United States President Donald Trump has imposed heavy trade tariffs on allies and rival countries across the world, significantly intensifying an ongoing trade war. Trump also announced a 29% tariff on Pakistani goods.

The tariffs were announced by Trump at the White House, in what he called a ‘Liberation Day, for the US. Trump announced that his administration would place a 10% baseline tariff on all goods imported to the US as well as higher ‘reciprocal tariffs’ on trading partners who tax US goods.

Trump said that the move would help to bring back vital industries to the US.

The move includes a 29% tariff on goods imported from Pakistan, which Trump says charge 58% tariffs on US goods.

A massive 34% tariff has been placed on import of Chinese goods, while a 20% tariff has been placed on Europe. Meanwhile, India received a 24% imposition, lower than surrounding countries but still higher than expected. China has reacted strongly, threatening counter tariffs.

The move could have spiralling effects for the world’s economy which is already reeling from the effects of post-pandemic inflation.