First Thing: Stock markets fall as US announces new tariff rates on dozens of countries

Donald Trump orders levies ranging from 10% to 41% but extends deadline to next week. Plus, how did Labubu dolls became a ‘social currency’?Don’t already get First Thing in your inbox? Sign up hereGood morning.Donald Trump has signed an executive order imposing tariffs ranging from 10% to 41% on imports from dozens of trade partners, in his latest attempt to reshape the global economy.Which countries have higher rates? Rates were set at 25% for India’s US-bound exports, 20% for Taiwan and 30% for South Africa. Switzerland faces a rate of 39%. The deadline for a tariff deal with Mexico was extended by another 90 days.What has Israel said? As Gaza has slid into famine this summer, Israeli officials have variously denied the existence of mass starvation, claimed without evidence that Hamas steals and hoards aid, or blamed hunger on UN distribution failures, sharing pictures of aid pallets awaiting collection inside the border. Continue reading...

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