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US President Donald Trump has unveiled his long-awaited “reciprocal” tariff plan, in a move that sent financial markets reeling amid growing fears of a global trade war.
On Wednesday, Trump announced a 10 percent “minimum baseline tariff” on nearly all imports into the United States. Higher duties on targeted countries will be phased in shortly afterwards.
He claimed the new import taxes were designed to reduce trade deficits and bring foreign manufacturing back to US shores. He also said they would pave the way for tax future cuts.
As Trump took aim at a global trading system he said “ripped off” the US, his tariffs prompted an immediate backlash, with some of America’s largest trading partners promising countermeasures.
