Trump unleashes blizzard of new tariffs as global trade war escalates

In an executive order signed on Thursday, Trump said new tariffs would apply to 68 countries and the European Union would go into effect within the week.

He also separately signed an order hiking tariffs on Canada to 35%, with the White House blaming the sudden hike on it being “uncooperative and retaliatory” during trade negotiations and accusing its northern neighbour of having failed to prevent drugs being smuggled into the US.

Canadian prime minister Mark Carney said he is “disappointed” at the 35% tariffs levied on his country, and that he was working to “cut down trade barriers to build one Canadian economy”.

“Canadians will be our own best customer, creating more well-paying careers at home, as we strengthen and diversify our trading partnerships throughout the world,” Carney added.

“We can give ourselves more than any foreign government can ever take away by building with Canadians workers and by using Canadian resources to benefit all Canadians.”

By comparison, the UK has avoided further tariffs, and has the lowest rate at 10%, alongside other countries such as Australia, while other US international allies such as Japan, South Korea and Japan have been hit with a 15% rate.

Trump also announced that he would extend trade negotiations with the US’ southern neighbour Mexico for 90 days.

The US is also currently locked in negotiations with China over an extension of the existing tariff truce, which is due to expire in August.