Tariff Wars: Trump's Broadside Against Global Trade

President Donald Trump has initiated extensive tariff measures against numerous trading partners. These include a 10% baseline tax, with steeper rates for nations running trade surpluses with the US. China's retaliatory actions and possible future negotiations indicate an ongoing global trade struggle.

President Donald Trump has ignited global tension with a series of sweeping tariffs against America's trading partners, signaling a determined stance to reshape international trade dynamics. The tariffs took a significant leap on Wednesday, following his 'Liberation Day' announcement, affecting nearly all trade partners.

These new tariffs impose a baseline 10% rate, climbing to 50% for economies perceived to have trade surpluses with the United States. Economists warn of rising consumer goods costs as the tax strains on imported products intensify, with China facing a cumulative 104% levy.

The escalating trade conflict shows no signs of abating, with nations contemplating countermeasures and potential negotiations. The European Union has suggested tariff reduction talks, while President Trump hints at further tariffs on sectors such as pharmaceuticals to boost domestic manufacturing.

(With inputs from agencies.)