Global Markets Reeling from Trump's Tariff Tsunami
President Donald Trump's recent tariffs on exports have sent global markets into turmoil. The new tariffs vary by country, with Canada facing 35%, Brazil 50%, and India 25% tariffs. Nations are negotiating to reduce rates amid rising prices and economic concerns. There are no clear winners in this trade conflict.
The global market has been thrown into disarray following U.S. President Donald Trump's recent imposition of heavy tariffs on exports from key trading partners including Canada, Brazil, and India. Stocks worldwide have been affected, as negotiations for reduced tariff rates proceed amid escalating economic concerns.
The sweeping tariffs include a 35% duty on Canadian goods, a significant hike that has triggered a new wave of international trade negotiations. Stefan Brupbacher, director of Swiss manufacturers' association Swissmem, denounced the tariffs as both arbitrary and baseless.
Various countries are scrambling to secure better terms with Trump's administration, with Thailand viewing the new rates as an opportunity to enhance its global economic standing. Despite attempts to reach deals, analysts warn that the overall impact of these tariffs could hinder economic growth across the board.
(With inputs from agencies.)
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