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The world under Trump's new tariffs

2025-04-03 07:50:00, Kosova & Bota CNA

The world under Trump's new tariffs

On Wednesday afternoon, Donald Trump announced sweeping new tariffs on goods entering the US, which could disrupt global trade.

Trump announced a 10% tariff base, with several countries the White House has deemed the "worst offenders" being hit with higher tariffs. The new rates affect about 100 countries, with 60 of them facing higher import taxes.

The US will impose a 10% tariff on the UK and 20% on the EU.

Countries that will face higher reciprocal tariffs include China (34%), Vietnam (46%), Thailand (36%), Cambodia (49%) and Japan (24%).

He also imposed a 25% tariff on all foreign-made automobiles, which will take effect at midnight on the US East Coast on Thursday.

Trump has argued that the tariffs will stop Americans from being "destroyed," pay down the national debt and restore American manufacturing.

Olu Sonola, head of U.S. economic research at Fitch Ratings, called the tariffs "a game changer, not just for the U.S. economy, but for the global economy. Many countries are likely to end up in a recession."

Markets have already started to react. Major markets in the Asia-Pacific region opened lower on Thursday morning.

US stock market returns have fallen sharply, the BBC's Peter Hoskins reports, as investors grow concerned about the threat of a global trade war.

Canada and Mexico were not included in today's new round of tariffs. The White House said it would deal with both countries using a framework set out in previous executive orders. Trump previously set those tariffs at 25%, before announcing several exemptions and delays./ CNA





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