President Donald Trump has announced new import taxes on all goods entering the US, setting a baseline tariff of 10% on all imports. The move is intended to retaliate against countries with high tariffs and other trade barriers, with higher rates applied to nations deemed “worst offenders”, including the European Union and China.
The tariffs will affect trillions of dollars in trade, likely leading to higher prices in the US on various items, and could potentially lead to a recession in some countries, with analysts warning of escalation and retaliation from affected nations.