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3w ago

Trump's Sweeping Tariffs Shake Global Markets and Prompt Retaliation

The US imposes universal 10% import tariffs with higher rates for key trade partners, triggering financial turmoil and retaliatory measures from the EU and China.

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Overview

  • The tariffs, effective April 3, 2025, include a 10% universal rate and higher rates of 20% on EU imports and 34% on Chinese imports, aimed at reducing the US trade deficit.
  • Global stock markets have plummeted, with the DAX, Nikkei, and S&P 500 experiencing significant losses, while gold prices hit record highs as a safe-haven asset.
  • The EU and China are finalizing retaliatory measures, with EU leaders calling the tariffs a 'frontal attack on global trade' and the WTO warning of a 1% decline in global trade.
  • Export-dependent industries, particularly Germany's automotive and machinery sectors, face severe challenges, with potential long-term economic impacts.
  • Domestic dissent is emerging in the US, with some Republican senators opposing specific measures, signaling growing political challenges for the administration.