The markets were taking it on the chin after President Donald Trump's "Liberation Day" tariff announcement. While investors were expecting the president to initiate some new tariffs, the size and breadth of them were much,

President Donald Trump has announced reciprocal tariffs. He has announced a 10 per cent baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.

President Donald Trump on Wednesday laid out the U.S. "reciprocal tariff" rates that more than 180 countries and territories, including European Union members, will face under his sweeping new trade policy.

The US began collecting a 10% "baseline" tariff on all imports on Saturday as President Donald Trump urged Americans to "hang tough" after market turmoil. The UK and France are among hundreds of countries impacted and its leaders have said nothing is off the table.

Countries targeted by President Trump for higher so-called reciprocal tariffs are due to go into effect on Wednesday.

Americans are on edge as trillions of dollars of wealth were wiped out when global markets took a dive after President Donald Trump’s tariffs were announced Wednesday. The President says those tariffs are “here to stay” and to “hang tough.