10% US Tariff on Global Imports Remains Amid Economic Turmoil

US Treasury Secretary Scott Bessent announced that President Trump is maintaining a 10% tariff on nearly all global imports while raising tariffs on Chinese imports to 125%. This decision follows a period of global market volatility triggered by Trump's initial tariff announcements. Countries like New Zealand are feeling the impact of this trade war, with Finance Minister Nicola Willis acknowledging the uncertainty created by the tariffs, particularly regarding trade with China. Meanwhile, the White House clarified that the 10% tariff does not apply to Canada and Mexico, maintaining existing trade agreements under USMCA. As the US shifts focus to China, global markets initially reacted positively, but uncertainty remains about the long-term effects of these tariff policies. The situation is fluid, and officials are in communication to clarify positions and mitigate economic fallout.