"This is the single biggest trade action of our lifetime," said Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser during Trump's first term. Trump's Wednesday tariff announcement shook global stock markets, wiping out $5 trillion in value for S&P 500 index companies by Friday's close, a record two-day decline. European Union imports will face a 20% tariff, while Chinese goods will be hit with a 34% tariff, bringing Trump's total new levies on China to 54%. Beijing on Saturday said, "The market has spoken" in rejecting Trump's tariffs. SHELTER FROM THE STORM"A trade war is in no one's interest.

Source: bd News24 April 06, 2025 09:45 UTC