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- Trump Tariffs highlights: White House says 104% tariffs imposed on China, effective from April 9
THE TIMES OF INDIA | Apr 09, 2025, 00:09:55 IST
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Trump Tariffs highlights: White House says 104% tariffs imposed on China, effective from April 9
Trump tariffs highlights: Global stock markets made a fragile recovery on Tuesday, attempting to bounce back from a tariff-triggered sell-off that sent shockwaves through financial systems worldwide. Despite the rebound, anxiety lingers as escalating rhetoric between Washington and Beijing raises the spectre of a deepening trade war.
Asian and European indices saw modest gains as investors hunted for bargains following Monday's heavy losses. The recovery came even as US President Donald Trump doubled down on his tariff threats, warning of an additional 50 percent levy on Chinese imports if Beijing continued retaliating. China responded defiantly, vowing to "fight to the end" and rejecting what it called "pressure, threats and blackmail."
The standoff between the world's two largest economies has rattled global markets, with investors fearing a prolonged dispute could drag the world into recession. Trump's aggressive trade stance has already wiped trillions off company valuations and disrupted established trade norms.
Despite the uncertainty, Tuesday saw a glimmer of optimism in Asia. Tokyo surged more than six percent, recouping a significant portion of Monday's plunge.
In China, Shanghai gained 1.6 percent following a move by the central bank to support Central Huijin Investment, a key state-owned fund, in a bid to stabilise markets. Hong Kong, meanwhile, rose over one percent, though it remained far from recovering Monday's historic 13 percent drop—the city’s worst one-day performance since 1997.
Elsewhere in the region, Sydney posted gains exceeding two percent, while Manila rallied three percent. Seoul and Wellington also edged into positive territory, encouraged by the temporary uptick in global sentiment.
European bourses followed suit, with London, Paris, and Frankfurt all rising more than one percent. However, the uptick did little to offset the steep declines from the previous session, when markets tumbled over four percent amid rising trade tensions.
As uncertainty continues to hang over the global economy, President Trump urged Americans to remain “strong, courageous, and patient,” though markets appear to be bracing for a long and turbulent road ahead.
Asian and European indices saw modest gains as investors hunted for bargains following Monday's heavy losses. The recovery came even as US President Donald Trump doubled down on his tariff threats, warning of an additional 50 percent levy on Chinese imports if Beijing continued retaliating. China responded defiantly, vowing to "fight to the end" and rejecting what it called "pressure, threats and blackmail."
The standoff between the world's two largest economies has rattled global markets, with investors fearing a prolonged dispute could drag the world into recession. Trump's aggressive trade stance has already wiped trillions off company valuations and disrupted established trade norms.
Despite the uncertainty, Tuesday saw a glimmer of optimism in Asia. Tokyo surged more than six percent, recouping a significant portion of Monday's plunge.
In China, Shanghai gained 1.6 percent following a move by the central bank to support Central Huijin Investment, a key state-owned fund, in a bid to stabilise markets. Hong Kong, meanwhile, rose over one percent, though it remained far from recovering Monday's historic 13 percent drop—the city’s worst one-day performance since 1997.
Elsewhere in the region, Sydney posted gains exceeding two percent, while Manila rallied three percent. Seoul and Wellington also edged into positive territory, encouraged by the temporary uptick in global sentiment.
European bourses followed suit, with London, Paris, and Frankfurt all rising more than one percent. However, the uptick did little to offset the steep declines from the previous session, when markets tumbled over four percent amid rising trade tensions.
As uncertainty continues to hang over the global economy, President Trump urged Americans to remain “strong, courageous, and patient,” though markets appear to be bracing for a long and turbulent road ahead.
02:14 (IST) Apr 08
President Donald Trump threatened China with additional tariffs on Monday, bringing the total tariff on Chinese goods to 104% if China does not back down. Initially, Trump imposed a 34% tariff on "Liberation Day," raising the total to 54%. Another 50% would push it to 104%. After meeting with Israeli Prime Minister Netanyahu, Trump reiterated his concerns over China’s military spending, using its trade surplus. He stated, "I don't want them spending $500-600 billion on their military."
Trump also issued an ultimatum, warning that if China does not withdraw the 34% tariff by tomorrow, all talks would be terminated. He confirmed that negotiations with other countries will proceed immediately, signalling no further discussions with China.
Trump also issued an ultimatum, warning that if China does not withdraw the 34% tariff by tomorrow, all talks would be terminated. He confirmed that negotiations with other countries will proceed immediately, signalling no further discussions with China.
01:56 (IST) Apr 08
US stocks dip after careening through a manic day following Trump's latest tariff threat
US stocks endured a chaotic Monday after President Donald Trump warned of higher tariffs, despite Wall Street's strong desire for a reversal. The S&P 500 ended down 0.2% after a day of dramatic shifts as markets attempted to interpret Trump’s trade war strategy. If the goal is to secure trade deals, tariffs may decrease and avert a recession. However, if the aim is to overhaul the economy long-term, stock prices may need to fall further.
The Dow Jones fell by 349 points (0.9%), while the Nasdaq gained 0.1%. Early in the day, all three indexes dropped sharply, with the Dow plunging 1,700 points amid global losses. However, it surged almost 900 points late morning after a false rumour of a 90-day tariff pause, which was quickly debunked by the White House. The S&P 500, at one point, surged 3.4%, its biggest jump in years.
Trump later reiterated his stance, threatening more tariffs on China after Beijing’s retaliation. This left Wall Street frustrated, as many had expected Trump to pull back if the stock market suffered. Trump's tariffs aim to bring manufacturing jobs back to the US, but this could take years.
Markets continued swinging between losses and gains as hope remained that negotiations could eventually ease the situation. Meanwhile, financial pain spread globally, with Hong Kong stocks plummeting 13.2%, oil dropping below $60 a barrel, and Bitcoin falling from its record highs. The Federal Reserve faces mounting pressure, with the risk of inflation increasing due to the tariffs.
The Dow Jones fell by 349 points (0.9%), while the Nasdaq gained 0.1%. Early in the day, all three indexes dropped sharply, with the Dow plunging 1,700 points amid global losses. However, it surged almost 900 points late morning after a false rumour of a 90-day tariff pause, which was quickly debunked by the White House. The S&P 500, at one point, surged 3.4%, its biggest jump in years.
Trump later reiterated his stance, threatening more tariffs on China after Beijing’s retaliation. This left Wall Street frustrated, as many had expected Trump to pull back if the stock market suffered. Trump's tariffs aim to bring manufacturing jobs back to the US, but this could take years.
Markets continued swinging between losses and gains as hope remained that negotiations could eventually ease the situation. Meanwhile, financial pain spread globally, with Hong Kong stocks plummeting 13.2%, oil dropping below $60 a barrel, and Bitcoin falling from its record highs. The Federal Reserve faces mounting pressure, with the risk of inflation increasing due to the tariffs.
01:37 (IST) Apr 08
Trump suggests the US will “maybe not” reduce Israel’s tariffs
President Trump suggested Monday that the US may not reduce Israel’s tariffs, speaking alongside Israeli Prime Minister Netanyahu in the Oval Office. Trump highlighted US financial support for Israel, saying, "We give Israel $4 billion a year." On April 2, Trump imposed a 17% tariff on Israel as part of his broader trade overhaul. Netanyahu had earlier pledged to eliminate trade barriers with the US swiftly.
01:21 (IST) Apr 08
Well, we’re not looking at that. We have many, many countries that are coming to negotiate deals with us. And they’re going to be fair deals. And certain cases, they’re going to be paying substantial tariffs. They’ll be fair deals. As you know, I spoke this morning with the prime minister of Japan, and we had a very good conversation
Trump said during his press conference with Israel's Netanyahu
01:11 (IST) Apr 08
Trump says 'many countries' want trade deals, but he 'won’t pause tariffs'
Trump said he won’t pause tariffs, saying, “We’re not looking at that.”
“We have many, many countries that are coming to negotiate with us,” he added.
“We have many, many countries that are coming to negotiate with us,” he added.
01:02 (IST) Apr 08
Netanyahu vows to 'eliminate' US-Israel trade deficit
During a joint appearance at the White House, Israeli Prime Minister Benjamin Netanyahu praised Donald Trump, calling him “a remarkable friend for Israel and the Jewish people.”
Netanyahu expressed deep appreciation for the US President and pledged to eliminate Israel’s trade deficit with the United States. “We will eliminate the trade deficit with the United States… We think it’s the right thing to do,” he said, standing beside Trump in the Oval Office.
He added that Israel plans to lower trade barriers and sees itself as a model for other nations. Netanyahu also acknowledged the challenges the United States faces under the current system.
Netanyahu expressed deep appreciation for the US President and pledged to eliminate Israel’s trade deficit with the United States. “We will eliminate the trade deficit with the United States… We think it’s the right thing to do,” he said, standing beside Trump in the Oval Office.
He added that Israel plans to lower trade barriers and sees itself as a model for other nations. Netanyahu also acknowledged the challenges the United States faces under the current system.
01:00 (IST) Apr 08
Stocks quake after Trump threatens to escalate tariffs despite seeing how much Wall Street hates it
US stocks faced a turbulent Monday after President Trump threatened to raise tariffs further, despite Wall Street’s clear desire for the opposite. The S&P 500 was down 0.8% in late trading, following dramatic market swings as investors struggled to understand Trump’s ultimate trade war strategy. The Dow Jones dropped 563 points (1.5%), while the Nasdaq fell 0.6%. Early losses of up to 1,700 points were followed by a brief surge of nearly 900 points, sparked by a false rumor of a 90-day tariff pause. Stocks later declined again after Trump reaffirmed plans to raise tariffs on China.
Trump’s hardline stance has caused concern on Wall Street, with many investors hoping for a softening of trade policies. His tariffs aim to bring manufacturing jobs back to the US, but the economic pain is mounting. Global markets suffered, with Hong Kong stocks plunging 13.2% and crude oil falling below $60. Nike lost 4% due to its reliance on Chinese manufacturing.
Tariffs add pressure on the Federal Reserve, which is less able to cut rates amid high inflation. JPMorgan’s Jamie Dimon warned that Trump’s tariffs could slow economic growth and possibly lead to a recession. The bond market also reacted with rising Treasury yields, signaling investor uncertainty.
Trump’s hardline stance has caused concern on Wall Street, with many investors hoping for a softening of trade policies. His tariffs aim to bring manufacturing jobs back to the US, but the economic pain is mounting. Global markets suffered, with Hong Kong stocks plunging 13.2% and crude oil falling below $60. Nike lost 4% due to its reliance on Chinese manufacturing.
Tariffs add pressure on the Federal Reserve, which is less able to cut rates amid high inflation. JPMorgan’s Jamie Dimon warned that Trump’s tariffs could slow economic growth and possibly lead to a recession. The bond market also reacted with rising Treasury yields, signaling investor uncertainty.
00:42 (IST) Apr 08
Muhammad Yunus urges US President Donald Trump to postpone tariff measures on Bangladesh
Bangladesh’s Chief Adviser, Professor Muhammad Yunus, has written to US President Donald J. Trump requesting a three-month delay in the application of US reciprocal tariffs on Bangladesh. This would allow the interim government to smoothly implement its plan to boost US exports to Bangladesh. Yunus highlighted that Bangladesh is the first country to take such proactive steps, citing the February visit of High Representative Dr. Khalilur Rahman to Washington. Bangladesh aims to significantly increase imports of US agricultural products like cotton, wheat, corn, and soybean, benefiting US farmers. The country also plans further tariff reductions on US goods, including turbines and medical equipment, and will build duty-free bonded warehouses for cotton.
00:07 (IST) Apr 08
UK and Singapore prime ministers agree to strengthen collaboration amid US tariffs
UK Prime Minister Keir Starmer discussed US tariffs with his Singaporean counterpart, and both leaders agreed that there can be no winners in a trade war, his office confirmed.
Starmer briefed Singapore Prime Minister Lawrence Wong on his conversations with other world leaders over the weekend, and both leaders expressed their commitment to maintaining global economic stability, according to a summary of the call.
The two also agreed to enhance collaboration through bilateral agreements and trading blocs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
“On the broader bilateral relationship, the leaders pledged to deepen cooperation in areas such as technology, security, and defence as they mark the 60th anniversary of diplomatic ties,” Starmer’s office added.
Starmer briefed Singapore Prime Minister Lawrence Wong on his conversations with other world leaders over the weekend, and both leaders expressed their commitment to maintaining global economic stability, according to a summary of the call.
The two also agreed to enhance collaboration through bilateral agreements and trading blocs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
“On the broader bilateral relationship, the leaders pledged to deepen cooperation in areas such as technology, security, and defence as they mark the 60th anniversary of diplomatic ties,” Starmer’s office added.
23:42 (IST) Apr 07
Experts don’t think China will back down in the face of Trump’s latest tariff threat
Experts suggest that Beijing is unlikely to back down after President Trump threatened to increase tariffs on China unless Beijing retracts its retaliatory tariffs.
“At this stage, it is highly unlikely that China will yield,” said Yun Sun, director of the China programme at the Washington-based think tank, the Stimson Center. She added that any leadership summit between Trump and Chinese President Xi Jinping "does not seem likely in the near future."
"China is becoming increasingly convinced that the tariff dispute is non-negotiable, as Trump’s ultimate goal appears to be bringing manufacturing jobs back to the US," Sun explained.
Craig Singleton, senior China fellow at another Washington-based think tank, the Foundation for Defense of Democracies, described Trump’s threat as "a blunt ultimatum to Beijing that significantly raises the stakes in the US-China tariff war." He added that Beijing’s rigid political system and fear of appearing weak prevent Xi from opening back channels with the Trump administration that could offer a resolution.
“This isn’t a contest of endurance, but rather a collision course, where neither side is willing to back down,” Singleton said. “In other words, Trump and Xi are locked into escalation as a strategy, and the risk now is a slow-motion spiral with no clear end in sight.”
“At this stage, it is highly unlikely that China will yield,” said Yun Sun, director of the China programme at the Washington-based think tank, the Stimson Center. She added that any leadership summit between Trump and Chinese President Xi Jinping "does not seem likely in the near future."
"China is becoming increasingly convinced that the tariff dispute is non-negotiable, as Trump’s ultimate goal appears to be bringing manufacturing jobs back to the US," Sun explained.
Craig Singleton, senior China fellow at another Washington-based think tank, the Foundation for Defense of Democracies, described Trump’s threat as "a blunt ultimatum to Beijing that significantly raises the stakes in the US-China tariff war." He added that Beijing’s rigid political system and fear of appearing weak prevent Xi from opening back channels with the Trump administration that could offer a resolution.
“This isn’t a contest of endurance, but rather a collision course, where neither side is willing to back down,” Singleton said. “In other words, Trump and Xi are locked into escalation as a strategy, and the risk now is a slow-motion spiral with no clear end in sight.”
23:24 (IST) Apr 07
Beijing cites President Reagan to blast Trump’s tariffs and protectionism
Beijing has issued several strongly-worded rebukes to Trump’s tariffs, including one entirely featuring the words of the late President Ronald Reagan.
"High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars," the Republican president said in a video clip from 1987, which was shared on the X social media platform on Monday by the Chinese Embassy in the US. The embassy noted that the decades-old speech “finds new relevance in 2025.”
“The result is more and more tariffs, higher and higher trade barriers, and less and less competition,” Reagan warned in the speech, where he cautioned about the worst consequences of tariff wars: market collapses, business closures, and millions of people losing their jobs.
"High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars," the Republican president said in a video clip from 1987, which was shared on the X social media platform on Monday by the Chinese Embassy in the US. The embassy noted that the decades-old speech “finds new relevance in 2025.”
“The result is more and more tariffs, higher and higher trade barriers, and less and less competition,” Reagan warned in the speech, where he cautioned about the worst consequences of tariff wars: market collapses, business closures, and millions of people losing their jobs.
23:00 (IST) Apr 07
Trump greets Netanyahu at White House for tariff, Gaza talk
22:54 (IST) Apr 07
White House cancels news conference between Trump and Netanyahu
The White House has canceled a news conference scheduled for 2:30 pm. ET Monday afternoon between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu, CNN reported.
22:52 (IST) Apr 07
'If China doesn't back down, its goods will be subject to 104% tariffs'
Since returning to the presidency, Trump has imposed 20 percent added duties on Chinese imports over Beijing's alleged role in the fentanyl supply chain.
With the incoming 34 percent rate and new 50 percent threat, the total additional rate this year could hit 104 percent, the White House told AFP.
With the incoming 34 percent rate and new 50 percent threat, the total additional rate this year could hit 104 percent, the White House told AFP.
22:40 (IST) Apr 07
Even in conservative Alabama, there are quiet concerns and caveats amid Republican cheers for Trump
On a day when stock markets around the world dropped precipitously, Alabama Republican Party Chairman John Wahl led a celebration of the president whose global tariffs sparked the sell-off.
With no mention of the Wall Street roller coaster and global economic uncertainty, Wahl declared his state GOP’s “Trump Victory Dinner” — and the broader national moment — a triumph. And for anyone who rejects President Donald Trump, his agenda and the “America First” army that backs it all, Wahl had an offer: “The Alabama Republican Party will buy them a plane ticket to any country in the world they want to go to.”
Wahl's audience — an assembly of lobbyists and donors, state lawmakers, local party officials and grassroots activists — laughed, applauded and sometimes roared throughout last week's gala in downtown Birmingham, the rare Democratic stronghold in one of the nation’s most Republican states. The president’s son Donald Trump Jr. elicited perhaps the most enthusiasm with an unapologetically partisan pitch, even repeating the lie that his father won the 2020 election over Democrat Joe Biden.
Yet beyond the cheerleading, there were signs of a more cautious optimism and some worried whispers over Trump’s sweeping tariffs, the particulars of his deportation policy and the aggressive slashing by his Department of Government Efficiency.
With no mention of the Wall Street roller coaster and global economic uncertainty, Wahl declared his state GOP’s “Trump Victory Dinner” — and the broader national moment — a triumph. And for anyone who rejects President Donald Trump, his agenda and the “America First” army that backs it all, Wahl had an offer: “The Alabama Republican Party will buy them a plane ticket to any country in the world they want to go to.”
Wahl's audience — an assembly of lobbyists and donors, state lawmakers, local party officials and grassroots activists — laughed, applauded and sometimes roared throughout last week's gala in downtown Birmingham, the rare Democratic stronghold in one of the nation’s most Republican states. The president’s son Donald Trump Jr. elicited perhaps the most enthusiasm with an unapologetically partisan pitch, even repeating the lie that his father won the 2020 election over Democrat Joe Biden.
Yet beyond the cheerleading, there were signs of a more cautious optimism and some worried whispers over Trump’s sweeping tariffs, the particulars of his deportation policy and the aggressive slashing by his Department of Government Efficiency.
21:10 (IST) Apr 07
Trump threatens China with 50% tariffs if it doesn't repeal retaliatory duties
Amid the ongoing tariff tussle, US President Donald trump said , China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set. Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th. Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!
21:02 (IST) Apr 07
The "Wall Street mayhem" also led to a "Trump meltdown" on Monday after the US President justified "the tough days ahead" by reiterating his belief in the shock therapy through back-to-back social media posts.
At 6:49 am on Monday, Trump took to his Truth Social and declared that there is "no inflation" in the US, despite global markets plunging following last week's two-day meltdown on Wall Street.
"Oil prices are down, interest rates are down (the slow-moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long-time abused USA is bringing in billions of dollars a week from the abusing countries on tariffs that are already in place. This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its tariffs by 34%, on top of its long-term ridiculously high tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate," the US President said.
At 6:49 am on Monday, Trump took to his Truth Social and declared that there is "no inflation" in the US, despite global markets plunging following last week's two-day meltdown on Wall Street.
"Oil prices are down, interest rates are down (the slow-moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long-time abused USA is bringing in billions of dollars a week from the abusing countries on tariffs that are already in place. This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its tariffs by 34%, on top of its long-term ridiculously high tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate," the US President said.
20:53 (IST) Apr 07
EU says 'ready to negotiate' with US, offer zero tariffs on industrial good
The European Union is “ready to negotiate” with the United States and has offered to scrap tariffs on industrial goods, Ursula Von der Leyen, president of the European Commission, said Monday.
“These tariffs come first and foremost at immense costs for US consumers and businesses but, at the same time, they have a massive impact on the global economy,” the head of the EU’s executive arm said at a news conference in Brussels.
Following US President Donald Trump’s announcement of hefty tariffs on dozens of countries last week, EU exports to the US face a 20% “reciprocal” tariff, while its steel and auto industry face a 25% tariff. Von der Leyen said the tariffs, which have caused a global market rout, represent a “major turning point” for the US.
“These tariffs come first and foremost at immense costs for US consumers and businesses but, at the same time, they have a massive impact on the global economy,” the head of the EU’s executive arm said at a news conference in Brussels.
Following US President Donald Trump’s announcement of hefty tariffs on dozens of countries last week, EU exports to the US face a 20% “reciprocal” tariff, while its steel and auto industry face a 25% tariff. Von der Leyen said the tariffs, which have caused a global market rout, represent a “major turning point” for the US.
20:21 (IST) Apr 07
Trump and Netanyahu will meet on tariffs, the war in Gaza and more
Israeli Prime Minister Benjamin Netanyahu will meet President Donald Trump in Washington on Monday, becoming the first foreign leader to visit Trump since he unleashed tariffs on countries around the world.
Whether Netanyahu’s visit succeeds in bringing down or eliminating Israel’s tariffs remains to be seen, but how it plays out could set the stage for how other world leaders try to address the new tariffs.
Netanyahu’s office has put the focus of his hastily organized Washington visit on the tariffs, while stressing that the two leaders will discuss major geopolitical issues including the war in Gaza, tensions with Iran, Israel-Turkey ties and the International Criminal Court, which issued an arrest warrant against the Israeli leader last year. Trump in February signed an executive order imposing sanctions on the ICC over its investigations of Israel.
They are also likely to discuss Israel’s hoped-for annexation of parts of the occupied West Bank, which the Palestinians want as the heart of their future independent state.
Whether Netanyahu’s visit succeeds in bringing down or eliminating Israel’s tariffs remains to be seen, but how it plays out could set the stage for how other world leaders try to address the new tariffs.
Netanyahu’s office has put the focus of his hastily organized Washington visit on the tariffs, while stressing that the two leaders will discuss major geopolitical issues including the war in Gaza, tensions with Iran, Israel-Turkey ties and the International Criminal Court, which issued an arrest warrant against the Israeli leader last year. Trump in February signed an executive order imposing sanctions on the ICC over its investigations of Israel.
They are also likely to discuss Israel’s hoped-for annexation of parts of the occupied West Bank, which the Palestinians want as the heart of their future independent state.
19:14 (IST) Apr 07
Dow drops 1,200, global markets tumble as worries deepen about impact of Trump's trade war
Wall Street is sinking again, following other global markets lower, as worries deepen about whether President Donald Trump's trade war will torpedo the global economy. The S and P 500 was down 3.8 per cent in early trading Monday, coming off its worst week since COVID began crashing the global economy in March 2020.
The Dow Jones Industrial Average was down 1,200 points, and the Nasdaq composite was 4 per cent lower.
Stocks in Hong Kong plunged 13.2 per cent for their worst day since 1997. A barrel of benchmark US crude oil briefly dropped below $60 for the first time since 2021
The Dow Jones Industrial Average was down 1,200 points, and the Nasdaq composite was 4 per cent lower.
Stocks in Hong Kong plunged 13.2 per cent for their worst day since 1997. A barrel of benchmark US crude oil briefly dropped below $60 for the first time since 2021
19:03 (IST) Apr 07
Trump digs in his heels, telling people to be patient as global markets keep dropping over tariffs
President Donald Trump remained defiant on Monday as global markets continued plunging and fears of a recession grew after his tariff announcement last week.
“Be Strong, Courageous, and Patient, and GREATNESS will be the result!” he wrote on Truth Social, his social media platform.
Trump accused other countries of “taking advantage of the Good OL’ USA!” on international trade and said “our past ‘leaders’ are to blame for allowing this.”
“Be Strong, Courageous, and Patient, and GREATNESS will be the result!” he wrote on Truth Social, his social media platform.
Trump accused other countries of “taking advantage of the Good OL’ USA!” on international trade and said “our past ‘leaders’ are to blame for allowing this.”
18:42 (IST) Apr 07
Trump says 'don't be weak' as markets tumble
Amid the ongoing global market plunder, US President Donald Trump said," The United States has a chance to do something that should have been done decades ago. Don’t be Weak! Don’t be Stupid! Don’t be a Panican (A new party based on Weak and Stupid people!).
"Be Strong, Courageous, and Patient, and GREATNESS will be the result!" he added.
"Be Strong, Courageous, and Patient, and GREATNESS will be the result!" he added.
18:23 (IST) Apr 07
Market panic deepens as Trump scolds China
US President Donald Trump lashed out at China on Monday as a stock market rout deepened after Beijing retaliated against his global tariffs offensive.
European equities were deep in the red but Asia fared worse, with Hong Kong's Hang Seng index crashing 13.2 percent, its biggest drop since the 1997 Asian financial crisis, and Tokyo's Nikkei 225 falling an eye-watering 7.8 percent.
A 10-percent "baseline" tariff on imports from around the world took effect on Saturday but a slew of countries will be hit by higher duties from Wednesday, with levies of 34 percent for Chinese goods and 20 percent for EU products.
While other countries weigh their options, Beijing announced last week its own 34-percent tariff on US goods, which will come into effect on Thursday.
Trump chastised Beijing early Monday for not heeding "my warning for abusing countries not to retaliate" as he called China "the biggest abuser of them all" on tariffs.
Chinese vice commerce minister Ling Ji said the tit-for-tat duties "are aimed at bringing the United States back onto the right track of the multilateral trade system."
"The root cause of the tariff issue lies in the United States," Ling told representatives of US companies on Sunday, according to his ministry.
European equities were deep in the red but Asia fared worse, with Hong Kong's Hang Seng index crashing 13.2 percent, its biggest drop since the 1997 Asian financial crisis, and Tokyo's Nikkei 225 falling an eye-watering 7.8 percent.
A 10-percent "baseline" tariff on imports from around the world took effect on Saturday but a slew of countries will be hit by higher duties from Wednesday, with levies of 34 percent for Chinese goods and 20 percent for EU products.
While other countries weigh their options, Beijing announced last week its own 34-percent tariff on US goods, which will come into effect on Thursday.
Trump chastised Beijing early Monday for not heeding "my warning for abusing countries not to retaliate" as he called China "the biggest abuser of them all" on tariffs.
Chinese vice commerce minister Ling Ji said the tit-for-tat duties "are aimed at bringing the United States back onto the right track of the multilateral trade system."
"The root cause of the tariff issue lies in the United States," Ling told representatives of US companies on Sunday, according to his ministry.
18:04 (IST) Apr 07
Pakistan stock exchange plunges over 8,000 points
Trading was suspended at the Pakistan Stock Exchange (PSX) for an hour as the benchmark KSE-100 index plummeted by more than 8,000 points on Monday, triggered by the imposition of sweeping tariffs by the US. Financial analysts blamed the fear of a global recession for the massive fall in the stock exchange.
Even after a cooling period of one hour, the PSX lost another 2,000 points when trading resumed, resulting in a record 8,600 points drop in intraday trade.
The index closed at 114,909.48, down by 3,882.18 or 3.27 per cent, from the last close.
Uzma Khan, financial analyst at Arif Habib Securities, said the automatic circuit breakers are designed to prevent panic selling and provide investors time to reassess during extreme market volatility.
She said that investors are worried about a global recession due to the tariff hikes by the United States and retaliatory measures from other global economies.
The benchmark KSE-100 index initially declined by 6,287.22 points, or 5.29 per cent by 11:58 am, before trading was halted. Shortly after reopening, it declined by a cumulative 8,687.69, or 7.31 per cent, from the last close to stand at 110,103.97 at 1:15 pm.
At 2:02 pm, the index stood at 113,154.63, down by 5,637.03 or 4.75 per cent from the last close.
Even after a cooling period of one hour, the PSX lost another 2,000 points when trading resumed, resulting in a record 8,600 points drop in intraday trade.
The index closed at 114,909.48, down by 3,882.18 or 3.27 per cent, from the last close.
Uzma Khan, financial analyst at Arif Habib Securities, said the automatic circuit breakers are designed to prevent panic selling and provide investors time to reassess during extreme market volatility.
She said that investors are worried about a global recession due to the tariff hikes by the United States and retaliatory measures from other global economies.
The benchmark KSE-100 index initially declined by 6,287.22 points, or 5.29 per cent by 11:58 am, before trading was halted. Shortly after reopening, it declined by a cumulative 8,687.69, or 7.31 per cent, from the last close to stand at 110,103.97 at 1:15 pm.
At 2:02 pm, the index stood at 113,154.63, down by 5,637.03 or 4.75 per cent from the last close.
17:39 (IST) Apr 07
Bangladesh requests three-month US tariff pause: government
Bangladesh's interim leader Muhammad Yunus has written to US President Donald Trump seeking a three-month pause to biting tariffs on the world's second-biggest garment manufacturer, the government said in a statement on Monday.
"Bangladesh will take all necessary actions to fully support your trade agenda," Yunus told Trump, according to a government statement, requesting the pause to allow Dhaka to "substantially increase" US exports to the South Asian nation.
"Bangladesh will take all necessary actions to fully support your trade agenda," Yunus told Trump, according to a government statement, requesting the pause to allow Dhaka to "substantially increase" US exports to the South Asian nation.
17:09 (IST) Apr 07
Metal stocks hit hard; Tata Steel tanks nearly 8%
Shares of metal firms were hit hard on Monday after US President Donald Trump's tariff hikes and retaliation from China fanned fears that a full-blown trade war will impact economic growth across the globe. The stock of National Aluminium Company Ltd tanked 8.18 per cent, Tata Steel slumped 7.73 per cent, JSW Steel tumbled 7.58 per cent, SAIL dropped 7.06 per cent, and Jindal Steel & Power Ltd lost 6.90 per cent on the BSE.
Shares of Vedanta dived 6.90 per cent, Jindal Stainless Ltd declined 6.36 per cent, Hindalco Industries went lower by 6.26 per cent, NMDC (5.75 per cent), Hindustan Zinc (4.89 per cent) and APL Apollo Tubes (4.77 per cent).
The BSE metal index dropped 6.22 per cent to 26,680.16.
Stock markets fell like a pack of cards on Monday, with the Sensex crashing 2,226.79 points or 2.95 per cent to settle at 73,137.90, recording its third day of decline. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.
The NSE Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.
Shares of Vedanta dived 6.90 per cent, Jindal Stainless Ltd declined 6.36 per cent, Hindalco Industries went lower by 6.26 per cent, NMDC (5.75 per cent), Hindustan Zinc (4.89 per cent) and APL Apollo Tubes (4.77 per cent).
The BSE metal index dropped 6.22 per cent to 26,680.16.
Stock markets fell like a pack of cards on Monday, with the Sensex crashing 2,226.79 points or 2.95 per cent to settle at 73,137.90, recording its third day of decline. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.
The NSE Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.
17:07 (IST) Apr 07
Thailand bans stock short-selling when market opens after holiday
Thailand's stock exchange banned short-selling on most equities on Monday, despite being closed for a holiday, after global markets went into freefall over an escalating trade war.
A rout of stock markets around the world deepened on Monday and fears of recession rose after China retaliated against US President Donald Trump's tariffs and Europe pondered its response.
Thailand has been hit with tariffs of 36 percent on exports to the United States -- its biggest market, with a trade surplus of around $45 billion.
The Stock Exchange of Thailand (SET) said on Monday short-selling of all but market-maker stocks would be banned until April 11, while the trading bands of equities would also be limited.
Short-selling is when an investor borrows a stock at a certain price to sell, expecting they can buy it back in the future at a much lower price.
The SET said it believed the temporary measures would "support the stability of the market and investor confidence".
The trading band for most stocks have also been halved when the market reopens on Tuesday, with SET equities going from 30 percent to 15 percent and foreign lists from 60 percent to 30 percent.
A rout of stock markets around the world deepened on Monday and fears of recession rose after China retaliated against US President Donald Trump's tariffs and Europe pondered its response.
Thailand has been hit with tariffs of 36 percent on exports to the United States -- its biggest market, with a trade surplus of around $45 billion.
The Stock Exchange of Thailand (SET) said on Monday short-selling of all but market-maker stocks would be banned until April 11, while the trading bands of equities would also be limited.
Short-selling is when an investor borrows a stock at a certain price to sell, expecting they can buy it back in the future at a much lower price.
The SET said it believed the temporary measures would "support the stability of the market and investor confidence".
The trading band for most stocks have also been halved when the market reopens on Tuesday, with SET equities going from 30 percent to 15 percent and foreign lists from 60 percent to 30 percent.
16:50 (IST) Apr 07
Amid global market crash, Trump says 'no inflation'
US President Donald Trump said, "Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.
"This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!" he added.
"This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!" he added.
16:14 (IST) Apr 07
China on Monday accused the United States of engaging in unilateral actions, protectionist policies and economic intimidation through tariffs, whilst urging American business representatives, including Tesla, to 'take concrete actions' to address the tariff situation.
China's foreign affairs spokesperson Lin Jian stated that prioritising 'America First' over international protocols disrupts global production stability and supply chains, significantly affecting worldwide economic recovery.
Trump imposed an additional 34% tariff on Chinese products as part of "Liberation Day" last week, following two previous 10% tariff implementations in February and March, citing Beijing's involvement in the fentanyl crisis. In response, China and other nations swiftly retaliated, with China matching the 34% tariff rate on American goods.
China's foreign affairs spokesperson Lin Jian stated that prioritising 'America First' over international protocols disrupts global production stability and supply chains, significantly affecting worldwide economic recovery.
Trump imposed an additional 34% tariff on Chinese products as part of "Liberation Day" last week, following two previous 10% tariff implementations in February and March, citing Beijing's involvement in the fentanyl crisis. In response, China and other nations swiftly retaliated, with China matching the 34% tariff rate on American goods.
16:00 (IST) Apr 07
'Reality is biting back,' Rahul attacks PM Modi amid global stock shock
15:09 (IST) Apr 07
German economy minister calls US tariffs nonsense'
Germany's economy minister says the premise of US President Donald Trump's wide-ranging tariffs is "nonsense," and he is arguing that Europe is in a strong position. Robert Habeck, who is also vice chancellor in Germany's outgoing government, said as he arrived at a meeting of European Union trade ministers in Luxembourg Monday that he and his colleagues must act "calmly, prudently but also clearly and with determination."
He said that means "being clear that we are in a strong position - America is in a position of weakness." He argued that "we don't have time pressure now," but the US does.
Habeck said it's important for the EU to stick together, arguing that attempts by individual countries to win exemptions haven't worked in the past. He stressed the importance of trade agreements and contacts with other regions of the world, such as South America, Asia and the Pacific.
The German minister said of Trump's tariffs that "even the basis of the calculation is nonsense: The assumption that a trade budget surplus or deficit is a problem in itself is a wrong estimation."
He said that means "being clear that we are in a strong position - America is in a position of weakness." He argued that "we don't have time pressure now," but the US does.
Habeck said it's important for the EU to stick together, arguing that attempts by individual countries to win exemptions haven't worked in the past. He stressed the importance of trade agreements and contacts with other regions of the world, such as South America, Asia and the Pacific.
The German minister said of Trump's tariffs that "even the basis of the calculation is nonsense: The assumption that a trade budget surplus or deficit is a problem in itself is a wrong estimation."
14:31 (IST) Apr 07
'US President led to a tumble in stock market': Congress MP Rahul Gandhi
Lok Sabha LoP and Congress MP Rahul Gandhi said, "The US president has led to a tumble in the stock market. Less than 1% of the people here have their money invested in the stock market, which means the stock market is not a field for you. Unlimited money is made in it, but you don't get the benefit of it."
14:23 (IST) Apr 07
Taipei stocks suffer heaviest fall on record
Shares in Taipei plunged 9.7 percent Monday, their heaviest loss on record, after China's retaliatory tariffs on the United States.
The Taiex index shed 2,065.87 points to 19,232.35 on fears about a global recession following US President Donald Trump's sweeping levies against trade partners.
The Taiex index shed 2,065.87 points to 19,232.35 on fears about a global recession following US President Donald Trump's sweeping levies against trade partners.
14:17 (IST) Apr 07
'One of the most steepest fall in the Indian history': Congress leader Prithviraj Chavan
Stock market crash: Congress leader Prithviraj Chavan said, "It is a matter of grave concern, the stock market has crashed with almost 4,000 points down at the Bombay Stock Exchange. This is one of the most steepest fall in the Indian history. Since independence, I think this is the fifth or sixth worst fall. Of course, this is induced because of American policies, particularly President Trump has imposed huge import taxes on all countries in the world."
14:00 (IST) Apr 07
Hong Kong stocks end 13.22% down, worst since 1997 Asian financial crisis
Shares in Hong Kong plummeted more than 13 percent Monday on their worst day in almost three decades as China's retaliation against Donald Trump's tariffs ramped up a trade war and fuelled recession fears.
The Hang Seng Index ended down 13.22 percent, or 3,021.51 points, to 19,828.30 -- its heftiest drop since 1997 during the Asian financial crisis -- while the Shanghai Composite Index shed 7.34 percent, or 245.43 points, to 3,096.58.
The Hang Seng Index ended down 13.22 percent, or 3,021.51 points, to 19,828.30 -- its heftiest drop since 1997 during the Asian financial crisis -- while the Shanghai Composite Index shed 7.34 percent, or 245.43 points, to 3,096.58.
13:36 (IST) Apr 07
China accuses US of unilateralism, protectionism and economic bullying with tariffs
China on Monday accused the US of unilateralism, protectionism and economic bullying with tariffs. "Putting the US first over international rules is a typical act of unilateralism, protectionism and economic bullying," Foreign Affairs spokesperson Lin Jian told reporters.
Trump announced sweeping tariffs last week and China and other governments retaliated quickly.
Lin said the new tariffs harmed the stability of global production and supply chain and seriously impacted the world's economic recovery.
Trump announced sweeping tariffs last week and China and other governments retaliated quickly.
Lin said the new tariffs harmed the stability of global production and supply chain and seriously impacted the world's economic recovery.
13:23 (IST) Apr 07
China vows to stay 'safe and promising land' for foreign investment
A top Chinese official has vowed to protect US firms and pledged his country will remain a "promising land" for foreign investment, Beijing said Monday, after it slapped 34 percent tariffs on US imports.
China retaliated last week against levies at the same level announced by US President Donald Trump on what he called "liberation day".
It also imposed export controls on seven rare earth elements, including gadolinium -- commonly used in magnetic resonance imaging -- and yttrium, which is used in consumer electronics.
Vice commerce minister Ling Ji told a panel of US company representatives on Sunday that the tariffs "firmly protect the legitimate rights and interests of enterprises, including American companies", his ministry said.
Those levies -- which come into effect on Thursday -- "are aimed at bringing the United States back onto the right track of the multilateral trade system", he told the representatives, including of GE Healthcare and Medtronic.
China retaliated last week against levies at the same level announced by US President Donald Trump on what he called "liberation day".
It also imposed export controls on seven rare earth elements, including gadolinium -- commonly used in magnetic resonance imaging -- and yttrium, which is used in consumer electronics.
Vice commerce minister Ling Ji told a panel of US company representatives on Sunday that the tariffs "firmly protect the legitimate rights and interests of enterprises, including American companies", his ministry said.
Those levies -- which come into effect on Thursday -- "are aimed at bringing the United States back onto the right track of the multilateral trade system", he told the representatives, including of GE Healthcare and Medtronic.
13:04 (IST) Apr 07
'Threats and pressure not right way to deal with China': Beijing on Trump tariffs
China's foreign ministry has strongly criticised the latest US tariffs, stating that actions taken under the guise of reciprocity only serve American interests at the expense of other nations. It described the move as a clear example of unilateralism and protectionist bullying, adding that using threats and pressure is not the right way to engage with China.
12:20 (IST) Apr 07
Trump Tariff News Live: Stocks savaged as China retaliation to Trump tariffs fans trade war
Asian equities collapsed on a black Monday for markets after China hammered the United States with its own hefty tariffs, ramping up a trade war many fear could spark a recession.
Trading floors were overcome by a wave of selling as investors fled to the hills, with Hong Kong's loss of 12 percent its worst in more than 16 years, while Taipei tanked more than nine percent and Tokyo more than seven percent.
Futures for Wall Street's markets were also taking another drubbing, while concerns about the impact on demand also saw commodities slump.
President Donald Trump sparked a market meltdown last week when he unveiled sweeping tariffs against US trading partners for what he said was years of being ripped off and claimed that governments were lining up to cut deals with Washington.
Trading floors were overcome by a wave of selling as investors fled to the hills, with Hong Kong's loss of 12 percent its worst in more than 16 years, while Taipei tanked more than nine percent and Tokyo more than seven percent.
Futures for Wall Street's markets were also taking another drubbing, while concerns about the impact on demand also saw commodities slump.
President Donald Trump sparked a market meltdown last week when he unveiled sweeping tariffs against US trading partners for what he said was years of being ripped off and claimed that governments were lining up to cut deals with Washington.
11:38 (IST) Apr 07
Hong Kong stocks plunge 12% on trade war
Shares in Hong Kong plummeted more than 12 percent Monday in their worst day in more than 16 years as China's retaliation against Donald Trump's tariffs ramped up a trade war and fuelled recession fears.
The Hang Seng Index plunged 12.4 percent, or 2,828.49 points, to 20,021.32, while in mainland China the Shanghai Composite Index shed 7.7 percent, or 258.21 points, to 3,083.80.
The Hang Seng Index plunged 12.4 percent, or 2,828.49 points, to 20,021.32, while in mainland China the Shanghai Composite Index shed 7.7 percent, or 258.21 points, to 3,083.80.
11:33 (IST) Apr 07
China vows to remain 'safe and promising land' for foreign investment
A top Chinese official has vowed to protect the interests of US firms and remain a "promising land" for foreign investment, Beijing said Monday, after it slapped 34 percent tariffs on US imports in an escalating trade war.
Beijing's tariffs "firmly protect the legitimate rights and interests of enterprises, including American companies", vice commerce minister Ling Ji told a panel of representatives of US companies on Sunday, his ministry said.
Beijing's tariffs "firmly protect the legitimate rights and interests of enterprises, including American companies", vice commerce minister Ling Ji told a panel of representatives of US companies on Sunday, his ministry said.
11:19 (IST) Apr 07
Trump tariffs: Stock market crash wipes out Rs 20.16 lakh crore investor wealth
11:06 (IST) Apr 07
Trump Tariff News Live: India-US trade and tariffs
10:43 (IST) Apr 07
Stock market crash today: It’s bloodbath on Monday! BSE Sensex and Nifty50, the Indian equity benchmark indices, crashed in trade on Monday. Both stock market indices plunged over 4%. At 10:20 AM, BSE Sensex was trading at 72,379.93, down 2,985 points or 3.96%. Nifty50 was at 21,928.55, down 976 points or 4.26%.
10:35 (IST) Apr 07
Trump tariffs: Investors lose Rs 19 lakh crore as Sensex crashes nearly 3,000 points
10:30 (IST) Apr 07
Sensex plunges nearly 3,000 points as global markets reel from tariff turmoil
10:15 (IST) Apr 07
Donald Trump’s reciprocal tariff on Asian countries
10:09 (IST) Apr 07
'Not going to lose a trillion dollars for the privilege of buying pencils from China', Trump takes a dig, justifies tariffs
US President Donald Trump made sharp remarks towards China as the US has implemented retaliatory tariffs with a goal of bridging the trade deficits with several countries. This has also impacted the stock markets.
Making the remarks on board US Air Force One, Trump said, "We have a tremendous deficit problem with China".
He noted that because of the tariffs implemented by the US, "China is right now taking a big hit, because everyone knows we're (the US) right... we're talking about a trillion dollars. You know that, right? We're not going to lose a trillion dollars for the privilege of buying pencils from China".
Speaking about how the tariffs would affect the stock market, Trump added, "With the tariffs that I've already instituted, what's going to happen with the market... I can tell you, our country has gotten a lot stronger, and eventually. It'll be a country like no other. It'll be the most dominant country economically in the world".
On being asked about the bloodbath in the stock market, Trump added, "I don't want anything to go down, but sometimes you have to take medicine to fix something."
He criticised former US President Joe Biden and accused him saying, "We have been treated so badly by other countries because we had stupid leadership that allowed this to happen. They took our businesses, they took our money, they took our jobs, they moved it to Mexico, to Canada, they moved a lot of it to China, and it's not sustainable. We're not going to do it now. We have hundreds of millions of dollars is pouring into our country on a monthly basis. It's pouring it's already started, because they put tariffs on and eventually it's going to straighten out, and our country will be solid and strong again", Trump said in his remarks.
Asian stock markets witnessed a major sell-off on Monday after US President Donald Trump announced a new round of tariffs. The markets opened with heavy selling pressure, reflecting growing fears over the impact of the tariffs on global trade and economic growth.
Making the remarks on board US Air Force One, Trump said, "We have a tremendous deficit problem with China".
He noted that because of the tariffs implemented by the US, "China is right now taking a big hit, because everyone knows we're (the US) right... we're talking about a trillion dollars. You know that, right? We're not going to lose a trillion dollars for the privilege of buying pencils from China".
Speaking about how the tariffs would affect the stock market, Trump added, "With the tariffs that I've already instituted, what's going to happen with the market... I can tell you, our country has gotten a lot stronger, and eventually. It'll be a country like no other. It'll be the most dominant country economically in the world".
On being asked about the bloodbath in the stock market, Trump added, "I don't want anything to go down, but sometimes you have to take medicine to fix something."
He criticised former US President Joe Biden and accused him saying, "We have been treated so badly by other countries because we had stupid leadership that allowed this to happen. They took our businesses, they took our money, they took our jobs, they moved it to Mexico, to Canada, they moved a lot of it to China, and it's not sustainable. We're not going to do it now. We have hundreds of millions of dollars is pouring into our country on a monthly basis. It's pouring it's already started, because they put tariffs on and eventually it's going to straighten out, and our country will be solid and strong again", Trump said in his remarks.
Asian stock markets witnessed a major sell-off on Monday after US President Donald Trump announced a new round of tariffs. The markets opened with heavy selling pressure, reflecting growing fears over the impact of the tariffs on global trade and economic growth.
09:54 (IST) Apr 07
Market panic deepens as China retaliates against Trump tariffs
Panic selling gripped global markets on Monday, as US President Donald Trump refused to budge on his swingeing tariffs despite China retaliating and global recession warnings growing louder.
Countries across the world have been scrambling to blunt the edge of the new US tariffs, but Beijing signalled it was taking the levies head on, escalating the trade war between the world's two biggest economies.
Trump doubled down on his demand to slash deficits with the US' trading partners, saying he would not cut any deals unless that was resolved.
"Sometimes you have to take medicine to fix something," Trump said on Sunday.
He told reporters aboard Air Force One that world leaders are "dying to make a deal."
Countries across the world have been scrambling to blunt the edge of the new US tariffs, but Beijing signalled it was taking the levies head on, escalating the trade war between the world's two biggest economies.
Trump doubled down on his demand to slash deficits with the US' trading partners, saying he would not cut any deals unless that was resolved.
"Sometimes you have to take medicine to fix something," Trump said on Sunday.
He told reporters aboard Air Force One that world leaders are "dying to make a deal."
09:46 (IST) Apr 07
Sensex opens in red; currently down by -2805.69 points (-3.72 %), trading at 72,567.96 (ANI)
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