A global trade war touched off by U.S. President Donald Trump's sweeping tariffs escalated further on Monday, as Trump threatened to increase duties on China and the European Union proposed countertariffs of its own.
Financial markets across the globe posted a third day of losses as investors worried that steep trade barriers around the world's largest consumer market could lead to a recession. The S&P 500 closed lower after a roller-coaster session in which it touched its lowest level in more than a year.
Trump said the tariffs — a minimum of 10% for all U.S. imports, with targeted rates of up to 50% — would help the United States recapture an industrial base that he says has withered over decades of trade liberalization.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.