Trump's New Tariff Surge: A Global Trade Showdown

In a dramatic escalation of international trade tensions, U.S. President Donald Trump announced a fresh wave of sharply higher tariffs. Starting on August 1, these new tariffs target global powerhouse suppliers such as Japan and South Korea, as well as smaller exporters like Serbia, Thailand, and Tunisia.

The announcement has rattled financial markets across the globe, reigniting concerns about the economic fallout from the trade disputes. While some countries hinted at the possibility of further negotiations, Trump issued stern warnings in his letters, stating that any retaliatory tariffs would trigger reciprocal U.S. duties.

The announcement has drawn mixed reactions from international leaders. While some, like the South Korean government, plan to engage in more negotiations, others have expressed dissatisfaction. Meanwhile, the European Union continues its efforts to finalize a trade deal before the fast-approaching deadline.

(With inputs from agencies.)