U.S. President Donald Trump imposed a 10% tax on major U.S. trading partners by announcing all import taxes, a 10% tax on Pakistan’s 29% tariff, and stressed that the country imposed a 58% tariff on U.S. goods.

Trump’s decision to sign 10% tariffs on most goods imported to the United States, as well as higher tariffs in dozens of countries from competitors to allies have exacerbated a global trade war that threatens Stoke’s inflation and stall growth.

A thorough responsibility was announced Wednesday against the tranquil backdrop of the White House Rose Garden, which immediately released turmoil in the world market and was condemned by other leaders who now face decades of trade liberalization that has shaped the global order.

When Asia woke up Thursday, Japan’s Nikkei hit an eight-month low, while U.S. and European stock futures fell sharply during weeks of volatile trading. U.S. stocks have removed nearly $5 trillion in value since mid-February.

China, the world’s second-largest economy, faces a new 34% tariff ahead of Trump’s previously imposed 20% Trump, urging the U.S. to immediately cancel its latest taxes and vow to pair.

U.S. Treasury Secretary Scott Bessent urged other countries not to retaliate, which could lead to consumers significantly raising prices in everything from bikes to wine. “If you retaliate, that’s how we upgrade.”

Close Us Allies is not immune to Trump’s anger, including the EU and Japan facing 20% ​​tariffs, with a target of 24%. Tokyo said it would respond to the “extremely regretful” duties, which left all options.

The basic 10% tariff will come into effect on April 5, while the countdown will be higher on April 9.

The effective U.S. import tax rate has dropped from 2.5% in 2024 to 22%, according to Fitch Ratings’ head of U.S. research.

“This speed is the last time that comes,” Olu Sonola said in a statement. “This is not only aimed at the U.S. economy, but also for the global economy. Many countries can fall into recession. If this tariff rate stays for a long time, you can throw away most of the forecasts.”

Trump said “reciprocity” tariffs are a response to tariffs and other non-tariff barriers to U.S. goods. He argued that the new tax would promote manufacturing work at home.

“For decades, our country has been plundered, plundered, raped and plundered by countries near and beyond, and is a friend and an enemy again,” Trump said.

Outer economists warn that tariffs can slow down the global economy, increase the risk of recession, and increase the cost of living for ordinary American families by thousands of dollars.

Canada and Mexico, the two largest trading partners of the United States, have faced 25% tariffs on many commodities and will not face additional taxes in the news announced Wednesday.

Even some Republicans have expressed concern about Trump’s active trade policy.

Within hours of the announcement Wednesday, the Senate voted 51-48 to end legislation that would end Trump’s Canadian tariffs, with a handful of Republicans breaking in with the president. However, the passage of the Republican-controlled U.S. House of Representatives is considered impossible.

Trump’s top economist Stephen Miran said that in the long run, tariffs will work well for the United States, even if they cause some initial damage.

“Is the result a short-term bump?” said Milan, chairman of the Trump Economic Advisory Council.