ZURICH/WASHINGTON: US President Donald Trump’s latest wave of tariffs on exports from dozens of trading partners sent global stock markets tumbling on Friday and countries and companies scrambling to seek ways to strike better deals. As Trump presses ahead with plans to reorder the global economy with the highest tariff rates since the early 1930s, Switzerland, “stunned” by 39 percent tariffs, sought more talks, as did India, hit with a 25 percent rate.

The US is seeing increased tariffs income, but there are signs of some countries diverting trade from America.

Trading Partners Scramble To Reach Deals With U.S. Ahead Of Trump's Looming Deadline For New Tariffs

Governments, markets and companies digest president's announcement