Global Markets Tumble After Trump Tariffs; US China Ambassador Nominee Faces Confirmation Hearing

U.S. and global markets plunged after Trump’s announcement the US will impose 10 percent universal tariffs, higher rates for countries with more trade barriers. Meanwhile, Canada will impose a 25% tariff on all vehicles imported from the United States that are not compliant with the U.S.-Mexico-Canada trade deal, Prime Minister Mark Carney told a press conference on Thursday. The Senate Foreign Relations Committee held a hearing to examine the nomination of David Perdue to be the U.S. ambassador to China. New York City Mayor Eric Adams said he would run for reelection as an independent, not as a Democrat as he did in his first, successful mayoral bid.