The US president’s announcement has caused market chaos and threatens a trade war and US recession

Donald Trump’s announcement of a long slate of new tariffs on the US’s trading partners has caused chaos in global markets and threatens a global trade war and US recession.

Long trailed on his election campaign, Trump’s plans were even more sweeping than many had predicted: a baseline 10% tariff on all imports and higher tariffs for key trading partners, including China and the EU.