Donald Trump has pushed the world into a full-blown trade war, defying market turmoil as sweeping tariffs against dozens of US trading partners came into effect.
With no last-minute reprieve from the White House, the president’s so-called reciprocal tariffs came into force at midnight in Washington on Wednesday. They include a 104 per cent levy on China that will slash trade between the world’s two largest economies.
The tariffs mark a profound reversal to decades of liberalisation in the world economy and will — if sustained — lead to a complete reshaping of global trade patterns.
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