Trump Announces Sweeping Tariffs on 60+ Countries

U.S. President Donald Trump has announced new tariffs ranging from 10% to 50% on imports from over 60 countries, including the European Union, Canada, India, China, and South Africa, with implementation set for August 7. Canada will see its tariff rate increase from 25% to 35%, while India and South Africa will face new rates of 25% and 30%, respectively. The White House says the measures aim to address trade deficits and protect national security, but global stock markets have reacted sharply, with significant declines in major indexes. The announcement has prompted affected countries to seek bilateral trade agreements with the U.S. before the tariffs take effect. China has issued a strong rebuke, accusing the U.S. of igniting an economic war that threatens global stability and developing economies. Analysts warn of potential inflation, supply chain disruptions, and increased uncertainty for businesses and consumers worldwide.