Washington: US President Donald Trump announced sweeping new tariffs on imports, imposing a 10% baseline levy on goods from around the world and additional higher tariffs on key trading partners. The move, described by Trump as "Liberation Day," is expected to spark a global trade war, with immediate backlash from international allies and economic uncertainty.
China faces a 34% tariff, the European Union 20%, and Japan 24%, while other Asian nations like Vietnam, Cambodia, and Myanmar are hit with levies of up to 49%. The tariffs have already triggered market volatility, with US futures plummeting and gold prices soaring.
Australia condemned the decision as "not the act of a friend," while Italy and Britain sought diplomatic solutions. Canada and Mexico remain unaffected, having already faced previous economic penalties. Trump defended the move, claiming it would restore America’s "Golden Age" and ensure economic dominance.
The policy marks a significant shift in US trade relations, escalating tensions with global partners while reinforcing Trump’s protectionist stance early in his second term.
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