Trump imposes sweeping tariffs, escalating trade war with major global partners

President Donald Trump on Wednesday announced expansive new tariffs, calling the move a “declaration of economic independence” as he escalated his trade war with major global partners.

CNN reports that Trump, using national emergency powers, imposed a 10 percent tariff on all imports into the United States.

Additionally, China and the European Union will face tariffs of 34 percent and 20 percent, respectively, as part of his effort to curb trade deficits.

Trump’s move marks the most significant tariff escalation in nearly a century, with economists warning it could increase consumer prices and slow economic growth.

Foreign countries, including long-time U.S. allies, have vowed to retaliate, raising concerns of a global trade war.

China’s Ministry of Commerce condemned the tariffs, calling them a “unilateral bullying practice” and vowing to implement countermeasures to protect its economic interests.

Meanwhile, financial markets reacted sharply:

• Dow futures dropped over 1,100 points (2.7 percent ),

• S&P 500 futures fell by 3.9 percent,

• Nasdaq 100 futures plunged 4.7 percent.

Asian markets also took a hit, with Japan’s Nikkei 225 falling over 4 percent. South Korea’s KOSPI dropping 2.7 percent, and Hong Kong’s Hang Seng Index declining 2.4 percent.

Economists warn that Trump’s aggressive tariff policies could further inflame inflation and weaken economic stability.

However, senior White House officials have indicated more sector-specific tariffs are forthcoming.

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