US president Donald Trump has imposed sweeping new tariffs on global trading partners, upending decades of rules-based trade and threatening cost increases for consumers.
Mr Trump said he would impose a 10 per cent baseline tariff on all US imports, taking the maximum to more than 50 per cent for some countries.
Making the announcement in Washington DC on Wednesday, Mr Trump produced a chart of some of the new tariffs he was imposing on nations across the world.
The White House later published a full list of the territories facing import taxes.
The formula the White House used to calculate the tariffs took the US trade deficit in goods with each country as a proxy for alleged…