New Delhi, April 9 -- US President Donald Trump's latest reciprocal tariffs have come into effect on Wednesday as stock markets across the world plunged to record low levels. The US president on April 2 announced the latest round of tariffs, and declared that America would now tax nearly all its trading partners at a minimum of 10% and impose steep rates for countries that Trump says run trade surplus with the US. Trump's higher import tax rates on dozens of countries and territories came into effect on Wednesday midnight.
Trade War: After Donald Trump imposed 104 per cent tariff on Chinese goods, Beijing announced 'countermeasures' and said that it would not bow down to the "tax blackmail" by the US administration. China also announced that it was imposing 34 per cent tariff on US goods which has escalated trade tensions between the US and China. Trump has accused foreign countries of levying harsh duties on American products and "plundering" the US economy.
This is a developing story. More details awaited.
Published by HT Digital Content Services with permission from Millennium Post.