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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.
09:44 (IST) Apr 07
Sensex tanks over 2,400 points, one of the biggest single-day drop in years
09:41 (IST) Apr 07
Bitcoin, once riding high on a wave of enthusiasm following President Donald Trump’s re-election and pro-crypto agenda, has taken a sharp nosedive — plunging over 10% since his announcement of sweeping global tariffs last week. The digital currency fell below $78,000 on Sunday night, far from its all-time high of nearly $110,000 reached during Trump's second inauguration in January.
While the crypto community once hailed Trump as “the first bitcoin president,” the honeymoon appears to be fading fast. The sudden decline in bitcoin’s value underscores its vulnerability to broader market forces, despite its reputation as a secure long-term asset. For many investors, bitcoin behaves more like a speculative tech stock—one to sell when turbulence hits.
While the crypto community once hailed Trump as “the first bitcoin president,” the honeymoon appears to be fading fast. The sudden decline in bitcoin’s value underscores its vulnerability to broader market forces, despite its reputation as a secure long-term asset. For many investors, bitcoin behaves more like a speculative tech stock—one to sell when turbulence hits.
09:35 (IST) Apr 07
US President Donald Trump has announced sweeping new tariffs on major US trading partners, imposing a 34% tax on imports from China and 20% on the European Union, among other nations.
Speaking from the Rose Garden, Trump declared that the tariffs were necessary to counter trade deficits and revive American manufacturing. A 10% baseline tax will be applied to all imports, while countries with significant trade surpluses with the US will face higher rates. Justifying the action, Trump said, “Taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore.”
Speaking from the Rose Garden, Trump declared that the tariffs were necessary to counter trade deficits and revive American manufacturing. A 10% baseline tax will be applied to all imports, while countries with significant trade surpluses with the US will face higher rates. Justifying the action, Trump said, “Taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore.”
09:24 (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".
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".
09:18 (IST) Apr 07
Sensex crashes over 3,000 points as Trump's tariff move shakes markets
08:56 (IST) Apr 07
Asian markets plunge with Japan's Nikkei diving nearly 8% after the big meltdown on Wall St
Asian shares tumbled Monday after a sharp sell-off on Wall Street, triggered by US President Donald Trump's tariff hikes and China's backlash. US futures pointed to more losses, with the S&P 500 down 2.5%, the Dow Jones off 2.1%, and the Nasdaq falling 3.1%.
Tokyo’s Nikkei 225 sank nearly 8% at the open before recovering slightly to trade 6% lower by midday at 31,758.28. Trading of Topix futures was briefly halted by a circuit breaker following steep declines in US futures.
Chinese markets, which often diverge from global trends, also slumped. Hong Kong’s Hang Seng plunged 9.4% to 20,703.30, while the Shanghai Composite fell 6.2% to 3,134.98.
South Korea’s Kospi dropped 4.1% to 2,363.82, and Australia’s S&P/ASX 200 slid 3.8% to 7,377.70 after recovering from an earlier loss of more than 6%.
Tokyo’s Nikkei 225 sank nearly 8% at the open before recovering slightly to trade 6% lower by midday at 31,758.28. Trading of Topix futures was briefly halted by a circuit breaker following steep declines in US futures.
Chinese markets, which often diverge from global trends, also slumped. Hong Kong’s Hang Seng plunged 9.4% to 20,703.30, while the Shanghai Composite fell 6.2% to 3,134.98.
South Korea’s Kospi dropped 4.1% to 2,363.82, and Australia’s S&P/ASX 200 slid 3.8% to 7,377.70 after recovering from an earlier loss of more than 6%.
08:26 (IST) Apr 07
Trump Tariff News Live: 'China would have agreed TikTok deal if not for US tariffs,' says Trump
US President Donald Trump said Sunday that China would have agreed to a deal on the sale of TikTok if it were not for the tariffs imposed by Washington on Beijing last week.
Trump on Friday extended the deadline for TikTok to find a non-Chinese buyer or face a ban in the United States, allowing 75 more days to find a solution -- a day after imposing additional 34 percent duties on all Chinese imports.
"The report is that we had a deal, pretty much for TikTok, not a deal, but pretty close, and then China changed the deal because of tariffs. If I gave a little cut in tariffs, they'd approve that deal in 15 minutes, which shows you the power of tariffs," Trump told reporters aboard Air Force One.
The hugely popular video-sharing app, which has more than 170 million American users, is under threat from a US law passed last year that orders TikTok to split from its Chinese owner ByteDance or get shut down in the United States.
Trump on Friday extended the deadline for TikTok to find a non-Chinese buyer or face a ban in the United States, allowing 75 more days to find a solution -- a day after imposing additional 34 percent duties on all Chinese imports.
"The report is that we had a deal, pretty much for TikTok, not a deal, but pretty close, and then China changed the deal because of tariffs. If I gave a little cut in tariffs, they'd approve that deal in 15 minutes, which shows you the power of tariffs," Trump told reporters aboard Air Force One.
The hugely popular video-sharing app, which has more than 170 million American users, is under threat from a US law passed last year that orders TikTok to split from its Chinese owner ByteDance or get shut down in the United States.
08:02 (IST) Apr 07
Trump Tariff News Live: Netanyahu and Trump to talk tariffs, Iran and Gaza
Talks on Monday between Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump are expected to be dominated by Washington's shock tariffs on Israel and escalating tensions with Iran.
Netanyahu becomes the first foreign leader to meet with Trump in the US capital since the president unveiled sweeping levies on multiple countries in his "Liberation Day" announcement on Wednesday.
Arriving in Washington direct from a visit to Hungary, Netanyahu's chief objective will be to persuade Trump to reverse the decision, or at the very least to reduce the 17 percent levy set to be imposed on Israeli imports before it takes effect.
Before leaving Budapest, Netanyahu said his discussions would include a range of issues, including "the tariff regime that has also been imposed on Israel".
Netanyahu becomes the first foreign leader to meet with Trump in the US capital since the president unveiled sweeping levies on multiple countries in his "Liberation Day" announcement on Wednesday.
Arriving in Washington direct from a visit to Hungary, Netanyahu's chief objective will be to persuade Trump to reverse the decision, or at the very least to reduce the 17 percent levy set to be imposed on Israeli imports before it takes effect.
Before leaving Budapest, Netanyahu said his discussions would include a range of issues, including "the tariff regime that has also been imposed on Israel".
07:35 (IST) Apr 07
Trump Tariff News Live: Singapore stocks plunge more than 7% on tariff fears
Shares in Singapore plunged more than seven percent at the open on Monday amid fears over a global trade war after China retaliated against Donald Trump's sweeping tariffs.
The Straits Times Index sank 7.37 percent, or 281.84 points, to 3,544.02 as markets across Asia went into freefall.
The Straits Times Index sank 7.37 percent, or 281.84 points, to 3,544.02 as markets across Asia went into freefall.
06:49 (IST) Apr 07
Trump Tariff News Live: Taiwan stocks plunge nearly 10% amid global selloff fuelled by Trump tariffs
Taiwan’s stock market opened with a sharp drop on Monday, with the benchmark Taiex index plummeting 9.8 percent as trading resumed after a long weekend.
The steep decline came as investors reacted to US President Donald Trump’s sweeping tariffs, which sparked a global market selloff late last week and rattled investor confidence across Asia.
The steep decline came as investors reacted to US President Donald Trump’s sweeping tariffs, which sparked a global market selloff late last week and rattled investor confidence across Asia.
06:39 (IST) Apr 07
Trump Tariff News Live: Asian markets Tumble as Trump's tariff threats spark global tensions
Asian markets plunged Monday amid growing fears of a global trade war, as US stock futures pointed to heavy losses on Wall Street following President Donald Trump’s escalating tariff measures.
Despite mounting concerns, Trump denied on Sunday that he was deliberately triggering a market selloff, saying he couldn’t predict how markets would react. “Sometimes you have to take medicine to fix something,” he said, referring to the market turmoil that has erased trillions in US company valuations since the onset of his tariff campaign.
Speaking aboard Air Force One, Trump said he had spoken with several world leaders over the weekend in an effort to find common ground, claiming, “They’re dying to make a deal.” But he reiterated that he wouldn’t agree to any trade deals unless the US trade deficit was addressed.
China, responding to US moves, announced Friday it would impose 34% tariffs on all American goods starting April 10 — news that broke after Asian markets closed last week, adding to the shockwaves felt Monday.
Despite mounting concerns, Trump denied on Sunday that he was deliberately triggering a market selloff, saying he couldn’t predict how markets would react. “Sometimes you have to take medicine to fix something,” he said, referring to the market turmoil that has erased trillions in US company valuations since the onset of his tariff campaign.
Speaking aboard Air Force One, Trump said he had spoken with several world leaders over the weekend in an effort to find common ground, claiming, “They’re dying to make a deal.” But he reiterated that he wouldn’t agree to any trade deals unless the US trade deficit was addressed.
China, responding to US moves, announced Friday it would impose 34% tariffs on all American goods starting April 10 — news that broke after Asian markets closed last week, adding to the shockwaves felt Monday.
06:39 (IST) Apr 07
Trump Tariffs Live: Japanese carmakers’ shares plunge
Japanese carmaker shares fell sharply on Monday, with Honda down 8%, Nissan 10%, and Mitsubishi Motors around 10%. All heavily rely on North America as their largest market.
06:30 (IST) Apr 07
Trump Tariff News Live: GOP senator Ted Cruz warns Trump's tariff hikes could lead to political 'bloodbath' in 2026
Pro-Trump Senator Ted Cruz warned that US President Donald Trump's reciprocal tariff hikes could trigger a political "bloodbath" for Republicans, the New York Post reports.
Cruz, representing Texas, cautioned that these tariffs might spark a global trade war and push the US into recession. On his podcast Verdict, he criticised Republican supporters blindly backing Trump’s policies, stating, "A trade war would destroy jobs and damage the US economy."
He added, "If we face a severe recession, 2026 could be politically disastrous, with Democrats controlling the House and possibly the Senate."
Trump’s tariffs, announced on April 2, target countries like China (34%), the EU (20%), and India (26%).
Cruz, representing Texas, cautioned that these tariffs might spark a global trade war and push the US into recession. On his podcast Verdict, he criticised Republican supporters blindly backing Trump’s policies, stating, "A trade war would destroy jobs and damage the US economy."
He added, "If we face a severe recession, 2026 could be politically disastrous, with Democrats controlling the House and possibly the Senate."
Trump’s tariffs, announced on April 2, target countries like China (34%), the EU (20%), and India (26%).
06:23 (IST) Apr 07
Australian stock index plummets 6% at open
Australian blue-chip stocks tumbled 6% shortly after markets opened on Monday, as the ripple effects of US President Donald Trump's sweeping tariffs continued to unsettle global investors.
The benchmark index, comprising the country’s 200 largest listed companies, dropped 6.00% within minutes of trading, reflecting growing fears over the economic impact of Trump’s unexpected tariff announcement last week.
The benchmark index, comprising the country’s 200 largest listed companies, dropped 6.00% within minutes of trading, reflecting growing fears over the economic impact of Trump’s unexpected tariff announcement last week.
06:13 (IST) Apr 07
Tata Group has begun assessing costs across its businesses following the White House's reciprocal tariffs.
At the annual Tata Group CEOs' conclave in Dubai, chairman N Chandrasekaran discussed global geopolitical uncertainties and economic shifts. Tata Trusts chairman Noel Tata and his three children also attended, marking his first major internal event since becoming chairman of the philanthropic organisations in October 2024.
The US is a key market for Tata, with Jaguar Land Rover (JLR) halting US shipments due to Trump’s 25% tariff. JLR sells 400,000 vehicles annually, with US exports making up nearly a quarter. Tata Steel UK is renegotiating US trade deals amid concerns over cheap steel imports.
At the annual Tata Group CEOs' conclave in Dubai, chairman N Chandrasekaran discussed global geopolitical uncertainties and economic shifts. Tata Trusts chairman Noel Tata and his three children also attended, marking his first major internal event since becoming chairman of the philanthropic organisations in October 2024.
The US is a key market for Tata, with Jaguar Land Rover (JLR) halting US shipments due to Trump’s 25% tariff. JLR sells 400,000 vehicles annually, with US exports making up nearly a quarter. Tata Steel UK is renegotiating US trade deals amid concerns over cheap steel imports.
06:00 (IST) Apr 07
Japan's Nikkei plunges further on Trump tariff concerns
Japan's Nikkei 225 index fell sharply on Monday, with US futures signalling more losses on Wall Street following President Donald Trump's new tariffs.
In early Tokyo trading, the Nikkei dropped 7.35%, building on a 2.75% decline from Friday. Meanwhile, South Korea's Kospi index fell by 4.8%.
In early Tokyo trading, the Nikkei dropped 7.35%, building on a 2.75% decline from Friday. Meanwhile, South Korea's Kospi index fell by 4.8%.
05:48 (IST) Apr 07
Trump Tariff News Live: Trump says he's not backing down on tariffs, calls them 'medicine' as markets reel
US President Donald Trump on Sunday said that he would not back down from his sweeping tariffs on imports unless countries balance their trade with the US. His stance comes despite the tariffs triggering market turmoil, raising recession fears, and disrupting the global trading system.
Speaking to reporters aboard Air Force One, Trump acknowledged he didn’t want global markets to crash but showed little concern over the sell-off, saying, "Sometimes you have to take medicine to fix something."
His remarks came as markets were expected to continue sharp declines when trading resumed Monday. Trump’s aides attempted to ease fears, revealing that over 50 countries had reached out to negotiate the removal of the tariffs.
“I’ve spoken to many leaders from Europe, Asia, and around the world,” Trump said. “They’re eager to make a deal. I told them we’re not going to have deficits with your country. To me, a deficit is a loss. We’re aiming for surpluses or, at worst, breaking even.”
Speaking to reporters aboard Air Force One, Trump acknowledged he didn’t want global markets to crash but showed little concern over the sell-off, saying, "Sometimes you have to take medicine to fix something."
His remarks came as markets were expected to continue sharp declines when trading resumed Monday. Trump’s aides attempted to ease fears, revealing that over 50 countries had reached out to negotiate the removal of the tariffs.
“I’ve spoken to many leaders from Europe, Asia, and around the world,” Trump said. “They’re eager to make a deal. I told them we’re not going to have deficits with your country. To me, a deficit is a loss. We’re aiming for surpluses or, at worst, breaking even.”
05:34 (IST) Apr 07
China would have agreed TikTok deal if not for US tariffs: Trump
US President Donald Trump said on Sunday that China would have agreed to a deal on TikTok if not for the tariffs imposed by the US on Beijing last week.
"We were pretty close to a deal on TikTok—almost there. But China changed its stance because of the tariffs. If I had offered even a small reduction in tariffs, they’d have approved the deal within 15 minutes. That’s the power of tariffs," Trump told reporters aboard Air Force One.
"We were pretty close to a deal on TikTok—almost there. But China changed its stance because of the tariffs. If I had offered even a small reduction in tariffs, they’d have approved the deal within 15 minutes. That’s the power of tariffs," Trump told reporters aboard Air Force One.
05:22 (IST) Apr 07
'Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing,' Trump posts on Truth Social
05:16 (IST) Apr 07
Trump Tariff News Live: Trump says 'sometimes you have to take medicine to fix something' as markets tumble
US President Donald Trump on Sunday said that the sharp declines in American and global markets demonstrated that his trade tariffs were proving effective.
"Sometimes you have to take medicine to fix something," Trump told reporters aboard Air Force One as he returned to Washington from a weekend in Florida. He added that trade partners are "coming to the table" and are eager to negotiate.
"Sometimes you have to take medicine to fix something," Trump told reporters aboard Air Force One as he returned to Washington from a weekend in Florida. He added that trade partners are "coming to the table" and are eager to negotiate.
04:41 (IST) Apr 07
Trump Tariffs Live: Market panic mounts as world scrambles to temper Trump tariffs
Wall Street faced a turbulent start on Sunday, with markets bracing for significant losses due to Donald Trump's harsh new tariffs on US imports. Oil prices also plummeted, with crude dropping below $60 a barrel for the first time since April 2021.
Trump remained defiant, insisting his policies "will never change" despite market turmoil. Futures for the New York Stock Exchange showed sharp declines, suggesting more pain when markets opened Monday. The Dow Jones fell 3.56%, and the S&P 500 dropped 3.85% shortly after trading resumed.
Global reactions were swift. Israel's Prime Minister Benjamin Netanyahu plans talks with Trump over a 17% tariff, despite strong ties with the US. Meanwhile, over 50 countries, including Vietnam, have reached out to negotiate, seeking delays amid soaring levies.
White House officials, including Kevin Hassett, downplayed consumer impacts, claiming tariffs wouldn’t cause major price hikes. However, economists warned of lasting market volatility, with fears of a prolonged economic downturn.
Despite optimism from Trump’s adviser Peter Navarro about a market rebound, experts remain sceptical amid ongoing global uncertainties.
Trump remained defiant, insisting his policies "will never change" despite market turmoil. Futures for the New York Stock Exchange showed sharp declines, suggesting more pain when markets opened Monday. The Dow Jones fell 3.56%, and the S&P 500 dropped 3.85% shortly after trading resumed.
Global reactions were swift. Israel's Prime Minister Benjamin Netanyahu plans talks with Trump over a 17% tariff, despite strong ties with the US. Meanwhile, over 50 countries, including Vietnam, have reached out to negotiate, seeking delays amid soaring levies.
White House officials, including Kevin Hassett, downplayed consumer impacts, claiming tariffs wouldn’t cause major price hikes. However, economists warned of lasting market volatility, with fears of a prolonged economic downturn.
Despite optimism from Trump’s adviser Peter Navarro about a market rebound, experts remain sceptical amid ongoing global uncertainties.
03:45 (IST) Apr 07
UK unveils support for tariff-hit auto sector to go green
The UK government announced plans on Sunday to support carmakers in transitioning to electric vehicles amid global economic challenges and new US tariffs imposing a 25% levy on imported cars.
Jaguar Land Rover confirmed it would pause US shipments in April due to these new trade terms.
Prime Minister Keir Starmer pledged direct intervention to aid affected sectors, unveiling measures including the 2030 ban on petrol and diesel cars, with hybrids allowed until 2035. Small manufacturers, like McLaren and Aston Martin, are exempt from targets.
The government’s £2.3 billion investment in EV production will be complemented by eased rules, allowing shortfalls in EV output until 2026 to be made up before 2030.
Support for the £19 billion UK car industry, employing 152,000 people, will be reviewed as tariff impacts unfold.
Jaguar Land Rover confirmed it would pause US shipments in April due to these new trade terms.
Prime Minister Keir Starmer pledged direct intervention to aid affected sectors, unveiling measures including the 2030 ban on petrol and diesel cars, with hybrids allowed until 2035. Small manufacturers, like McLaren and Aston Martin, are exempt from targets.
The government’s £2.3 billion investment in EV production will be complemented by eased rules, allowing shortfalls in EV output until 2026 to be made up before 2030.
Support for the £19 billion UK car industry, employing 152,000 people, will be reviewed as tariff impacts unfold.
01:39 (IST) Apr 07
Trump Tariffs Live: UK PM Starmer, European leaders call US tariffs 'new era for global economy'
Following US President Donald Trump's reciprocal tariff announcement, UK Prime Minister Keir Starmer held talks with international leaders, including European Commission President Ursula von der Leyen and German Chancellor Olaf Scholz. They all agreed this signifies a "new era for the global economy," according to Downing Street’s statement on Sunday.
Starmer expressed disappointment over the new tariffs but stressed the UK’s commitment to acting in its national interest, aiming to strengthen the economy and global trade ties. He highlighted plans to enhance economic resilience and maintain stability amid global shocks.
Von der Leyen also shared her concerns on X, noting discussions on the US tariffs, security, and the upcoming EU-UK Summit.
Trump’s tariffs, effective from April 9, target major economies, including a 10% levy on the UK.
Starmer expressed disappointment over the new tariffs but stressed the UK’s commitment to acting in its national interest, aiming to strengthen the economy and global trade ties. He highlighted plans to enhance economic resilience and maintain stability amid global shocks.
Von der Leyen also shared her concerns on X, noting discussions on the US tariffs, security, and the upcoming EU-UK Summit.
Trump’s tariffs, effective from April 9, target major economies, including a 10% levy on the UK.
00:41 (IST) Apr 07
Saudi stocks take 5-year record fall after US tariffs
The Saudi stock exchange plunged 6.78% on Sunday, its worst daily loss since the Covid-19 pandemic, following US trade tariffs that triggered a global market sell-off. The Saudi index lost over 800 points, with Aramco’s shares down 6.2%. The market shed over $133 billion in value, largely due to Aramco's decline. Other Gulf markets also dropped: Kuwait's index fell 5.7%, Qatar's 4.2%, and Oman’s 2.6%. Trump's tariffs, imposing a 10% baseline on goods from Saudi Arabia, Kuwait, Qatar, Oman, and the UAE, sparked fears of a global recession. Global markets, including Europe and Asia, also closed lower, with expectations of further declines.
00:09 (IST) Apr 07
Trump Tariffs Live: Trump advisers say 50-plus countries have reached out for tariff talks with White House
Top US officials announced on Sunday that over 50 countries targeted by President Donald Trump's sweeping new tariffs have reached out to begin negotiations, as markets brace for economic fallout. The tariffs, set to take effect Wednesday, have triggered fears of a global recession and disrupted international trade.
Treasury Secretary Scott Bessent stated that unfair trade practices cannot be resolved quickly, emphasising the need to evaluate other countries' offers. Trump, meanwhile, remained defiant, posting online, "WE WILL WIN. HANG TOUGH, it won’t be easy."
Countries like China, Vietnam, and Israel are scrambling to respond, with Israeli Prime Minister Netanyahu scheduled to meet Trump to discuss tariffs alongside other issues. Vietnam has requested a reduction to zero tariffs if an agreement is reached.
White House economic adviser Kevin Hassett acknowledged the global backlash, saying countries are "angry and retaliating" but also engaging in talks. Commerce Secretary Howard Lutnick confirmed the tariffs would not be delayed, stressing their role in reshaping global trade.
In Congress, some Republicans support Trump’s approach, while others, like Senator John Barrasso, express concerns over market impacts. Meanwhile, billionaire Elon Musk called for zero tariffs, drawing criticism from White House trade adviser Peter Navarro.
Economist Lawrence Summers criticised the contradictory messages from Trump’s team, arguing that permanent tariffs could harm US businesses and global relations.
Treasury Secretary Scott Bessent stated that unfair trade practices cannot be resolved quickly, emphasising the need to evaluate other countries' offers. Trump, meanwhile, remained defiant, posting online, "WE WILL WIN. HANG TOUGH, it won’t be easy."
Countries like China, Vietnam, and Israel are scrambling to respond, with Israeli Prime Minister Netanyahu scheduled to meet Trump to discuss tariffs alongside other issues. Vietnam has requested a reduction to zero tariffs if an agreement is reached.
White House economic adviser Kevin Hassett acknowledged the global backlash, saying countries are "angry and retaliating" but also engaging in talks. Commerce Secretary Howard Lutnick confirmed the tariffs would not be delayed, stressing their role in reshaping global trade.
In Congress, some Republicans support Trump’s approach, while others, like Senator John Barrasso, express concerns over market impacts. Meanwhile, billionaire Elon Musk called for zero tariffs, drawing criticism from White House trade adviser Peter Navarro.
Economist Lawrence Summers criticised the contradictory messages from Trump’s team, arguing that permanent tariffs could harm US businesses and global relations.
00:00 (IST) Apr 07
India doing better than other countries after US tariffs: NSE CEO
NSE Managing Director and CEO Ashish Kumar Chauhan said on Sunday that despite the global confusion following the US’s reciprocal tariffs, India is performing better than many other countries. Speaking after visiting the Mata Vaishno Devi Shrine on Ram Navami, Chauhan noted that India’s stock market has shown resilience compared to global markets affected by the US decision.
"America’s new import duties, including for India, seem to have less impact here," he said, adding that the situation will become clearer within one or two weeks as negotiations unfold and the duty structure stabilises.
Chauhan met with Jammu Lt Governor Manoj Sinha and expressed confidence that India’s position remains strong amid ongoing global uncertainties.
"America’s new import duties, including for India, seem to have less impact here," he said, adding that the situation will become clearer within one or two weeks as negotiations unfold and the duty structure stabilises.
Chauhan met with Jammu Lt Governor Manoj Sinha and expressed confidence that India’s position remains strong amid ongoing global uncertainties.
00:00 (IST) Apr 07
Trump Tariffs Live: Vietnam seeks US tariff delay as economic growth slows in first quarter
Vietnam has requested a 45-day delay on the US’s new 46% tariffs, as the country’s economy grew slightly slower in the first quarter. The Southeast Asian manufacturing hub, which relies heavily on the US as its top export market, faces the brunt of President Donald Trump’s aggressive trade measures announced last Wednesday.
In a formal letter to Trump, Vietnamese leader To Lam sought time to negotiate, appointing Deputy Prime Minister Ho Duc Phoc as the primary contact for talks. Lam also expressed hopes to meet Trump in Washington at the end of May to finalise an agreement.
Despite the looming tariffs, Vietnam’s GDP grew 6.93% year-on-year in Q1, a slight drop from the previous quarter’s 7.55% growth. Prime Minister Pham Minh Chinh remains committed to the government’s target of at least 8% growth for the year, with plans to boost growth in the remaining quarters.
Experts warn the tariffs could significantly damage Vietnam’s export-driven economy, potentially cutting GDP by 3% in the worst case. Key industries like seafood, textiles, and electronics are expected to be hardest hit. US firms such as Nike and Adidas, with manufacturing in Vietnam, may face reduced orders and job cuts.
Business groups have urged the US to delay tariffs amid growing economic uncertainty.
In a formal letter to Trump, Vietnamese leader To Lam sought time to negotiate, appointing Deputy Prime Minister Ho Duc Phoc as the primary contact for talks. Lam also expressed hopes to meet Trump in Washington at the end of May to finalise an agreement.
Despite the looming tariffs, Vietnam’s GDP grew 6.93% year-on-year in Q1, a slight drop from the previous quarter’s 7.55% growth. Prime Minister Pham Minh Chinh remains committed to the government’s target of at least 8% growth for the year, with plans to boost growth in the remaining quarters.
Experts warn the tariffs could significantly damage Vietnam’s export-driven economy, potentially cutting GDP by 3% in the worst case. Key industries like seafood, textiles, and electronics are expected to be hardest hit. US firms such as Nike and Adidas, with manufacturing in Vietnam, may face reduced orders and job cuts.
Business groups have urged the US to delay tariffs amid growing economic uncertainty.
23:59 (IST) Apr 06
UK readies to protect industry as US tariffs upend global order: Starmer
UK Prime Minister Keir Starmer declared on Sunday that "the world as we knew it has gone," as global markets brace for the economic fallout from US tariffs. Writing in the Sunday Telegraph, Starmer warned that President Donald Trump’s sweeping tariffs signal a shift where "old assumptions can no longer be taken for granted."
He suggested the UK may need to step in to protect businesses, with future economic strategies driven less by established rules and more by "deals and alliances." The tariffs, including a 34% levy on Chinese goods and reciprocal measures from Beijing, are set to escalate global tensions. The EU and Japan also face significant increases, raising fears of recessions in major economies.
Starmer, who has engaged with EU leaders, stressed that Britain’s response should reflect "cool heads, pragmatism, and a clear understanding of our national interest." He emphasised that the UK would only pursue a US trade deal if it served British businesses, with "all options on the table" to counteract the tariffs.
In response to the shifting global landscape, Starmer signalled readiness for state intervention to support key industries, promising measures to boost domestic competitiveness amid the turmoil.
He suggested the UK may need to step in to protect businesses, with future economic strategies driven less by established rules and more by "deals and alliances." The tariffs, including a 34% levy on Chinese goods and reciprocal measures from Beijing, are set to escalate global tensions. The EU and Japan also face significant increases, raising fears of recessions in major economies.
Starmer, who has engaged with EU leaders, stressed that Britain’s response should reflect "cool heads, pragmatism, and a clear understanding of our national interest." He emphasised that the UK would only pursue a US trade deal if it served British businesses, with "all options on the table" to counteract the tariffs.
In response to the shifting global landscape, Starmer signalled readiness for state intervention to support key industries, promising measures to boost domestic competitiveness amid the turmoil.
23:59 (IST) Apr 06
Trump Tariffs Live: Trump's tariffs hit a sour note in landmark NYC emporium of sweets
Economy Candy’s shelves are stacked with sweets from around the globe—German gummies, Spanish lollipops, Japanese chocolates, and a variety of American treats. Amidst this colourful array, owner Mitchell Cohen is clear-eyed about the impact of President Donald Trump’s sweeping tariffs.
“I think all of them,” Cohen says, eyeing the store’s 2,000-plus items. The tariffs, set to rise sharply, have left few sectors untouched, even small shops like his. Just as inflation-driven price hikes were easing, the tariffs arrived, threatening to push costs higher.
Cohen, who took over the family business in New York’s Lower East Side, fears the new financial strain. “I think it’s gonna be another round of hyperinflation on some items,” says the 39-year-old. Economy Candy, with its vintage red sign and nostalgic charm, has weathered tough times before—from 9/11’s tourist drop to the pandemic’s shutdowns.
Now, even American-made candies are affected. Products like Snickers rely on global ingredients—cocoa from Guyana, sugar from Brazil, and packaging from Canada—all subject to tariffs. Imported treats, from French Milka bars to Japanese Kit Kats, face steep duties too.
As costs rise, Cohen worries about maintaining affordability. “When your margins come down, you really start to feel it,” he says, uncertain how to adapt if tariffs continue to climb.
Despite the challenges, Cohen remains hopeful, determined to keep Economy Candy a sweet escape for visitors.
“I think all of them,” Cohen says, eyeing the store’s 2,000-plus items. The tariffs, set to rise sharply, have left few sectors untouched, even small shops like his. Just as inflation-driven price hikes were easing, the tariffs arrived, threatening to push costs higher.
Cohen, who took over the family business in New York’s Lower East Side, fears the new financial strain. “I think it’s gonna be another round of hyperinflation on some items,” says the 39-year-old. Economy Candy, with its vintage red sign and nostalgic charm, has weathered tough times before—from 9/11’s tourist drop to the pandemic’s shutdowns.
Now, even American-made candies are affected. Products like Snickers rely on global ingredients—cocoa from Guyana, sugar from Brazil, and packaging from Canada—all subject to tariffs. Imported treats, from French Milka bars to Japanese Kit Kats, face steep duties too.
As costs rise, Cohen worries about maintaining affordability. “When your margins come down, you really start to feel it,” he says, uncertain how to adapt if tariffs continue to climb.
Despite the challenges, Cohen remains hopeful, determined to keep Economy Candy a sweet escape for visitors.
23:58 (IST) Apr 06
Trump Tariffs Live: World scrambles to temper Trump tariffs as market fears mount
More than 50 countries have sought talks with President Donald Trump in a bid to ease severe tariffs on exports to the United States, the White House announced on Sunday, as global trade partners braced for further repercussions.
Since imposing a sweeping range of tariffs on Wednesday, Trump has remained defiant, insisting his policies "will never change" despite a sharp market downturn. He later visited the golf course, as noted in his post on Truth Social.
Israeli Prime Minister Benjamin Netanyahu, whose country faces 17% tariffs despite being a close US ally, is scheduled for key discussions with Trump on Monday regarding the levies.
UK Prime Minister Keir Starmer warned in a newspaper op-ed that "the world as we knew it has gone," highlighting the increasing importance of "deals and alliances" in the new global landscape.
Trump’s staggered deadlines have allowed some room for negotiations, though his administration has cautioned against retaliation. "Over 50 countries have reached out to the president to begin negotiations," said Kevin Hassett, head of the White House National Economic Council.
Vietnam, whose largest export market is the US, has requested a delay of at least 45 days to the 46% tariffs imposed by Trump.
Despite efforts to mitigate the economic fallout, fears persist of continued market turbulence. In Saudi Arabia, the stock market dropped 6.78%—the worst since the COVID-19 pandemic. Economists warn of further instability, while Trump’s trade advisor, Peter Navarro, remains confident in the long-term benefits of the tariffs.
Since imposing a sweeping range of tariffs on Wednesday, Trump has remained defiant, insisting his policies "will never change" despite a sharp market downturn. He later visited the golf course, as noted in his post on Truth Social.
Israeli Prime Minister Benjamin Netanyahu, whose country faces 17% tariffs despite being a close US ally, is scheduled for key discussions with Trump on Monday regarding the levies.
UK Prime Minister Keir Starmer warned in a newspaper op-ed that "the world as we knew it has gone," highlighting the increasing importance of "deals and alliances" in the new global landscape.
Trump’s staggered deadlines have allowed some room for negotiations, though his administration has cautioned against retaliation. "Over 50 countries have reached out to the president to begin negotiations," said Kevin Hassett, head of the White House National Economic Council.
Vietnam, whose largest export market is the US, has requested a delay of at least 45 days to the 46% tariffs imposed by Trump.
Despite efforts to mitigate the economic fallout, fears persist of continued market turbulence. In Saudi Arabia, the stock market dropped 6.78%—the worst since the COVID-19 pandemic. Economists warn of further instability, while Trump’s trade advisor, Peter Navarro, remains confident in the long-term benefits of the tariffs.
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