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US President Donald Trump’s decision to impose a 10% tariff on most imported goods, along with significantly higher levies on a number of both adversaries and allies, has escalated a global trade conflict that could fuel inflation and hinder economic growth.

The announcement on Wednesday immediately caused turmoil in global markets and drew sharp criticism from world leaders, signaling the potential end of an era of trade liberalization that has influenced global economic dynamics for many years.

As Asia processed the news on Thursday, stock markets in Beijing and Tokyo plummeted to multi-month lows. Meanwhile, US and European stock futures pointed to further losses, with investors flocking to the safety of bonds and gold.

In response to the 54% tariffs imposed on its exports to the US, China, the world’s second-largest economy, pledged to take countermeasures. The European Union also vowed retaliation, with both Washington’s allies and adversaries expressing concern that the measures could severely disrupt global trade.

EU President Ursula von der Leyen stated that the 27-member bloc was preparing to respond if negotiations with the US failed. “The consequences will be dire for millions of people around the world,” she warned.

Earlier, US Treasury Secretary Scott Bessent cautioned that any retaliatory actions would only lead to further escalation.

Reports indicate that among the US’s close allies, tariffs were set at 20% for the European Union, 24% for Japan, 25% for South Korea, and 32% for Taiwan.

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A list shared by the White House on X even showed that some small territories and uninhabited islands in Antarctica would also be affected by the new tariffs.

The president stated that the base tariffs would take effect on April 5, while the higher reciprocal tariffs would be implemented on April 9. Trump argued that these new measures were a response to duties and non-tariff barriers on US products, claiming that the tariffs would help boost domestic manufacturing jobs.

“For decades, our country has been looted, pillaged, raped and plundered by nations near and far,” Trump said.

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