The US president’s announcement has caused market chaos and threatens a trade war and US recession

Donald Trump’s announcement of a long slate of new tariffs on the US’s trading partners has caused chaos in global markets and threatens a global trade war and US recession.

Long trailed on his election campaign, Trump’s plans were even more sweeping than many had predicted: a baseline 10% tariff on all imports and higher tariffs for key trading partners, including China and the EU.

Dollar hits six-month low after president announces sweeping tariffs on US’s largest trade partners

• Trump tariffs – live updates

US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.

All three major US index funds were down as trading started on Thursday morning. The tech-heavy Nasdaq fund was down 4.5%, while the S&P 500 and the Dow dropped 3.4% and 2.7% at opening, respectively. Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.

President to impose ‘reciprocal’ tariffs on largest trading partners and says new charges will bring about ‘golden age’

• Business live – latest updates

Donald Trump announced sweeping tariffs on some of its largest trading partners on Wednesday, upending decades of US trade policy and threatening to unleash a global trade war on what he has called “liberation day”.

Trump said he will impose a 10% universal tariff on all imported foreign goods in addition to “reciprocal tariffs” on a few dozen countries, charging additional duties onto countries that Trump claims have “cheated” America.

Departures of Cemal Kafadar and Rosie Bsheer are seen by critics as ‘shameful attempt’ by school to appease Trump

The leaders of Harvard University’s Center for Middle Eastern Studies are leaving their positions after the center faced accusations of anti-Israel bias.

The departures come as the Trump administration scrutinizes institutions that have had pro-Palestinian protests over the last year. Earlier this week, Columbia’s president announced she would step down after Trump targeted the university for protests on campus last year.