Kristolina Georgieva warns against retaliation to US levies while US president insists ‘markets will boom’ after sweeping tariff announcement

• Full report: Global markets in turmoil as Trump tariffs wipe $2.5tn off Wall Street
• Analysis: Trump’s ‘idiotic’ and flawed tariff calculations stun economists

The first signs of an internal US political backlash against Donald Trump’s declaration of a global trade war were starting to emerge on Thursday amid tanking stock markets worldwide and widespread international criticism of the move.

Hours after Trump unveiled a sweeping panoply of tariffs in an event he dubbed “liberation day”, four Republican senators openly defied him by voting for a Senate resolution from Democrats demanding that the 25% tariffs on Canadian products be reversed.