Donald Trump's trade advisers were finalising plans on Wednesday for the reciprocal tariffs the U.S. president has vowed to impose on every country that charges duties on U.S. imports, ratcheting up fears of a widening global trade war.

The US administration walked the walk on tariffs by first announcing 25% levies on imports from Canada and Mexico, followed by a 10% tax on imports from China. While the actual implementation for Canada and Mexico is on hold for now, tariffs on China are already in place.

Chinese tariffs on U.S. products including LNG, coal and agricultural equipment were imposed Monday, in response to Trump’s 10 percent blanket levy.

President Trump has proposed a sweeping set of tariffs. Does this mark the end of the post-war free trade world?

Tariff war rooms make it possible for companies to measure any number of outcomes from imposed tariffs, looking at what happens when a new tariff is higher or lower, or lasts longer than anticipated, or how a duty could trigger currency value changes or other economic policy shifts.

Donald Trump's trade advisers were finalizing plans on Wednesday for the reciprocal tariffs the U.S. president has vowed to impose on every country that charges duties on U.S. imports, ratcheting up fears of a widening global trade war.

President Trump is hiking tariffs on steel and aluminum, and pledging to impose more. The question is whether this leads to a widening conflict or not.

The European Union plans to retaliate against the United States for new steel and aluminum tariffs, adding another element to rising global trade tensions. "Unjustified tariffs on the EU will not go unanswered—they will trigger firm and proportionate countermeasures,