WASHINGTON/OTTAWA, April 3 (Reuters) – President Donald Trump’s 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.

The penalties announced on Wednesday unleashed turbulence across world markets and drew condemnation from other leaders facing the end of an era of trade liberalization that has shaped the global order for decades

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher targeted duties on some of the country’s biggest trading partners, hammering goods from Italian coffee and Japanese whisky to sportswear made in Asia. Automaker Stellantis said it would temporarily lay off U.S. workers and close plants in Canada and Mexico.

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