President Trump issued an executive order imposing new tariffs ranging from roughly 25 % to 41 % on nearly 70 countries including Canada, India, South Africa, Taiwan and Switzerland. Global equity markets reacted by dropping, with the Stoxx 600 down 1.3 % and U.S. futures off about 1 % in early trading.

The Canadian dollar fell to a two‑month low and the U.S. dollar gained 2.5 % across the week. This trade escalation triggered fears of retaliatory measures and disrupted investor sentiment across developed and emerging markets. The move revives broader trade war dynamics and may force affected countries to shift supply chains or seek alternative market access.

The U.S. imposed a 30 % tariff on goods from South Africa, directly affecting key exporters in agriculture and manufacturing. Lesotho and other small African countries received modified lower rates, such as 15 %. Economies heavily reliant on U.S. exports now face substantial revenue disruption. The policy change amplifies concerns over uneven trade impacts across the continent. Negotiations are expected but risk remains high if retaliatory steps follow.