Trump stuns allies and rivals with sweeping tariffs, slaps 29% levy on Pakistan

US President Donald Trump’s announcement of sweeping tariffs on multiple countries, including key trading partners, sent shockwaves through global markets. Pakistan was among the affected nations, facing a hefty 29% tariff.

A 10% baseline tariff has been imposed on all imports, while Pakistan's 29% tariff stems from its 58% levy on US goods. The base tariff is set to take effect on April 5, with reciprocal tariffs on imported goods beginning April 9.

Trump’s extensive tariff measures have sparked outrage among both rival and allied nations, with many calling for their revision and threatening retaliatory actions.

The impact of the tariffs was immediate. Asian markets plummeted, with Japan’s Nikkei index hitting an eight-month low after the country was slapped with a 24% tariff. European stock futures also signaled declines, following Trump’s 20% tariff on the region.

Read: US to screen visa applicants’ social media for anti-Israel, anti-US content

Even the US market was not spared. Since mid-February, it has lost $5 trillion in value due to Trump’s unpredictable trade policies.

China, facing the highest 34% tariff, reacted furiously to the US move, demanding an immediate revocation of the tariffs while vowing to retaliate.

While Canada and Mexico were not hit with additional tariffs, both countries remain under a 25% tariff due to their existing trade agreements with the US

Economists have warned that Trump’s wave of tariffs could disrupt the global economy, trigger inflation, and impact thousands of households in the US, especially those with average incomes.

Trump defended his decision, arguing that the US has been exploited for decades.

"For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friend and foe alike," Trump declared at a White House press conference in the Rose Garden.

He further stated, “We will charge them approximately half of what they have been charging us,” emphasiing that the tariffs will not be reciprocal.

Trump vowed to revive US manufacturing, promising more jobs and lower consumer prices driven by increased domestic production.