Trump's Tariff Tremors: A Global Trade Revolution

President Donald Trump's imposition of a 10% tariff on all imports marks a significant departure from previous tariff agreements. It has caused fluctuations in global stock markets and prompted retaliation from nations like China. Trump's policy aims to renegotiate trade deficits and impose higher tariffs on major economies.

U.S. customs agents began implementing President Donald Trump's unilateral 10% tariff on various imports, affecting 57 larger trading partners next week. This move marks Trump's firm break from previously established post-World War II tariff rates.

The tariff announcement led to a $5 trillion drop in global stock market values as investors reacted to potential recession risks. Australia, Britain, Brazil, and more are among the initial countries facing the 10% tariffs, despite having trade deficits with the U.S.

As Trump's tariffs take effect, China retaliated with added levies on U.S. goods. President Emmanuel Macron and others urge a united stance against a trade war, even as further tariff hikes on EU and Chinese goods loom.

(With inputs from agencies.)