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World economies brace for Trump’s ‘Liberation Day’ tariffs

Trump’s ‘Liberation Day’ tariff plans risk sparking global trade wars, with uncertain impacts on US industries and consumers

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US President Donald Trump. Photo: Reuters

US trading partners struggled Monday to prepare for a fresh onslaught of Donald Trump tariffs with the US president keeping everyone guessing as to precisely who he will target on what he’s calling “Liberation Day” this week.

Trump – who has been making unprecedented use of presidential powers since taking office in January – is set to announce Wednesday exactly what “reciprocal tariffs” will be imposed and whether he might also target entire sectors.

The Republican billionaire insists that reciprocal action is needed because the world’s biggest economy has been “ripped off by every country in the world.”

Critics, however, warn that the strategy risks a global trade war, provoking a chain reaction of retaliation by major trading partners including China, Canada and the European Union.

The Port of Baltimore in Baltimore, Maryland. Photo: AFP
The Port of Baltimore in Baltimore, Maryland. Photo: AFP

Already, China, South Korea and Japan agreed Sunday to strengthen free trade between themselves ahead of Trump’s expected tariff announcement.

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