vigorous' countermeasures to protect its economic interests, escalating the trade conflict.
• The European Union is preparing to impose 25% tariffs on a range of American products, with a vote on the measures expected this week.
• Global financial markets have reacted sharply, with significant declines in Asian stock indices and heightened volatility worldwide.
• President Trump has defended the tariffs, mocking international negotiation efforts and promising 'customized agreements' with select allies.