Higher tariff rates will also apply to countries with a trade surplus with the United States. The president emphasized, while speaking at the White House, that the U.S. will impose a 34% tax on imports from China, a 20% tax on imports from the European Union, and a striking 32% on Taiwan. 

Trump’s recent actions threaten global trade relations, potentially escalating into a global trade war, particularly with significant trading partners like the European Union. 

European Commission President Ursula von der Leyen voiced her response on Thursday from Uzbekistan, where she participated in the inaugural EU-Central Asia summit.  

“I’m ready to support any efforts to adjust the global trading system to fit the contemporary economic realities. Nevertheless, I must make it clear: opting for tariffs as the primary and sole solution will not achieve this goal”, she stated in a speech. “We are already finalizing our initial package of countermeasures in reaction to steel tariffs, and are preparing further measures to safeguard our interests and businesses if negotiations don’t succeed.” 

Across the Atlantic, Canadian Prime Minister Mark Carney pledged to resist Trump’s tariffs and to advocate for Canadian workers. “We’re committed to fostering the strongest economy in the G7,” he affirmed. 

Canada is exempt from the new tariffs on U.S. imports, though it had faced previous measures.  

In Brazil, a rare show of unity in Congress led to the unanimous passage of a bill that empowers the government to retaliate against any nation implementing tariffs on Brazil’s exports.

The bill “safeguards Brazil in its international trade relations. It’s crucial to assert that when any country seeks to interfere or alter its commercial and diplomatic ties with Brazil, this bill enables the Brazilian government to act accordingly and as necessary”, pronounced congressman José Guimarães during a Chamber of Deputies speech.

The bill awaits the signature of President Luiz Inácio Lula da Silva. Brazil’s government expressed disapproval of the U.S. decision to increase tariffs by 10% on all exports from the South American nation in a statement on Wednesday.

In Asia, China’s commerce minister called on the U.S. to “immediately rescind” the tariffs and vowed to enact countermeasures.

Japan, the U.S.’s key ally in the region, intends to examine the tariffs’ implications carefully without entertaining thoughts of retaliation, as per Chief Cabinet Secretary Yoshimasa Hayashi.

The fundamental tariffs will also impact 51 African nations, with many facing additional charges. Extra tariffs include a 30% rate for South Africa, 50% for Lesotho, and 47% for Madagascar.

Following Trump’s announcements, global stock markets experienced a downturn upon opening on Thursday.