One business leader says the world is now "waking up to a reality that Canada has been living with for months."

President Trump has called out nations like China and Canada and the European Union for "unfair" trading practices and tariffs on the U.S.

The reciprocal tariffs announced by U.S. President Donald Trump have initially been met with measured reactions from key trading partners, highlighting the lack of appetite for a full-fledged trade war.

The country that received the most severe tariffs, Lesotho, is one that “nobody had ever heard of,” according to Trump. The White House list said the landlocked African kingdom has its own tariffs of 99 percent — and thus will face a 50 percent penalty from the U.S.

The reaction to Trump's sweeping tariffs announcement didn't take long to hit the U.S. stock market, with Dow Futures plummeting over 1,000 points by Wednesday evening.

The US will impose reciprocal tariffs on China of 34 per cent and hit the EU with a levy of 20 per cent, Donald Trump announced on Wednesday as he detailed new restrictions targeting America’s trading partners. The US will impose universal 10 per cent tariff on all countries, including on the UK, he said.

Stock futures sink as president reveals plans to impose 10% universal levies and higher duties on major partners

Southeast Asian currencies opened lower and the region’s stocks look set to drop after Asian emerging nations were given some of the biggest tariff increases by US President Donald Trump.

South Korea's acting President Han Duck-soo ordered emergency support measures for businesses that will be impacted by the imposition of U.S. tariffs, including automobiles, the industry ministry said on Thursday.

Indian shares are set to open lower on Thursday after U.S. President Donald Trump imposed a 26% reciprocal tariff on imports from the South Asian nation.