Global Trade Turmoil: Trump's Tariffs Shake World Economy

President Donald Trump's imposition of sweeping U.S. import tariffs has triggered global retaliation and market instability. The unprecedented penalties have spurred threats of countermeasures from major trade partners like China and the EU, igniting concerns over escalating trade wars and potential economic recessions worldwide.

President Donald Trump's decision to enforce sweeping tariffs on U.S. imports has ignited immediate backlash, with countries and companies hastening to gauge the repercussions on their economies. The administration announced increased duties of up to 10% baseline on imports, shaking the established global trade liberalization order.

The tariffs, described as the highest in over a century, have sent shockwaves across global stock markets, including plunges in Beijing, Tokyo, and Europe, notably affecting Germany. The European Union has warned of devastating outcomes, foreseeing a possible economic fallout exceeding €750 billion.

Global leaders, including Australia's Prime Minister Anthony Albanese, have criticized the tariffs, perceiving them as a betrayal of alliances. As counter-reactions surface globally, fears of increased protectionism and recession loom, with experts predicting spikes in American consumer costs and a slowdown in manufacturing economies worldwide.

(With inputs from agencies.)