Summary
- Trump unveils 10% base tariff on imports
- Dozens of countries hit with higher duties
- Stock markets sink amid fears for global growth
- China, EU vow countermeasures
President Donald Trump‘s move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth.
The sweeping penalties announced against the serene backdrop of the White House Rose Garden on Wednesday immediately unleashed turbulence across world markets and drew condemnation from other leaders now facing the end of an era of trade liberalization that has shaped the global order for decades.