US President Donald Trump intensified a global trade war Wednesday as he slapped sweeping tariffs on imports from allies and foes alike, sending markets into a tailspin and upending decades-long free trade norms. The EU and China vowed retaliation against the levies, with Australia’s leader saying the new tariffs were “not the act of a friend” and would hurt the close allies’ relationship. Shortly after Trump’s proclamation, separate tariffs of 25 percent on all foreign-made cars and light trucks went into effect, with auto parts also due to be hit…

Read More