Global Trade Faces Disruption as US Tariffs on China, EU Take Effect

President Trump's new tariffs, which include a staggering 104% on Chinese goods, have taken effect, significantly impacting global markets and increasing fears of a recession. The tariffs have provoked a response from affected nations, with China imposing its own duties, while international leaders express concerns about the instability they create within the global trading system. Singapore's Prime Minister emphasized that this wave of protectionism violates the Most Favoured Nation principle of the WTO, leading to deeper uncertainty in trade relationships. Amidst these tensions, U.S. Agriculture Secretary announced potential trade agreements with several countries could be finalized soon, highlighting ongoing negotiations with key partners like South Korea and Japan. The U.S. administration is also facing domestic pressure to ensure fair trade practices and maintain its industrial base, as evidenced by ongoing discussions about tariffs and non-tariff barriers with various nations. Overall, the landscape of global trade is shifting dramatically as countries adapt to these aggressive U.S. policies.