A New Trade Era: Trump's Tariffs Send Ripples Across Global Markets

President Donald Trump's abrupt imposition of tariffs against major U.S. trading partners has sparked immediate retaliations from Canada, Mexico, and China. The escalating trade war threatens economic uncertainty, rekindled inflation, and potential job losses, marking a significant shift from long-standing free trade policies.

In a dramatic escalation of trade tensions, President Donald Trump has initiated a trade war against America's largest trading partners: China, Canada, and Mexico. This new wave of tariffs has raised concerns of destabilizing financial markets and inflaming inflationary pressures.

Tariffs are now levied at 25% on Mexican and Canadian goods, while Canadian energy imports face a smaller levy at 10%. Additionally, tariffs on Chinese products have been doubled to 20%, prompting a swift retaliatory response from Beijing, which imposed tariffs of up to 15% on a range of U.S. exports.

As markets react to the tax hikes, Trump defends his policy as a tool for economic prosperity, despite criticism from economists and politicians that such protectionist measures could harm the American economy. The international trade landscape remains tense, with the world watching closely as these policies unfold.

(With inputs from agencies.)