Global markets and businesses were reeling on Thursday, as US president Donald Trump announced sweeping tariffs on major trade partners and struggling countries alike.
Trump’s new policies set a baseline tariff of 10% on all goods coming into the US, taking the a maximum rate to more than 50% on imports from some countries. It marks the biggest upheaval of global trade norms since the second world war. The US president said that these levies were aimed at targeting decades of unfair trade practices which had disadvantaged the US.
