Donald Trump’s long-anticipated tariff plan was unveiled last week, marking a significant escalation in US trade policy. At its core is a universal 10% tariff on all imports, supplemented by steep country-specific duties including 34% on China, 32% on Taiwan, 46% on Vietnam and 20% on the European Union (“EU”). These rates were calculated using a deficit-to-export ratio methodology. The United Kingdom, which maintains a goods trade surplus with the US, was subject only to the baseline rate, and is expected to prioritise securing a bilateral trade agreement rather than pursuing immediate retaliation. Canada and Mexico retained their existing 25% tariffs, though USMCA (United States - Mexico - Canada Agreement) compliant goods remain exempt. In response, China imposed a blanket 34% tariff on all US imports, intensifying global trade tensions and catalysing a broad market sell-off...

Stocks featured:

Associated British Foods, Glencore and St. James’s Place

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