Summary
Global leaders criticized Trump’s new tariffs, which range from 10% to 49%, warning of trade wars and economic fallout.
The UK and Italy urged negotiation, while Brazil passed a reciprocity bill. China and South Korea vowed countermeasures.
Australia and New Zealand rejected Trump’s logic, citing existing trade deals and low tariffs. Norfolk Island was baffled by a 29% duty despite having no exports.
Financial markets dropped, oil and bitcoin sank, and leaders warned of inflation. Analysts say Trump risks fracturing global trade with little to gain economically.
Of course there is logic, but not the logic most politicians want to admit. This is simply:
“Nice global economy. It would be a shame if something happened to it. Maybe we can come to an understanding, and this whole tariff thing goes away. You do want free trade, don’t you?”