Canada, Mexico and China vowed to take revenge after the tariffs on the goods entering the US from their countries came into force on Tuesday.
US President Donald Trump imposed 25% of tariffs against Canada and Mexico and 20% of tariff against China.
Shares in the United States, the UK and Asia were sinking after the introduction of taxes due to fear of spreading a trade war.
Analysts warned that tariffs could encourage prices for US households, and they could also have an impact on consumers around the world, including the UK.
Trump threatened to impose tariffs, which were added to the product when it entered the ground – in Canada, Mexico and China in response to the fact that the claims of unacceptable flow of illegal drugs and illegal immigrants to the USA.
But Canadian Prime Minister Justin Trudeau said his country is responsible for less than 1% of Fentanil entering the United States and that he will take revenge with 25% tariff at $ 150 billion in US goods.
China quickly announced its own counter measures, which include 10-15% of tariffs on some American agricultural goods, including wheat, corn, beef and soy. Mexico is expected to publish his answer later.
The three main index of the Stock Exchange in the United States sank after the news, while the FTSE 100 index of Britain’s largest companies, which listed on Tuesday, opened suddenly lower, and the stock markets in Asia were also reduced.
Andrew Wilson, from the International Chamber of Commerce, said: “What we see is the biggest effective increase in US tariffs since the 1940s – with severe economic risks.”
“Initial moves on the market are completely reflective that we are now entering a very risky scenario for a global trade and for a global economy,” he told BBC Radio 4’s Todyy Program
He said Yale University predicted that these measures could cost US households in the region of $ 2,000 this year alone.
Ella Hoxha, a fixed fixed -in -time manner at Newton Investment Management, told the BBC: “As far as consumers are concerned, it is more likely that, in the short term, you will increase prices because companies transfer some of these prices on the consumer.”
Chris Torrens, Vice President of the British Chamber of Commerce in China, added: “This is a big challenge for the British job because of the historic relationships that the UK and the USA have. [We are] Seeing what she looked like to dismantle the Transatlantic Union between the USA -ai Europe.
“But there is a real sense of hope for the stronger relationship of the UK-kine.”
