Trump's new tariffs on U.S. imports have prompted strong reactions from key trade partners, with fears of economic disruption and inflation growing as tensions rise globally.
President Donald Trump’s decision to impose sweeping tariffs on U.S. imports has sparked global controversy, triggering retaliatory threats from several of America’s key trading partners. The new tariffs, which range from 10% to 54%, target a wide array of goods, from premium Italian coffee and Japanese whisky to sportswear made in Asia. The move, which Trump claims will boost domestic manufacturing and create more jobs in the U.S., has drawn condemnation from leaders around the world, who fear it will disrupt international trade and lead to severe economic consequences.
The tariffs were announced on Wednesday, creating immediate turbulence across global markets. Investors sought safe-haven assets like bonds and gold, as world stock indices tumbled in response. According to Fitch Ratings, these tariffs are the highest in more than a century, adding to growing concerns about a global economic slowdown. Economists, including those from Barclays and Bank of America, warned that the U.S. economy is now at a higher risk of entering recession, while Germany's IW research institute predicted that the new tariffs could wipe out approximately €750 billion ($833.63 billion) from the European economy.
China, facing a 54% tariff on its exports to the U.S., vowed to impose countermeasures, while the European Union, Japan, South Korea, and Taiwan also expressed their intentions to retaliate. EU Commission President Ursula von der Leyen criticised the move, suggesting that it would trigger greater protectionism and negatively affect millions of people worldwide. The EU is preparing to respond with its own tariffs if discussions with Washington do not lead to a resolution.
Trump’s administration argues that the tariffs are a response to existing duties and trade barriers imposed on U.S. goods by other countries. Trump’s goal is to rebalance trade by making it fairer and to strengthen American manufacturing. However, Vice President JD Vance acknowledged that while the tariffs may bring long-term benefits, it will take time before they lead to lower prices or more jobs in the U.S.
While some U.S. allies such as Canada and Mexico already face tariffs on many goods, the new set of tariffs primarily targets countries in Europe and Asia. The U.S. has also imposed separate tariffs on auto imports, which will take effect shortly. Even smaller, often overlooked territories such as uninhabited islands in Antarctica have been affected by these measures.
As the U.S. government seeks ways to mitigate the impact of these tariffs through negotiations, the broader geopolitical landscape is shifting. Relations with Europe have been strained for some time, particularly over the war in Ukraine, and these new tariffs risk further weakening transatlantic ties. NATO members have raised concerns about the timing of the tariffs, as the U.S. is simultaneously pushing for greater defence spending from European nations.
The global response to the tariffs has been swift, with countries preparing countermeasures and economists warning of long-term damage to the global economy. In the U.S., while some industries may benefit from the tariffs, many American consumers are expected to bear the brunt of higher prices, with inflation likely to rise as a result.
As the situation unfolds, businesses around the world must now assess how to adjust to the changing trade environment. For many, the reality of the tariffs will mean difficult decisions and a potentially lasting impact on their operations, with consequences far beyond U.S. borders.
Hungarian Prime Minister Viktor Orban faces political challenges as U.S. tariffs threaten Hungary's economy. With opposition parties gaining momentum ahead of the 2024 elections, critics argue for a Europe-focused approach, criticizing Orban’s ties with Trump and his economic handling.
The IMF has lowered global and U.S. economic growth forecasts, citing Trump-era tariffs and rising uncertainty. Global growth is expected at 2.8% this year, while U.S. growth may slow to 1.8%, with heightened recession and inflation risks.
As trade tensions with the United States reach new heights, China has issued a firm rebuke to the Trump administration’s proposed tariffs of up to 245% on Chinese imports, dismissing the measures as a “tariff numbers game” and vowing not to yield to external pressure.
Asian markets edged higher on Tuesday, lifted by gains in auto stocks after US President Donald Trump suggested he might ease tariffs on vehicles.
Chinese President Xi Jinping urged EU unity against tariff "bullying" during Spanish PM Sanchez’s visit, calling for deeper China-EU ties to defend globalization and economic stability amid escalating trade tensions with the U.S.
The global movement against sex trafficking has lost a key voice, as Virginia Giuffre, a prominent figure in exposing Jeffrey Epstein’s crimes, has died in Australia at the age of 41.
After weeks of no new infections, Uganda has officially brought its latest battle against the deadly ebola virus to a close, authorities announced on Saturday.
China and Kazakhstan have reaffirmed their commitment to strengthening their permanent comprehensive strategic partnership, pledging to boost cooperation across key sectors during the second China-Kazakhstan Foreign Ministers' Strategic Dialogue in Beijing.
Thousands of mourners and dozens of world leaders are attending the funeral of Pope Francis at St. Peter’s Basilica, following his death at age 88.
North Korea has launched a new 5,000-tonne destroyer as part of Kim Jong Un’s plans to expand the country’s naval power far beyond its coastal waters.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
China’s pivot away from U.S. liquefied petroleum gas under new tariffs is shaking global energy flows, slashing demand, and fuelling a scramble for alternatives across Asia, with Middle Eastern suppliers and rival buyers seizing the moment.
The global movement against sex trafficking has lost a key voice, as Virginia Giuffre, a prominent figure in exposing Jeffrey Epstein’s crimes, has died in Australia at the age of 41.
China and Kazakhstan have reaffirmed their commitment to strengthening their permanent comprehensive strategic partnership, pledging to boost cooperation across key sectors during the second China-Kazakhstan Foreign Ministers' Strategic Dialogue in Beijing.
Thousands of mourners and dozens of world leaders are attending the funeral of Pope Francis at St. Peter’s Basilica, following his death at age 88.
North Korea has launched a new 5,000-tonne destroyer as part of Kim Jong Un’s plans to expand the country’s naval power far beyond its coastal waters.
The DRC and Rwanda have pledged to draft a peace deal by May 2 and stop backing armed groups, as part of new efforts to end conflict in eastern Congo.
The global movement against sex trafficking has lost a key voice, as Virginia Giuffre, a prominent figure in exposing Jeffrey Epstein’s crimes, has died in Australia at the age of 41.
After weeks of no new infections, Uganda has officially brought its latest battle against the deadly ebola virus to a close, authorities announced on Saturday.
China and Kazakhstan have reaffirmed their commitment to strengthening their permanent comprehensive strategic partnership, pledging to boost cooperation across key sectors during the second China-Kazakhstan Foreign Ministers' Strategic Dialogue in Beijing.
Thousands of mourners and dozens of world leaders are attending the funeral of Pope Francis at St. Peter’s Basilica, following his death at age 88.
North Korea has launched a new 5,000-tonne destroyer as part of Kim Jong Un’s plans to expand the country’s naval power far beyond its coastal waters.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment