US President Donald Trump’s sweeping new tariffs have shocked governments and investors, provoking dismay and threats of retaliation.
There have been calls for negotiations to rescind the stiff new import taxes imposed on goods from countries around the world as global stock sagged overnight in response to yesterday’s announcement.
China accused the US of “bullying” and the European Union said it was ready to retaliate, with French officials suggesting measures to hit US big tech companies.
Mexican President Claudia Sheinbaum said she would wait to see how Trump’s announcement will affect Mexico, which like Canada was spared for goods already qualified under their free trade agreement with the United States, though previously announced 25 per cent tariffs on auto imports took effect on Thursday.
A 29 per cent tariff imposed on the tiny South Pacific outpost of Norfolk Island came as a shock. The Australian territory has a population of about 2000 people and the economy revolves around tourism.
“To my knowledge, we do not export anything to the United States,” Norfolk Island Administrator George Plant, the Australian government’s representative on the island, told the AP on Thursday. “We don’t charge tariffs on anything. I can’t think of any non-tariff barriers that would be in place either, so we’re scratching our heads here.”
