Trade Wars and Tariffs: Trump Administration's Impact on Global Markets
President Donald Trump's series of tariff decisions have created a whirlwind of changes in international trade, affecting economies globally. The timeline of actions, from imposing high tariffs on imports from countries like China, Mexico, and Canada, to temporary pauses and subsequent increases, highlights the volatile trade landscape.
In an unexpected move, U.S. President Donald Trump has instigated a series of tariff hikes since his inauguration, shaking financial markets and introducing uncertainty into the global economic landscape.
From February through July, the Trump administration has repeatedly adjusted tariffs on imports from major trade partners, including Canada, Mexico, and China. These shifts have been justified as measures against illegal immigration and to curb the import of certain goods like fentanyl.
Despite temporary pauses and reductions in some instances, tariffs were often reinstated or increased, as seen in the case of Chinese imports—some of which faced rates as high as 145%. This aggressive tariff agenda has drawn mixed reactions, sparking appeals and international negotiations while leaving global economies in a state of flux.
(With inputs from agencies.)
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