Global financial markets plunged into turmoil after US President Donald Trump unveiled sweeping new tariffs on key trading partners, fuelling investor fears of a wave of retaliatory measures and a synchronised economic slowdown.
Trump opted to apply levies calibrated to match half of the duties imposed by foreign governments on American goods. Yet, in a controversial twist, the White House also included indirect trade barriers in its calculations, such as VAT charges, product bans, subsidies, and alleged currency manipulation.
