President Donald Trump on Wednesday unveiled a 10 per cent minimum tariff on most goods imported to the United States, with much higher duties on products from dozens of countries, kicking into high gear a global trade war that threatens to drive up inflation and stall US and worldwide economic growth.

The sweeping duties, which drew bewildered condemnation from many long-standing US allies who found themselves tagged with unexpectedly high tariff rates, promise to erect new barriers around the world’s largest consumer economy, reversing decades of trade liberalisation that have shaped the global order.

Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine.

US Treasury chief Scott Bessent urged other countries to not retaliate.