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Markets sink as Trump’s tariffs roil global trading system

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Global markets plunged Monday following last week’s two-day meltdown on Wall Street, and U.S. President Donald Trump said he won’t back down on his sweeping new tariffs, which have roiled global trade.

Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly.

Trump’s tariff blitz fulfilled a key campaign promise as he acted without Congress to redraw the rules of the international trading system. It was a move decades in the making for Trump, who has long denounced foreign trade deals as unfair to the U.S.

The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight.

Netanyahu will be the first foreign leader to meet with Trump since the tariff announcement

Israeli Prime Minister Benjamin Netanyahu will meet U.S. President Donald Trump in Washington Monday, becoming the first foreign leader to visit since Trump unleashed tariffs on countries around the world.

Whether Netanyahu’s visit succeeds in bringing down or eliminating Israel’s 17% tariff remains to be seen, but how it plays out could set the stage for how other world leaders try to address the new tariffs.

Netanyahu’s office has put the focus of his hastily organized Washington visit on the tariffs, while stressing that the two leaders will discuss major geopolitical issues including the war in Gaza, tensions with Iran, Israel-Turkey ties and the International Criminal Court.

Eytan Gilboa, an expert on U.S.-Israel relations, said he expected Trump to use the tariffs as leverage to force out concessions from Netanyahu. Trump may pressure Netanyahu to move toward ending the war in Gaza, at the very least through some interim truce with Hamas that would pause the fighting and free more hostages.

In a preemptive move last week, Israel announced that it was removing all tariffs on goods from the U.S., mostly on imported food and agricultural products.