WASHINGTON: Global markets reeled on Friday from President Donald Trump's tariffs barrage against nearly all US trading partners as governments looked down the barrel of a seven day deadline before the higher duties take effect.
Trump announced late on Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41 per cent.
However, implementation will be on August 7 rather than on Friday as previously announced, the White House said. This gives governments a window to rush to strike bilateral deals with Washington setting more favourable conditions.
As Trump presses ahead with plans to reorder the global economy with the highest tariff rates since the early 1930s, Switzerland, "stunned" by 39 per cent tariffs, sought more talks, as did India, hit with a 25% rate.
New tariffs also include a 35 per cent duty on many goods from Canada, 50 per cent for Brazil, 20 per cent for Taiwan. Taiwan said its rate was "temporary" and it expected to reach a lower figure.
The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports.
But the muscular approach has raised fears of inflation and other economic fallout in the world's biggest economy.
Stock markets in Hong Kong, London and New York slumped as they digested the turmoil.
Trump's actions come as debate rages over how best to steer the US economy, with the Federal Reserve this week deciding to maintain interest rates unchanged, despite massive political pressure from the White House to cut.
Data on Friday showed US job growth missing expectations for July, while unemployment ticked up to 4.2 per cent from 4.1 per cent.
On Wall Street, the S&P 500 dropped 1.7 per cent, while the Nasdaq slumped 2.3 per cent.
Trump raised duties on around 70 economies, from a current 10 per cent level imposed in April when he unleashed "reciprocal" tariffs citing unfair trade practices.
The new, steeper levels listed in an executive order vary by trading partner. Any goods "transshipped" through other jurisdictions to avoid US duties would be hit with an additional 40 per cent tariff, the order said.
Carney said his government was "disappointed" with the latest rates hike but noted that with exclusions the US average tariff on Canadian goods remains one of the lowest among US trading partners.
Notably excluded from Friday's drama was China, which is in the midst of negotiations with the United States.
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