Markets plunge as Trump pushes ahead with global 'reciprocal' tariffs

20% on EU, 10% on UK

Global markets have taken a blow after US President Donald Trump unveiled a series of sweeping tariffs meant to “make America wealthy again”.

In his Rose Garden speech at the White House on Wednesday (2 April), Trump pledged 20% levies on European Union imports and 10% on imports coming from the UK. "European Union, they are very tough…traders. And you think of European Union [as being] very friendly, they rip us off, it is so sad to see. It is so pathetic," Trump told reporters. Trump trade war could lead to $1.4trn global welfare loss as 'Liberation Day' looms In addition, the US president slapped another 34% tariff on China, bringing the total to 54% after another 20% previously imposed, while Japan was dealt wit...