Trump's latest tariff blitz sparks global chaos and market jitters

Leaders of more than 60 countries have been plunged into a fresh race to secure trade deals with the US after Donald Trump unleashed global chaos with sweeping new tariff rates.

- Lisa O'Carroll Helen Livingstone Graeme Wearden

Trump's latest blitz triggered a wave of market jitters and fears for jobs in some of the poorest countries, as tariff rates ranging from 50% to 10% were signed off.

There was a minor reprieve that opened the door to further negotiations, after the White House said the updated tariffs would take effect on 7 August, not yesterday, the deadline previously set by Trump.

The new rates, which Trump sees as benefiting US exporters, create uncertainty for dozens of countries, including longtime US allies. They have also raised fears of US inflation.

Rates were set at 25% for India's US-bound exports, 20% for Taiwan and 30% for South Africa. Switzerland faces a rate of 39%. The deadline for a tariff deal with Mexico was extended by another 90 days.

Stock markets fell on both sides of the Atlantic, after earlier falls in Asia, amid investors' fears about the impact on the global economy. Europe's Stoxx 600 was down nearly 2% while the UK's FTSE 100 was down 0.8%. Wall Street opened lower, with the Dow Jones, S&P 500 and Nasdaq all down more than 1% by late morning in New York. The sell-off was exacerbated by weaker than expected jobs figures in the US.