President Donald Trump has announced new import taxes on all goods entering the US, in the biggest upheaval of the international trade order since the aftermath of World War Two.
His plan sets a baseline tariff of 10% on all imports, consistent with his proposal during last year’s White House campaign.
Items from about 60 trade partners that the White House described as the “worst offenders”, including the European Union and China, face higher rates – payback for unfair trade policies, Trump said.
Analysts said the trade war escalation was likely to lead to higher prices for Americans and slower growth in the US, while some countries around the world could be plunged into recession.
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