The European Union is deepening other trade partnerships as U.S. relations sour. But with China, the relationship could get closer — or more combative.

Alongside Wall Street, global stock markets took a beating after Trump unveiled a 10% baseline tax on all imports, as well as higher tariff rates for some major trade partners.

Global stocks have sunk, a day after President Donald Trump announced sweeping new tariffs that are forecast to raise prices and weigh on growth in the US and abroad. Stock markets in the Asia-Pacific region fell for a second day, hot on the heels of the US S&P 500, which had its worst day since Covid crashed the economy in 2020.