Trump's Tariff Turmoil: Nations Brace for Economic Impact

President Donald Trump announced a 10% tariff on all U.S. imports, sparking a global trade war. China and the EU pledge countermeasures, fearing recession and inflation. Stock markets plummet as investors flee to safe assets, while international leaders criticize the U.S. stance on trade.

Amidst rising global tensions, President Donald Trump unveiled a sweeping 10% tariff on U.S. imports from various nations, triggering widespread retaliation and fear of a prolonged trade war. The economic landscape is rapidly shifting as stock markets sink, illustrating investor anxiety over future growth prospects.

The newly announced tariffs, which affect dozens of countries, notably hit China and the European Union, both vowing countermeasures. Investors have reacted swiftly, opting for safer assets amid the market turbulence, which risks stoking inflation and potential recession.

Critics, including EU leaders, warn of dire global economic consequences, with tariffs anticipated to elevate costs for ordinary consumers significantly. Despite opposition, the U.S. administration maintains its stance, arguing for benefits to domestic manufacturing and job preservation.

(With inputs from agencies.)