Governments across the world continue to take urgent steps to prepare their economies for a global downturn amid an escalating trade war between the United States and China, The Wall Street Journal reported Friday.

China announced Friday it is raising tariffs on U.S. goods from 84% to 125% beginning Saturday in retaliation for President Donald Trump upping universal tariffs on China to 145% this week.

In response, central banks from Europe to Asia are cutting interest rates, countries have announced emergency support measures for auto sectors, while other governments are urging consumers to buy more locally, according to the Journal.

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