#USTariffs

Stock markets around the world have taken a major hit as China, Mexico and Canada hit back at US tariffs and fears grow that Europe could be President Donald Trump’s next target in the growing global trade war.

Mr Trump 25 per cent tariffs on Mexican and Canadian imports went into effect just after midnight on Tuesday. The President also doubled the 10 per cent tariff he slapped on Chinese imports last month to 20 per cent.

Australia is also poised to cop Mr Trump’s sweeping 25 per cent tariffs on steel and aluminium.