Trump slams EU with 20% tariff, retaliation plans set in motion

Donald Trump’s “Liberation Day” just delivered a pretty nasty blow to the global trading system. The United States has decided to impose a 10 percent minimum tariff on all imports coming into the country. The EU, and other top trading partners like China, Japan, and Vietnam, got hit with even higher rates. 

What kind of economic fallout can we expect from these tariffs? And what is Europe going to do about it?