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Some Gainesville voters remain loyal to the president, while others cut back on buying and business owners hike prices

In Gainesville, Florida, a small city in the north-central part of the state, small businesses and shoppers are bracing for the impacts of Trump’s sweeping tariffs.

The Trump administration announced a baseline of 10% tariffs on nearly every country in the world last week, with much higher rates on countries such as China, Taiwan and Vietnam, and 20% tariffs on European Union countries.

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The countries of the GCC — Saudi Arabia, the UAE, Bahrain, Kuwait, Oman, and Qatar — hold approximately 32.6% of the world’s proven crude oil reserves.

Stock markets down from Australia to Japan and Taiwan as Trump presses ahead with huge retaliatory tariffs on China

• Full report: Trump unleashes new wave of tariffs
• Dispatch: The view from Yiwu, China’s biggest wholesale market

Today’s tariffs follow Trump’s 10% tariff on all imports from many countries, including Australia, which came into effect at the weekend.

US customs agents began collecting the unilateral tariff at US seaports, airports and customs warehouses on Saturday. Today’s measures are higher levies on goods from 57 larger trading partners.

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Rates on imports to US from dozens of countries rise further, with China hit by 104% tariffs

• Business live – latest updates

The US and China are heading towards an all-out trade war, as Donald Trump unleashed a new wave of tariffs against dozens of partners that triggered a fresh day of stock market turmoil on Wednesday.

The global economy has been rocked since sweeping 10% US tariffs took effect over the weekend, prompting dramatic market sell-offs worldwide and sparking recession fears.

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China’s foreign ministry reiterated Wednesday that it will take “resolute and forceful” measures to protect its own interests.

Investors reel as new levies on the EU, China and other major trading partners come into force