Trump tariffs pile stress on ailing world economy

April 3, 2025 - Donald Trump launches an assault on the global trade order, imposing a barrage of tariffs on U.S. imports in a move that compounds fears over the world economy’s health.

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Trump said he will impose a 10% universal tariff on all imported foreign goods in addition to “reciprocal tariffs” on a few dozen countries, charging additional duties onto countries that Trump claims have “cheated” America.

The 10% universal tariff will go into effect on April 5, while the reciprocal tariffs will begin on April 9.

The 10% baseline rate does not apply to Canada and Mexico, since they have already been targeted during Trump's presidency.

Tariffs on China, the world’s biggest goods exporter, will rise to more than 54% after Trump imposed a further 34 per cent duty on top of 20% levies he placed on the Asian nation this year.

The EU will face total tariffs as high as 20%, while imports from Japan – one of Washington’s closest allies – will face tariffs of 24%.