Donald Trump's announced tariffs of 10% on various imports to the U.S. took effect, prompting market instability, particularly reflected in major stock indexes. China's reciprocal tariffs added to the strain, leading to significant declines in global equity markets. Despite the turmoil, Trump downplayed concerns among big businesses, emphasizing a forthcoming major deal meant to bolster the economy. Criticism arose from EU officials labeling the tariffs as unjustified, while UK Prime Minister Starmer began discussions with global leaders to strategize against the implications of a trade war.
Despite the market turmoil caused by tariffs, Trump claims that major companies are not concerned and are focused on a significant upcoming trade deal.
EU officials criticized the tariffs as "harmful and unjustified," emphasizing the need for continuing negotiations to mitigate trade tensions.
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