Trump announced sweeping tariffs Thursday, which caused markets to plummet, but the president believes they'll help the country going forward.

For decades, global commerce abided by tariff rates agreed to by the U.S. and 122 other countries during the 1980s and 1990s. On Wednesday, Trump detonated that arrangement, saying that other countries had exploited the system and “ripped off’’ the United States for years, causing its once-mighty manufacturing base to shrink.

Britain's business secretary vowed to "remain calm" and insisted he still wants a trade deal with the United States after President Donald Trump's decision on Wednesday to impose import tariffs of 10% on the United Kingdom.

President Donald Trump and his advisers landed on tariffs of at least 10% on imports, with nearly 60 countries and the EU facing even higher taxes.