The global stock market fell after President Donald Trump introduced tariffs on products entering the United States in China, Canada and Mexico.
Trump imposed a 25%tariff on Canada and Mexico imports and had a 20%tariff on China.
Canada and China announced their own income tax on US products, and Mexico has a “contingent plan” and has been afraid of a full -fledged trade war.
The three major stock market indexes in the United States sank according to the news, and the FTSE 100 index of the UK’s largest public company was open on Tuesdays and the Asian stock market fell.
Analysts warned that tariffs could raise the price of US furniture and could affect consumers around the world, including the UK.
Trump threatened to impose tax tariffs, which were added to the product when they entered Canada, Mexico and China.
But Justin Trudeau, Canadian, said he is responsible for less than 1% of Pentanil entering the United States and retaliator for US $ 150 billion US products with a tariff of 25 percent.
China quickly announced its own counter measures, including 10-15%of tariffs on some US agriculture, including wheat, corn, beef and soybeans. Mexico is expected to present the response later.
Andrew Wilson of the International Chamber of Commerce said:
“The initial market movement is completely reflected in the fact that we are entering a very dangerous scenario for global trade and the world economy.”
He said Yale University predicted that US furniture costs in $ 2,000 this year could pay for the cost of US furniture.
ELLA HOXHA, a fixed import officer at Newton Investment Management, told the BBC: “In terms of consumer, the price is likely to rise as the company delivers the price to consumers in the short term.”
Chris Torrent, vice president of the British Chamber of Commerce and Industry, added:
“But there is hope for a stronger British-China relationship.”
