From NPR.

On Wednesday, China announced an additional 50% retaliatory tariff on all U.S. imports, bringing the total tariff level to 84%. The measures are a response to President Trump’s latest round of tariffs, which went into effect overnight, and include a 104% levy on Chinese goods. In a statement, China’s finance ministry said, “The US’s practice of escalating tariffs on China is a mistake on top of a mistake.”

Also on Wednesday, the EU announced it will impose retaliatory tariffs on over $20 billion worth of U.S. products such as soybeans, motorcycles and orange juice. The move comes in response to U.S. steel and aluminum tariffs. In a statement, the European Commission said, “The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy.”

Fears of a U.S. and indeed a wider global recession have been further heightened by the continued plunge of America’s largest stock market, the S&P 500. Its descent this past week has been steeper than at any moment in the past seven decades.

President Trump has confused investors by describing the tariffs as "permanent," while also boasting that global leaders have requested trade negotiations that might include offers to end their own preexisting tariffs or non-trade barriers on U.S. goods.