Trump's tariff tsunami hits global trade: talks begin with 70 countries

Former US President Donald Trump has begun implementing a sweeping tariff policy, imposing baseline and bilateral duties on a wide range of countries, triggering global trade concerns, 24NewsHD TV Channel reported.

According to international media reports, 10% baseline tariffs have been enforced on the UK, Singapore, Brazil, Australia, New Zealand, Türkiye, and Colombia, as well as Argentina, El Salvador, the UAE, and Saudi Arabia.

Canada and Mexico have also been hit with 10% baseline tariffs, while the European Union faces a 20% tariff.

Some countries are facing even steeper rates: Vietnam, 46%; Thailand, 36%; Japan, 24%; Cambodia, 49%; South Africa, 30%; and Taiwan, 32%.

China has been hit the hardest with a massive 104% tariff due to its "hostile trade stance," according to US officials.

The White House has confirmed that around 70 countries have already approached Washington to open talks over the new tariffs. 

The European Union is said to have hinted at a zero-for-zero tariff agreement as a potential negotiation outcome.

In response, the White House stated that retaliatory tariffs by affected countries will gradually take effect following the outcome of negotiations.

Trump has also instructed the US trade team to begin drafting bilateral and multilateral trade agreements to recalibrate the global trade framework in light of the new tariff regime.