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President Trump and Elon Musk's efforts to shrink the federal government have cut off all funding to pro-democracy and human rights groups abroad, giving China an opportunity to muscle in.

Trump ordered tariffs against China, Canada and Mexico over the weekend. Canada and Mexico reached last-minute deals to pause those tariffs Monday.

Canada and China hit back swiftly after Trump's sweeping tariffs took effect Tuesday, raising fears of a global trade war. International markets, meanwhile, continued to slide.

China on Wednesday announced a retaliatory tariff on all U.S. imports, bringing the total tariff level to 84%. The measures are a response to President Trump's latest round of tariffs, which went into effect overnight.

Analysts say the escalating trade tensions between the U.S and China will make a near-term deal to end the trade war "highly unlikely".