Daily SumUp

President Donald Trump said on Wednesday he is imposing reciprocal tariffs to match duties put on US goods by other countries, in a move that ratchets up a trade war that he kicked off on his return to the White House.

The sweeping duties would erect new barriers around the world's largest consumer economy, reversing decades of trade liberalization that have shaped the global order. Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine. "It's our declaration of independence," Trump said at an event in the White House Rose Garden. Details of the tariffs were not immediately known as Trump