Global markets in turmoil as Trump tariffs wipe $2.5trillion off Wall Street

US president Donald Trump announced a minimum 10% tariff on imports, with the tax rate running higher on certain products from China and the EU. Photograph: Mark Schiefelbein/AP Global financial markets have been plunged into turmoil as Donald Trump's escalating trade war knocked trillions of dollars off the value of the world's biggest companies and heightened fears of a US recession. As world leaders reacted to the US president's "liberation day" tariff policies demolishing the international trading order, about $2.5tn (£1.9tn) was wiped off Wall Street and share prices in other financial centres across the globe. Experts said Trump's sweeping…