Sweeping Donald Trump tariffs shock global economy, drawing threats and calls for talks

President Donald Trump's sweeping new tariffs on American imports shocked governments and investors around the world, swiftly spurring both threats of retaliation and calls for negotiation as industries scrambled and global stocks tumbled.

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China accused the US of "bullying" and the European Union promised "robust" countermeasures, with French officials suggesting taxes to hit US digital giants.

Yet the United Kingdom and Japan, among others, expressed hope for a deal with Trump and refrained from talk of retaliation against the world's biggest economy, fearing that their own tariffs on American goods would only make things worse.

Trump said Wednesday that the import taxes, ranging from 10 per cent to 49 per cent, would reverse unfair treatment by American trading partners and draw factories and jobs back home.

"Taxpayers have been ripped off for more than 50 years," he said. "But it is not going to happen anymore."

Trump imposed a 34 per cent levy on goods from China on top of an earlier 20 per cent tariff, as well as a 20 per cent tariff on the EU, 24 per cent on Japan and 25 per cent on South Korea.

China, a key exporter to the US of everything from clothing to kitchenware, has already announced a raft of retaliatory measures to raise prices for US consumers.

"There are no winners in trade wars and tariff wars," China's Foreign Ministry spokesman Guo Jinjun said. "It's clear to everyone that more and more countries are opposing the unilateral bullying actions of the US."

French President Emmanuel Macron met with representatives from key commercial sectors affected by the tariffs, like wines and spirits, cosmetics and aircraft, after urging businesses to respond at investments in the US. "What would be the message if having major European players investing billions of euros in the American economy at a time when they're hitting us?" Macron asked.