China's yuan dropped to its lowest level in seven weeks and stock markets slumped on Thursday after U.S. President Donald Trump unveiled a sweeping set of reciprocal tariffs that were particularly heavy on China and its main trading partners. While investors had been bracing for these tariffs over the past week, Washington's latest punitive measures turned out to be more aggressive than expected. Countries in China's supply chain were hardest hit, with Vietnam, Cambodia and Laos facing tariffs between 46% and 49% respectively.
Trump tariffs bad for global economy and trade, Maersk says
Shipping company Maersk said on Thursday that the tariffs announced by U.S. President Donald Trump on Wednesday amount to bad news for the global economy and trade stability. Trump's move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth. "The tariff plan announced by the U.S. administration was significant, and in its current form, it clearly isn't good news for (the) global economy, stability and trade," Maersk said in a written comment.
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