Crucial exporters to the US such as Taiwan, the world’s most important semiconductor exporter, will incur steep new levies. Trump also raised tariffs on Canada, an ally and major trading partner, to 35 per cent. India was hit with a rate of 25 per cent and Switzerland with 39 per cent.

Donald Trump will impose a 39% tariff on imports from Switzerland, leaving the European country with one of the steepest levies globally as the US president seeks to cut America’s trade deficit and lure manufacturing to its shores.

The twists and turns in U.S. President Donald Trump's tariff policies have not only rattled global financial markets but also taken investors on a roller-coaster ride. Adding to the uncertainty are tariff-related legal challenges and Trump's assertion that he will hammer out bilateral deals with trade partners.