President Trump initiated significant reciprocal tariffs against global trading partners, ranging from 10% to over 50%. Dubbed 'Liberation Day,' Trump's executive order targets around 60 nations, implementing a flat tariff on all and additional levies based on their tariffs on U.S. goods. Economists warn this aggressive move may provoke retaliation, especially from major nations like China and EU. China's Ministry of Commerce urged the U.S. to rescind the tariffs, asserting that trade wars yield no winners. The new tariffs will go into effect starting in April, instigating fears of a global trade conflict.
The day was termed Liberation Day by Trump, who signed an executive order imposing a flat 10 percent tariff on almost all nations and then additional tariffs on those countries that charge higher levies on American goods.
China's Ministry of Commerce called on Washington to cancel the tariffs. There is no winner in a trade war, and there is no way out for protectionism, the ministry said in a statement.
The hike in tariffs was more aggressive than expected, Lynn Song, chief economist for Greater China at Dutch bank ING, told Al Jazeera. Many were expecting a range of 10-20 percent tariffs.
The steeper rates apply to both major US trading partners and smaller economies and allies and rivals alike.
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