US Tariff Announcement Live Updates: US President Donald Trump on Wednesday announced huge new tariffs, which could spark a global trade war. The tariffs threaten various sectors like the automobile, dairy, steel, and electronics.

The 78-year-old President has imposed new tariffs of 34 percent on imports from China and 20 percent on imports from the European Union — two of the main US trade partners.

According to the think tank Global Trade Research Initiative (GTRI), the new tariffs could significantly impact Indian exports. A uniform tariff could leave India facing an additional tax of 4.9% compared to the current 2.8%, impacting sectors like agriculture, electronics, and pharmaceuticals, according to the GTRI’s “Reciprocal Tariffs and India” report.

Early Wednesday, Mr Trump posted a one-liner on his Truth Social platform: “It’s Liberation Day in America!”

Mr Trump for weeks, has said his reciprocal tariff plans are a move to equalise generally lower US tariff rates with those charged by other countries and counteract their non-tariff barriers that disadvantage US exports. Global markets have been jittery for days ahead of the announcement, while countries most likely in the crosshairs have called for talks, even as they ready retaliatory measures.

Here are the Live Updates: