How Trump's 'Liberation Day' has shaken the world

Shockwaves continue to be felt across the globe following Donald Trump’s decision to unleash a slate of import tariffs on all trade with the country.

- ALBERT TOTH

Dubbed "Liberation Day" by the US president, all nations were included in the sweeping measures - with the UK hit by a 10 percent tariff on all exports to the United States as Mr Trump pledged America “will no longer be ripped off”.

European Union nations face a steeper 20 per cent and Cambodia as much as 49 per cent. Switzerland was also hit hard with 31 per cent, Taiwan, faces 32 per cent and India has been handed a 26 per cent levy.

The EU is preparing to retaliate to the first round of tariffs, reportedly drawing up a list of US goods to be hit with a 25 per cent tariff. The bloc says it will deliver a “timely, robust and calibrated” response to the announcement.

The US will today impose a 104 per cent tariff on China, a White House official said after Beijing did not lift its retaliatory 35 per cent tariffs on US goods by yesterday’s noon deadline set by Mr Trump.

The sudden and dramatic international fallout has had repercussions on several global markets and products, with consumers and investors showing uncertainty over the future.

Here are some of the key impacts in four charts:

Stock markets

Stock markets have reacted very negatively to the measures, seeing stark drops in indices across the board. Some analysts have warned the sudden dip could lead to a global recession as in 2020, or even 2008.

Dan Coatsworth, investment analyst at AJ Bell, told The Independent: “The sweeping tariffs have caused considerable pain to investors, so far wiping $8.27 trillion (£6.44 trillion) off the value of the global stock market since the Liberation Day speech. No one knows with certainty if there is more pain to come.