Officials in the European Union, China and North American neighbor Canada say they're preparing countermeasures in response to President Trump's announcement of sweeping tariffs on U.S. imports. Why it matters: A global trade war is heating up following Trump's announcement of a baseline 10% tariff on U.

“We know that the relationship will never be the same again,” Joly said at NATO headquarters, where she was attending a meeting of allied foreign ministers. “That's my message to Europeans, the relationship with the U.S. will never be the same.”

Though countries like Mexico, Canada and Russia were missing from the tariff list, Donald Trump announced reciprocal tariffs ranging 11-49 per cent on around 60 countries.

President Donald Trump's move to impose sweeping tariffs on U.S. imports sparked threats of retaliation on Thursday, as companies and governments rushed to count the costs from an escalating trade war that threatens to shake up global alliances.

China has vowed to hit back after President Donald Trump announced major new tariffs on its exports to the United States as part of his radical overhaul of a century of American global trade policy.

U.S. President Donald Trump goes through many of the rates at which his administration plans to impose tariffs on countries around the world in response to their tariffs on the U.S. What happens on Trump's 'Liberation Day'?

U.S. President Donald Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners, drawing defiant responses from leaders and governments around the world.

World leaders had varied reactions to President Donald Trump's tariff announcements, with many pledging counter measures, while others hope to negotiate a removal of the import taxes.

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