Recession fears as China and EU retaliate against Trump’s tariffs

Donald Trump’s tariffs include 104% on products from China (AP Photo/Michael Conroy)

The global economy appears to be in open rebellion against US President Donald Trump’s tariffs as they took effect on Wednesday.

Business executives are warning of a potential recession caused by his policies, some of the top US trading partners are retaliating with their own import taxes and the stock market is quivering after days of decline.