Trump Imposes Sweeping Tariffs, Sparking Global Backlash |LAGOS EYE NEWS

On what he called “Liberation Day,” U.S. President Donald Trump announced a new wave of “reciprocal” tariffs, targeting several major economies. The European Union (EU) faced a 20% tariff increase, with Trump accusing the bloc of “ripping off” the United States.

The decision triggered swift and widespread reactions from key global trading partners, many of whom condemned the move and vowed countermeasures. European stock markets fell as investor fears of an impending global trade war intensified.

International Reactions

China

China called on the U.S. to “immediately cancel” the newly imposed tariffs. The Chinese Commerce Ministry stated that the country “firmly opposes” the measures and will implement “countermeasures to safeguard its own rights and interests.” The U.S. has now placed a 34% tariff on Chinese imports, in addition to the 20% tariffs implemented earlier this year.

South Korea

South Korea’s industry ministry expressed deep concern and announced plans to engage in active negotiations with U.S. officials. The ministry also stated that it is considering emergency measures to protect industries affected by the 25% tariff increase. Acting President Han Duck-soo stressed the need for “mobilizing all capabilities to overcome the trade crisis,” acknowledging that “the global trade war has become a reality.”

Brazil

The Brazilian government said it is “evaluating all possible actions to ensure reciprocity in bilateral trade,” including lodging a formal complaint with the World Trade Organization (WTO). In an official statement, Brazil argued that the U.S. justification for reciprocal tariffs does not “reflect reality” but reaffirmed its commitment to dialogue.

Poland

Polish Prime Minister Donald Tusk took to social media to express disapproval, stating: “Friendship means partnership. Partnership means truly reciprocal tariffs. Adequate decisions are needed.”

Australia

Australian Prime Minister Anthony Albanese criticized the tariffs, calling them “not the act of a friend.” However, he ruled out imposing retaliatory measures against the U.S., signaling a diplomatic approach.

Switzerland

Swiss President Karin Keller-Sutter stated that Switzerland would “quickly determine” its next steps, emphasizing that “the country’s long-term economic interests are paramount.”

Market Reactions

Following the announcement, European stock markets experienced significant declines as investors reacted to fears of escalating trade tensions.

Analysts warn that the tariffs could have far-reaching economic consequences, potentially disrupting global supply chains and increasing costs for businesses and consumers alike.

With global leaders deliberating their responses, the coming weeks are expected to be crucial in shaping the future of international trade relations.

LagosEyeNews/DW