Shortly after beginning his second term in January, US President Donald Trump launched a chaotic trade war, raising tariffs on scores of countries, then changing some and agreeing to a number of tentative trade deals.
The average US import tax is now at its highest level since the 1930s, and there are signs the steeper tariffs are feeding through to higher prices for Americans.
But they are also inflicting pain beyond US borders. Here are examples from around the world.
The Swiss economy shrank in the third quarter at the sharpest rate since the depths of the Covid-19 pandemic in 2020. The government attributed the contraction largely to a plunge in output from the chemical and pharmaceutical industry, noting recent volatility in foreign trade linked to new US tariffs.
Over in Asia, Japan’s economy also contracted in the third quarter. Drops in exports and private residential investment were the biggest drivers.
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