The sweeping new tariffs announced Wednesday by U.S. President Donald Trump were met initially with measured reactions from key trading partners, highlighting the lack of appetite for a full-fledged trade war. Trump presented the import taxes, which he calls “reciprocal tariffs” and range from 10% to 49%, in the simplest terms: the U.S. would do to its trading partners what he said they had been doing to the U.S. for decades. “Taxpayers have been ripped off for more than 50 years,” he said. “But it is not going to happen anymore.” The president promised that “Jobs and factories will come roaring back into our country.” He framed it not just as an economic issue, but a question of national security that threatens “our very way of life.” Financial markets were jolted, with U.S. stock futures down by as much as 3% early Thursday and Tokyo’s market leading losses in Asia. Oil prices sank more than $2 a barrel and the price of bitcoin dropped 4.4%. ‘Nobody wants a trade war’ Shortly after Trump's announcement, the British government said the United States remains the U.K.’s “closest ally.” Business Secretary Jonathan Reynolds said the U.K. hoped to strike a trade deal to “mitigate the impact” of the 10% tariffs on British goods announced by Trump. “Nobody wants a trade war and our intention remains to secure a deal," said Reynolds. "But nothing is off the table and the government will do everything necessary to defend the U.K.’s national interest.” Italy’s conservative Premier Giorgia Meloni described the new 20% tariffs against the European Union as “wrong,” saying they benefit neither side.