U.S. Trade Deficit Races To More Than Nine-Year High. Feds Beige Book notes price pressure. Europe has “arsenal of weapons” to respond to Trump’s tariffs – EU’s Moscovici. China warns of ‘necessary response’ in event of trade war with U.S. JP Morgan co-president warns of ‘deep correction’ for stocks totaling as much as 40% over next few years. Trump upset with Sanders over Stormy Daniels response.