Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

President Donald Trump's move to impose sweeping tariffs on U.S. imports sparked threats of retaliation on Thursday, as companies and governments rushed to count the costs from an escalating trade war that threatens to shake up global alliances.

The BBC's Henry Zeffman and Anthony Zurcher explain the fallout from Donald Trump's global trade tariffs. On Wednesday, the US president announced taxes on goods coming into his country including 10% on all UK imports.

He called it "Liberation Day," but President Donald Trump's Wednesday unveiling of reciprocal tariffs could cause political headwinds for his party and economic pain for his constituents if his promises to recast the economy do not work out.

Nations prepare offers to Washington including weapons deals, dropping their own tariffs and moves against China

The tariffs announced by U.S. President Donald Trump will put a strain on the United States' exports as well, said German Chancellor Olaf Scholz on Thursday.

Liberation Day” has quickly turned into Libation Day for many Wall Street analysts, who are being forced to take Donald Trump both seriously and literally. The tariffs announced went far further than anyone had expected.