MARKETS HIT
Wall Street plunged on Friday, following similar plunges in Asia and Europe, as economists warned tariffs could dampen growth and fuel inflation.
Trump’s latest tariffs have notable exclusions, however.
They do not stack onto recently imposed 25 per cent tariffs hitting imports of steel, aluminum and automobiles.
Also temporarily spared are copper, pharmaceuticals, semiconductors and lumber, alongside “certain critical minerals” and energy products, the White House said.
But Trump has ordered investigations into copper and lumber, which could soon lead to further levies.
He has threatened to hit other industries like pharmaceuticals and semiconductors as well, meaning any reprieve might be short-lived.
Canada and Mexico are unaffected by the latest move as they already face separate duties of up to 25 per cent on goods entering the United States outside a North America trade agreement.
