Trump announces new tarrifs, Ghana hit by 10% import tax

U.S. President Donald Trump has imposed sweeping new tariffs, including a 34% tax on Chinese imports and a 20% levy on goods from the European Union.

Ghana and several other nations will face a 10% import tax, adding pressure to global supply chains.

Declaring a national economic emergency, Trump justified the move as a strategy to boost U.S. manufacturing, accusing foreign countries of exploiting America’s economy.

The announcement rattled financial markets, with analysts warning of a potential global recession.

Critics liken the tariffs to the 1930 Smoot-Hawley Act, which worsened the Great Depression.

While Trump insists the policy will generate billions in revenue, key trading partners, including the EU and China, are expected to retaliate, intensifying global trade tensions.