Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

President Donald Trump’s “Liberation Day” tariffs plunged the stock market into the red Thursday, marking its worst day since the COVID-19 pandemic began in 2020. The Dow Jones Industrial Average fell nearly 4%,

U.S. stocks closed up on Wednesday ahead of President Donald Trump's announcement of sweeping tariffs, which the White House dubbed "Liberation Day." The Dow Jones Industrial Average climbed 230 points, or 0.5%, while the S &P 500 rose 0.6%. The tech-heavy Nasdaq increased 0.8%.

U.S. stocks whipped through another dizzying day of trading, but the mood on Wall Street turned sour after President Donald Trump unveiled sweeping new tariffs against nearly all U.S. trading partners,

It’s our declaration of economic independence,” Trump said during a midafternoon event in the Rose Garden. LIBERATION DAY: TRUMP UNVEILS RECIPROCAL TARIFFS AGAINST ALLIES A

President Donald Trump on Wednesday announced far-reaching new tariffs on nearly all U.S. trading partners -- a 34% tax on imports from China and 20% on the European Union, among others -- that threaten to dismantle much of the architecture of the global economy and trigger broader trade wars.

President Donald Trump's punishing tariffs rocked global financial markets on Thursday, with the dollar and U.S. stocks tumbling as investors rushed to safe havens on fears a broadening trade war would push an already fragile world economy into recession.

London shares fell on Thursday as investors worldwide abandoned risky assets following U.S. President Donald Trump's announcement of aggressive reciprocal tariffs, stoking widespread fears of a global recession.

Donald Trump's tariffs will "clearly" have an economic impact on the UK and globally, Prime Minister Sir Keir Starmer has told business leaders in Downing Street. On Wednesday, the US president announced taxes on goods coming into his country including 10% on all UK imports and 20% on those from the European Union.