Preparing tariff retaliation, U.S. allies say Trump will ‘buckle under pressure’

WASHINGTON — The Trump administration is facing global blowback after announcing a dramatic series of tariffs on countries around the world, with U.S. adversaries and allies alike promising crushing responses that could devastate the American economy.Stock markets in the United States, Europe and Asia plunged in the aftermath of President Trump’s announcement, which included a 10% base rate hike on nearly all foreign imports. Still other countries and trading blocs, including China, the European Union, South Korea and Japan, were hit with higher rates.“We’re now preparing for further countermeasures to protect our interests and our businesses if negotiations fail,” Ursula...