China launches massive tariff retaliation on US goods

China and the European Union announced new tariffs on over $150 billion of U.S. exports in retaliation to President Trump's trade policies.

The 84% tariffs from China will harm U.S. farmers, who heavily rely on their exports to China. Europe’s targeted levies of 21 billion euros will also affect the agricultural sector.

The U.S. exports about $145 billion annually to China, mostly in oilseeds and grains. In contrast, exports to the EU exceed $370 billion, but Europe’s response is more focused than China's.

Trump initiated these tariffs amid allegations regarding fentanyl. Stocks fell worldwide, especially in Europe and Asia, following these developments.