Press triangle or Y (depending on your console) and go to Equipment (I think it just says "Equip" and then select a character using L1 and R1 (or LB and RB) and select an occupied or empty space in the slots and pick what you want equipping.
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and then select a character using L1 and R1 (or LB and RB) and select an occupied or empty space in the slots and pick what you want equipping. 
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