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European Stocks Decline as U.S.-China Trade Tensions Intensify

European stocks got caught in the crossfire of escalating tensions between the U.S. and China again on Wednesday, heading for their steepest drop in almost two weeks.

The Stoxx Europe 600 Index fell 0.7 percent after China said it would levy 25 percent tariffs on imports of 106 U.S. products including soybeans, automobiles, chemicals and aircraft. The Asian nation’s actions were a response to proposed American duties on its high-tech goods.