Trump signs sweeping new global tariffs

President Donald Trump declared a US economic emergency and announced tariffs of at least 10% across all countries with rates even higher for 60 countries or trading blocs that have a high trade deficit with the US, El.kz cites CNN.

• China hit hardest: China, the second top exporter to the US behind Mexico, will now face a 54% tariff and has threatened countermeasures. The EU is also preparing countermes. 

• Global markets rattled: After - hours US stock markets fell sharply, as did Asian markets, after the tariff announcement. And gold hit a new record high as investors seek safer investments. Leading economist told CNN they feared the tariffs could lead to a global recession.