World News

Leaders of more than 60 countries have been plunged into a fresh race to secure trade deals with the US after Donald Trump unleashed global chaos with sweeping new tariff rates.

Trump’s latest blitz triggered a wave of market jitters and fears for jobs in some of the poorest countries, as tariff rates were signed off ranging from 50% to 10%.

There was a minor reprieve that opened the door to further negotiations, after the White House said the updated tariffs would take effect on 7 August, not on Friday, the deadline previously set by Trump.

The new rates, which Trump sees as benefiting US exporters, create uncertainty for dozens of countries, including longtime US allies. They have also raised fears of inflation in the US.

Rates were set at 25% for India’s US-bound exports, 20% for Taiwan and 30% for South Africa. Switzerland faces a rate of 39%. The deadline for a tariff deal with Mexico was extended by another 90 days.