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China responds to global trade war by imposing sweeping tariffs on U.S. products

China announced an additional 34% tariff on U.S. products on Friday. This is the most significant escalation of a trade conflict with President Donald Trump, which has fueled fears of a worldwide recession and caused a stock market crash.

Beijing announced that it had added several U.S. companies to an export control listing and classified others as "unreliable".

From Canada to China, nations have prepared retaliation as a trade war escalates after Trump raised U.S. Tariff Barriers to their highest levels in over a century. This led to a drop in the world financial markets.

Shigeru Shiba, the Prime Minister of Japan, which is one of the top trading partners with United States, said that tariffs created a national crisis. A plunge in bank shares on Friday sent Tokyo's stock exchange on its way to a worst week for years.

JP Morgan, an investment bank, said that it now expects the global economy to enter recession by year's end. This is up from 40%.

(source: Reuters)