By The global economy is facing mounting uncertainty as President Donald Trump’s recent tariffs have triggered responses from 64 countries, with some introducing counter-tariffs, while others seek favorable trade terms with the US. On Wednesday, Trump escalated tariffs on China to 125%, up from the previous 104%, leading to a retaliatory 84% tariff increase by Beijing. The European Union, comprising 27 nations, also imposed tariffs on US goods, adding to the economic tensions.
Trump’s decision to pause new tariffs for 90 days has done little to calm the situation, as protests erupted across US cities in response to his trade policies. Meanwhile, China has lodged a complaint with the World Trade Organisation, claiming US violations of international trade laws. The EU plans to impose tariffs on US goods worth €20.9bn, to be implemented in three phases starting on April 15. This follows Trump’s imposition of a 25% import tax on steel and aluminium in March.
As the tariff war escalates, stock markets in Europe suffered losses, with France’s Cac 40 index falling 3.34%. Hungary, a key EU member, was the only country to oppose the tariffs, citing concerns over economic damage.
