Today, the European Union approved retaliatory tariffs on $23 billion worth of U.S. goods, responding to U.S. tariffs on steel and aluminum. This includes a range of products such as soybeans and motorcycles. The stock market reacted with volatility, with the S&P 500 rising slightly, while global markets continue to feel the effects of escalating trade tensions. The U.S. Trade Representative criticized the EU’s actions, further straining trade relations.