Frankfurt: United States President Donald Trump has imposed sweeping new tariffs on American imports, triggering widespread condemnation and fears of a global trade war. The move stunned governments and investors, prompting immediate threats of retaliation and calls for negotiation, while global stocks took a hit.

Trump announced import taxes ranging from 10 to 49 per cent, claiming the measures would correct decades of unfair trade and bring back jobs and factories to the US.

“Taxpayers have been ripped off for more than 50 years,” Trump said. “But it is not going to happen anymore.”

The US has levied a 34 per cent tariff on goods from China — in addition to a prior 20 per cent tariff — alongside 20 per cent on EU goods, 24 per cent on Japanese imports and 25 per cent on South Korean products.

China, EU respond to ‘bullying’
China, a major exporter to the US, accused Washington of “bullying” and announced retaliatory measures expected to raise prices for American consumers.

“There are no winners in trade wars and tariff wars,” said Foreign Ministry spokesperson Guo Jiakun. “It's clear to everyone that more and more countries are opposing the unilateral bullying actions of the US."

French President Emmanuel Macron held meetings with business leaders in sectors affected by the tariffs, such as wines, cosmetics and aircraft. He urged firms to halt investments in the US.

“What would be the message of having major European players investing billions of euros in the American economy at a time when they're hitting us?” Macron asked.

European Commission President Ursula von der Leyen criticised the tariffs as a “major blow to the world economy” but refrained from announcing countermeasures, stating the EU was “always ready” to talk.

Italian Prime Minister Giorgia Meloni told state television she wanted “an honest discussion” with the US aimed at removing tariffs.

EU considers targeting US tech giants
While Europe has so far limited retaliation to symbolic goods such as whiskey and Harley-Davidson motorcycles, economists say the bloc could broaden its response by targeting US tech firms.

French officials have proposed taxing American digital giants including Google, Apple, Meta, Amazon and Microsoft.

German Chancellor Olaf Scholz said the EU “must show that we have strong muscles”, though he cautioned against an all-out trade war, calling an agreement “best for prosperity in the US, for prosperity in Europe and for prosperity in the world.”

UK and Japan opt for calm
British Prime Minister Kier Starmer advocated for “cool and calm heads” while addressing business leaders in London, expressing hope for a US trade deal that would see tariffs lifted.

“Nobody wins in a trade war, that is not in our national interest,” Starmer said.

Japan, the US’s largest foreign investor and close Asian ally, signalled a more measured response. “We will assess the impact,” said Chief Cabinet Secretary Yoshimasa Hayashi.

Financial markets tumble amid uncertainty
The tariffs rattled financial markets. The US S&P 500 fell 3.7 per cent, Europe’s STOXX 600 lost 2.7 per cent, and Tokyo’s benchmark dropped 2.8 per cent. Oil prices also fell by more than USD 2 per barrel.

“The magnitude of the rollout — both in scale and speed — wasn't just aggressive; it was a full-throttle macro disruption,” said Stephen Innes of SPI Asset Management.

Jim Reid of Deutsche Bank noted the average US tariff now stands at 25–30 per cent — the highest since the early 20th century — describing it as a “radical policy reordering.”

World Trade Organization chief Ngozi Iweala-Okonjo warned the US move could cause global trade volumes to decline by about 1 per cent this year.

Higher costs expected for American consumers
Although the tariffs target foreign imports, the costs will be borne by US-based companies that purchase these goods, many of which may pass the burden on to consumers.

Italian Parmigiano Reggiano producers said the new duties would make their cheese more expensive in the US.

“Americans continued to choose us even when the price went up” after previous tariffs, said Nicola Bertinelli of the Parmigian Reggiano Consortium. “Putting tariffs on a product like ours, only increases the price for American consumers, without protecting local producers."

The Consumer Brands Association, which represents firms like Coca-Cola and Procter & Gamble, raised concerns over tariffs on essential imported ingredients like cinnamon and wood pulp.

“We encourage President Trump and his trade advisors to fine-tune their approach and exempt key ingredients and inputs,” said Tom Madrecki, the group’s vice-president of supply chain resiliency.

Norfolk Island caught off guard
A surprising 29 per cent tariff on goods from Norfolk Island, a remote South Pacific territory of Australia, left locals perplexed.

“To my knowledge, we do not export anything to the United States,” said Norfolk Island Administrator George Plant. “We're scratching our heads here.”

Russia excluded from tariff list
Notably, Russia was absent from Trump’s list of targeted nations. No explanation was provided for its exclusion.

With AP inputs