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Trump launches trade war: tariffs up to 50%, EU, Japan and China ready to retaliate
US president announces tariffs on a global scale: 20% for the EU, 34% for China. Brussels assesses countermeasures, Beijing accuses Washington of ‘unilateral bullying’
Donald Trump ignites global economic tension with the announcement of new tariffs on a global scale. The plan calls for tariffs ranging from 10 per cent up to 50 per cent, significantly hitting Asian economies. The European Union will face taxes of 20%, while China will face a 34% imposition. ‘This is our declaration of economic independence,’ declared the US president.
The reactions were not long in coming. European Commission President Ursula von der Leyen announced that Brussels is preparing countermeasures. The hard-hit China spoke of ‘unilateral bullying’ and promised an appropriate response. Japan called the duties ‘extremely regrettable’ and is considering whether to appeal to the World Trade Organisation. From the United Kingdom, Trade Minister Jonathan Reynolds expressed disappointment, while acknowledging that London is less penalised than other countries.
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