Trump unleashes tariffs war

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

- REUTERS

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.