Trump Triggers Tariff Torrent, Threatening Trade Turbulence
US President Donald Trump announced sweeping new tariffs on Wednesday that have ignited fears of a global trade war, as markets around the world reacted sharply. In a press conference held in the White House Rose Garden, President Trump declared a 10% tariff on most goods imported into the United States, with significantly higher levies—ranging between 25% and 50%—targeting dozens of countries, including key allies and rivals.
The tariffs are scheduled to take effect on April 5 for the base rate, while the higher reciprocal tariffs will come into force on April 9. The announcement immediately rattled global markets: Japan’s Nikkei share index fell to an eight-month low, and US and European stock futures plunged as investors shifted to safe-haven assets like bonds and gold. China, already facing a fresh 34% tariff in addition to an existing 20% duty, vowed countermeasures despite warnings from US Treasury chief Scott Bessent that such moves would escalate tensions further.
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Meanwhile, EU chief Ursula von der Leyen condemned the tariffs as a major blow to the global economy, stating that the 27-member bloc is prepared to respond with its own countermeasures if negotiations with Washington fail. Canada and Mexico, the US’s largest trading partners, already face 25% tariffs on many goods under existing policies, and their situation remains unchanged. Within hours of the announcement, the Senate narrowly voted 51-48 to terminate President Trump’s Canadian tariffs, although passage in the Republican-controlled House remains unlikely.
Defending his decision, the US president accused other nations of “looting, pillaging, raped and plundered” the US for decades, asserting that the new tariffs will boost domestic manufacturing jobs. However, economists have warned that these measures could stoke inflation and stall growth, potentially burdening American families with thousands of extra dollars in costs.
