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It's a down day for stocks across the globe amid fears of an escalating trade dispute between the U.S. and China. "The increase in the possible tariff rate (to 25% on $200B of Chinese goods) is intended to provide the administration with additional options to encourage China to change its harmful policies and behavior and adopt policies that will lead to fairer markets and prosperity for all of our citizens," U.S. Trade Representative Robert Lighthizer said in a statement.

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