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Stock markets and the dollar have tumbled after US President Donald Trump's latest worldwide tariffs caused a trade war that many fear will spark recession and ramp up inflation. The dollar slumped by as much as 2.6 percent versus the euro, its biggest intraday plunge in a decade. European Commission President Ursula von der Leyen said the EU was "preparing for further countermeasures" but she emphasised it was "not too late to address concerns through negotiations". China announced on Friday that it will impose a 34% tariff on imports of all U.S. products beginning April 10 as a retaliatory measure.

European Commission President Ursula von der Leyen and European Council President António Costa travelled to Uzbekistan to participate in a landmark EU–Central Asia summit. Held on 3–4 April, the event brings together EU leaders with the heads of state and government of the five Central Asian republics. Alongsidei the host, Uzbek President Shavkat Mirziyoyev, the summit was also attended by Kazakh President Kassym-Jomart Tokayev, Kyrgyz President Sadyr Japarov, Tajik President Emomali Rahmon, and Turkmen President Serdar Berdimuhamedov.