The global economy appears to be in open rebellion against US President Donald Trump's tariffs, which went into effect on Wednesday.
Business leaders have warned of a possible recession caused by his policies, while some of the US's major trading partners have retaliated by imposing their own import tariffs and the stock market has wavered after days of declines.
Trump's tariffs went into effect in the US just after midnight, including 104% on goods from China, 20% on goods from the European Union, 24% on Japanese goods and 25% on goods from South Korea.
Trump administration officials have tried to reassure voters, Republican politicians and business leaders that the rates can be negotiated, but they say the process could take months.
Treasury prices have fallen, pushing the 10-year Treasury rate to 4.39%, signaling the world's growing distrust of Mr Trump.
The Republican president showed open defiance as the stock market recovered slightly but began selling off in morning trading.
“NOW IS THE TIME TO BUY!!!” he wrote on Truth Social, his social media platform. “BE GOOD! Everything is going to be great. The USA is going to be bigger and better than ever!”
Sourse: breakingnews.ie
