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Chinese markets are leading losses across the globe, with Shanghai down 3.8% and Shenzhen 5.8% lower, after President Trump asked the U.S. Trade Representative to identify $200B worth of Chinese products that will be subject to additional tariffs of 10%. "The U.S. has initiated a trade war," China's Commerce Ministry declared, adding that it will respond with "comprehensive quantitative and qualitative measures and retaliate forcefully."
Economy