Alongside Wall Street, global stock markets took a beating after Trump unveiled a 10% baseline tax on all imports, as well as higher tariff rates for some major trade partners.

Investors’ shock at the size of the levies sent markets in Asia sharply lower. Experts warned that the global economy could be upended.

Everyone knew tariffs were coming and everyone was left stunned by them all the same. US President Donald Trump’s announcements of the punishing levies ripped through markets and left governments around the world searching for answers.