Crucial exporters to the US such as Taiwan, the world’s most important semiconductor exporter, will incur steep new levies. Trump also raised tariffs on Canada, an ally and major trading partner, to 35 per cent. India was hit with a rate of 25 per cent and Switzerland with 39 per cent.

The president also announced sweeping tariffs on dozens of countries, as he continued his drive to remake how global trade operates.

President Trump's new tariffs, ranging from 10% to 41%, have sparked global reactions. Thailand and Cambodia hailed 19% tariff deals as wins after US