Trump hits more countries with steep tariffs, markets nosedive

US President Donald Trump's latest wave of tariffs on exports from dozens of trading partners sent global stock markets tumbling on Friday and countries and companies scrambling to seek ways to strike better deals.

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As Trump presses ahead with plans to reorder the global economy with the highest tariff rates since the early 1930s, Switzerland, “stunned” by 39% tariffs, sought more talks, as did India, hit with a 25% rate.

New tariffs also include a 35% duty on many goods from Canada, 50% for Brazil, 20% for Taiwan. Taiwan said its rate was “temporary” and it expected to reach a lower figure.

The presidential order listed higher import duty rates of 10% to 41% starting in a week's time for 69 trading partners, taking the US effective tariff rate to about 18% , from 2.3% last year, according to analysts at Capital Economics.

Global shares stumbled, with Europe's STOXX 600 down 1.8% on the day and 2.5% on the week, on track for its biggest weekly drop since Trump announced his first major wave of tariffs on April 2. Wall Street also opened sharply lower on Friday.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.5%, bringing the total loss this week to roughly 2.7%. In commodity markets, oil prices continued to fall after a 1% plunge on Thursday.

Trump's new tariffs have created yet more uncertainty, with many details unclear. They are set to take effect on Aug 7 at 0401 GMT, a White House official said.