In the aftermath of Donald Trump’s announcement of worldwide tariffs, the fallout has begun to take effect. US customs agents began collecting the 10% baseline tariff ahead of the reciprocal tariffs set to come into effect next week. Trump took to his Truth Social network to tout the benefits of the tariffs, but also acknowledged the potential pain it may cause his own voters.
The biggest news of the day came from UK automobile giant Jaguar Land Rover, who announced they are pausing shipments to the US for a month to evaluate their future in light of the tariffs. This decision was made as they work to address the new trading terms with their business partners.
In Europe, some national leaders are cautioning against responding with tit-for-tat tariffs after the EU hinted at countermeasures. Sir Keir Starmer in London is working with other world leaders to formulate a response, acknowledging that the world as we knew it has changed.
China has decided to retaliate against the US tariffs by implementing identical ones of 34%, accusing Trump of using the levies “as a weapon”. Protests have erupted in Washington DC, with one minister calling the government’s actions “appalling and immoral”.
Overall, the impact of Trump’s tariffs is being felt around the world, with businesses and governments scrambling to adjust to the new trading landscape. The global market has been sent into turmoil, with uncertainty looming over the future of international trade relations.
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