The global economy is grappling with a significant crisis largely attributed to the sweeping ____ imposed by the United States under President Donald Trump's ____. Dubbed "Liberation Day," the U.S. introduced a 10% tariff on all ____, with additional levies targeting specific countries—34% on Chinese goods and 20% on European ____ imports. These measures have triggered a ____ of economic ____ worldwide.​ The immediate aftermath saw a sharp decline in U.S. ____ markets, with over $3 trillion in market value ____, marking the most substantial downturn since the COVID-19 ____. Major corporations, including General Motors, UPS, and Snap, have withdrawn their financial ____ for 2025, citing the unpredictability of trade policies and escalating costs. UPS, for instance, announced 20,000 job cuts in response to the economic strain.​ Internationally, the situation is equally ____. China's export orders have ____, with retaliatory tariffs of up to 125% imposed on U.S. goods and restrictions on key mineral exports. The Organization for Economic Co-operation and Development (OECD) has downgraded global growth forecasts to 2.8% for 2025, warning of reignited inflation and slowed economic activity. ​

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