The trade wars launched by U.S. President Donald Trump have escalated to new heights. Just days after Trump unveiled sweeping new “reciprocal” tariffs on imports from around the world, China on Friday levied a retaliatory 34% tariff on all U.

The penalties announced on Wednesday unleashed turbulence across world markets and drew condemnation from other leaders facing the end of an era of trade liberalization that has shaped the global order for decades.

Making sense of the forces driving global markets. Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day.

A U.S. judge dismissed corruption charges against New York City Mayor Eric Adams on Wednesday, even as he said the Trump administration's argument that the case should be dropped because it was hindering the Democratic politician's help with an immigration crackdown "smacks of a bargain.

NEW YORK (AP) — A federal judge dismissed New York City Mayor Eric Adams’ corruption case on Wednesday, acquiescing to the Justice Department's extraordinary request to set aside criminal charges so the Democrat could help with President Donald Trump’s immigration crackdown.