European Commission President Ursula von der Leyen.
Credit: Reuters Photo
Trump Tariffs LIVE | Business knows that tariffs are here to stay, says Trump
Big business is not worried about tariffs because they know they are here to stay, US President Donald Trump wrote on Truth Social on Friday, amid a trade war that has rattled investors and fed fears of a coming recession. (Reuters)
Trump Tariffs LIVE | ‘Trump phenomenon is a short-term blip’
A day after Trump announced his avalanche of reciprocal tariffs, trade observers stressed on India’s need to focus on negotiations, without committing to things that affect India’s interests in the long run.
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Trump Tariffs LIVE | Fear rips through financial markets as global trade war heats up
Volatility across financial markets jumped on Friday, with Wall Street's top "fear gauge" soaring to an eight-month high while other market indicators showed growing investor concerns about the ripple effect of President Donald Trump's sweeping levies.
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Trump Tariffs LIVE | Opinion: What the tariffs tell India: Seize the moment
President Donald Trump has announced a 26 per cent tariff on Indian products as part of his ‘discounted’ reciprocal tariff plan. No doubt, it is just the beginning of a story with many twists and turns to be unfolding in the coming days and months depending on the reactions of different trading partners and Trump’s counter-responses.
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Trump Tariffs LIVE | US soybeans, energy: Who is hit by China's tariff retaliation?
US agricultural exports, fuels and manufactured goods are set to take a hit from China's blanket retaliation against President Donald Trump's sharp tariffs, with both sets of measures due to take effect next week.
After Trump announced a 34-percent new tariff on imports of Chinese goods -- taking the added rate imposed this year to 54 percent -- Beijing said it would slap an equivalent across-the-board tariff on US goods, among other countermeasures.
China used to target specific industries in a "mirror response" to US export restrictions, said Emily Benson of consulting firm Minerva Technology Policy Advisors.
But its broader plan unveiled Friday marks a "pretty significant warning shot" to the Trump administration to hold off further measures, she told AFP. (AFP)
Trump Tariffs LIVE | US starts collecting 10% tariff, smashing global trade norms
US customs agents began collecting President Donald Trump's unilateral 10 per cent tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
The initial 10 per cent "baseline" tariff took effect at US seaports, airports and customs warehouses at 12:01 a.m. ET (0401 GMT), ushering in Trump's full rejection of the post-World War Two system of mutually agreed tariff rates.
"This is the single biggest trade action of our lifetime," said Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser during Trump's first term.
Shaw told a Brookings Institution event on Thursday that she expected the tariffs to evolve over time as countries seek to negotiate lower rates. "But this is huge. This is a pretty seismic and significant shift in the way that we trade with every country on earth," she added.
Trump's Wednesday tariff announcement shook global stock markets to their core, wiping out $5 trillion in stock market value for S&P 500 companies by Friday's close, a record two-day decline. Prices for oil and commodities plunged, while investors fled to the safety of government bonds. (Reuters)
Trump Tariffs LIVE | China says 'market has spoken' after US tariffs spark selloff
China said on Saturday "the market has spoken" in rejecting US President Donald Trump's tariffs, and called on Washington for "equal-footed consultation" after global markets' dramatic reaction to the trade levies, which drew Chinese retaliation.
Several Chinese commerce associations in industries from healthcare and textiles to electronics also issued statements on Saturday calling for unity in exploring alternative markets and warning that the tariffs would worsen inflation in the US.
"The market has spoken," Chinese foreign ministry spokesperson Guo Jiakun said in a post on Facebook on Saturday morning. He also posted a picture capturing Friday's falls on US markets.
"Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation," Guo wrote in English. (Reuters)
Trump Tariffs LIVE | France's cognac makers, buffeted by trade wars, reel from Trump's tariffs
Christophe Fillioux's family estate in the cognac region of southwest France has survived for five generations, through wars and financial crises. Now, though, he has started to tear up some of his vineyards by the roots.
US President Donald Trump's decision this week to slap 20% tariffs on all European goods is deepening the pain for France's nearly $3 billion cognac industry, which was already being buffeted by global trade tensions.
In October, the region's 4,000 growers were targeted by Beijing with tariffs following the European Union's levies on Chinese-made electric vehicles. Since then, cognac sales to China, its second-largest market by volume, have plunged by more than half. (Reuters)
Trump Tariffs LIVE | US consumers rush to buy big-ticket items; economists warn tariff pay-off chances low
US consumers are rushing to buy big-ticket items before the tariffs take effect. Economists say the tariffs are expected to increase prices for everyday items, warning of potentially weakened US economic growth.
The White House hopes the tariffs prod countries to open their economies to more American exports, leading to negotiations that could reduce tariffs, or that companies increase their production in the US to avoid higher import taxes. (AP)
America's passion for tariffs rarely pays off, economists warn
Long before Donald Trump's "Liberation Day" announcement, the United States had toyed with imposing high tariffs throughout its history, with inconclusive -- and sometimes catastrophic -- results.
"We have a 20th century president in a 21st century economy who wants to take us back to the 19th century," Dartmouth College economics professor Douglas Irwin posted on X.
The 19th century marked the golden age of tariffs in the United States, with an average rate regularly flirting with 50 percent.
The century extended a doctrine adopted since the country's founding, which advocated for the protection of the American economy as it underwent a period of industrialization.
"Careful studies of that period suggest that the tariffs did help protect domestic development of industry to some degree," said Keith Maskus, a professor at the University of Colorado.
"But the two more important factors were access to international labor, and capital... which was flowing in the United States during that period," he added. (AFP)
Trump Tariffs LIVE | US Senate Republicans pass measure to move forward on Trump's tax cuts
The US Senate approved a Republican budget blueprint early on Saturday that aims to extend trillions of dollars worth of President Donald Trump's 2017 tax cuts and sharply reduce government spending.
The vote, following an all-night legislative session, unlocks a maneuver that will allow Republicans to bypass the Senate's filibuster and pass the tax cuts later this year without Democratic votes.
Non-partisan analysts say the measure, if enacted, would add about $5.7 trillion to the federal government's debt over the next decade. Senate Republicans contend the cost is $1.5 trillion, saying that the effects of extending existing tax policy that was scheduled to expire at the end of this year should not be counted in the measure's cost.
The measure also aims to raise the federal government's debt ceiling by $5 trillion, a move Congress has to make by summer or risk defaulting on $36.6 trillion in debt. It aims to partly offset the deficit-raising costs of tax cuts by cutting spending. Democrats have warned that Republican targets would imperil the Medicaid health insurance program for low-income Americans. (Reuters)
Trump Tariffs LIVE | Italy says counter-tariffs would be wrong response to US tariffs
Italian Economy Minister Giancarlo Giorgetti warned on Saturday against the imposition of retaliatory tariffs on the United States in response to US President Donald Trump's announcement of sweeping tariffs on trade partners.
Speaking at a business forum near Milan, Giorgetti said Italy was aiming for a "de-escalation" with the US.
"We should avoid launching a policy of counter-tariffs that could be damaging for everyone and especially for us," Giorgetti said.
Under Trump's plans Italy, which has a large trade surplus with the United States, will be subject to a general tariff of 20 per cent along with other European Union countries. (Reuters)
Trump Tariffs LIVE | Netanyahu expected to talk tariffs with Trump in Washington on Monday, officials say
Israeli Prime Minister Benjamin Netanyahu is expected to visit the White House on Monday to discuss recently announced tariffs with US President Donald Trump, three Israeli officials said on Saturday.
The impromptu visit was first reported by Axios, which said that if the visit takes place, the Israeli leader would be the first foreign leader to meet with Trump in person to try to negotiate a deal to remove tariffs.
Netanyahu's office has not confirmed the visit, that would likely also include discussions on Iran and Israel's war against Palestinian militant group Hamas in Gaza. (Reuters)
Trump Tariffs LIVE | Tata-owned Jaguar Land Rover to pause shipments to US over tariffs: Report
Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, as it considers how to mitigate the cost of President Donald Trump's 25 per cent tariff, according to a report in the Times newspaper.
Jaguar Land Rover, which is owned by India's Tata Motors , did not immediately respond to a request for comment on Saturday.
A pause in shipments would add to fears over the impact from tariffs on Britain's car industry, which employs 200,000 people directly. The United States is the second-biggest importer of British-made cars after the European Union, with nearly a 20 per cent share, data from industry body SMMT shows. (Reuters)
Trump Tariffs LIVE | Taiwan president discusses US tariff response with tech execs
Taiwan President Lai Ching-te met tech executives on Saturday to discuss how to respond to new US tariffs, promising to ensure Taiwan's global competitiveness and safeguard the island's interests.
President Donald Trump announced across-the-board import tariffs on Wednesday with much higher duties for dozens of trading partners, including Taiwan, which runs a large trade surplus with the United States and is facing a 32 per cent duty on its products.
The US tariffs, however, do not apply to semiconductors, a major Taiwanese export. (Reuters)
Trump Tariffs LIVE | China says it will continue to take resolute steps to safeguard its interests
China has taken and will continue to take resolute measures to safeguard its sovereignty, security and development interests, the foreign ministry said on Saturday, citing a Chinese government stance on opposing US tariffs.
The US should "stop using tariffs as a weapon to suppress China's economy and trade, and stop undermining the legitimate development rights of the Chinese people," the ministry said.
Trump introduced additional 34 per cent tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54 per cent.
This prompted retaliation from China on Friday, including extra levies of 34 per cent on all US goods and export curbs on some rare earths, escalating the trade war between the world's two largest economies. (Reuters)
Trump Tariffs LIVE | UK's Starmer and France's Macon share concerns over impacts
British Prime Minister Keir Starmer and French President Emmanuel Macron shared their concerns over the economic and security impact of US President Donald Trump's tariffs when they spoke on Saturday, Starmer's office said.
"They agreed that a trade war was in nobody's interests, but nothing should be off the table," the statement from Downing Street said.
"The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia."
The pair agreed to stay in close contact over the coming weeks. (Reuters)
Trump Tariffs LIVE | Sell TikTok to reach a deal on tariffs: Trump’s olive branch to China
After his initial anger over Friday’s move by Beijing to slap 34 per cent of tariffs, the same as his tariff on Chinese exports, Trump said China is panicking and at the same time offered a quid pro quo deal to lower tariffs if TikTok is allowed to sell its US stakes to an American buyer.
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Trump Tariffs LIVE | Trump tariffs could cut GDP growth by 0.5% points, French prime minister says
France could see a 0.5 percentage point reduction in gross domestic product growth as a result of U.S. President Donald Trump's tariff policies, Prime Minister Francois Bayrou said in an interview on Saturday.
"Trump's policies could cost us more than 0.5% of our GDP," Bayrou said, according to excerpts published in an interview with Le Parisien newspaper.
"The imposition of these outrageous tariffs will lead to a global crisis (...). The risk of job losses is significant, as is that of an economic slowdown," he said.
Trump Tariffs LIVE | France, Britain to coordinate in tariff talks with Trump, Macron says
After speaking with Britain's Prime Minister Keir Starmer, French President Emmanuel Macron said on Saturday the two countries reaffirmed their determination to "closely coordinate" positions in tariff discussions with U.S. President Donald Trump.
"A trade war is in no one’s interest. We must stand united and resolute to protect our citizens and our businesses," he said in post on X.
Trump Tariffs LIVE | Musk says he hopes for 'zero tariffs' between US and Europe
US tech-billionaire Elon Musk said on Saturday he hoped in future to see complete freedom of trade between the United States and Europe, speaking days after US President Donald Trump announced tariffs on trading partners.
Musk, a Trump adviser who has been working to eliminate wasteful U.S. public spending, spoke via video-link at a congress in Florence of Italy's right-wing, co-ruling League Party.
"At the end of the day, I hope it's agreed that both Europe and the United States should move ideally, in my view, to a zero tariff situation, effectively creating a free trade zone between Europe and North America," Musk said.
Trump Tariffs LIVE | US starts collecting Trump's new 10% tariff, smashing global trade norms
US customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.
The initial 10% "baseline" tariff paid by U.S. importers took effect at U.S. seaports, airports and customs warehouses at 12:01 a.m. ET (0401 GMT), ushering in Trump's full rejection of the post-World War Two system of mutually agreed tariff rates.
"This is the single biggest trade action of our lifetime," said Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser during Trump's first term.
Shaw told a Brookings Institution event on Thursday that she expected the tariffs to evolve over time as countries seek to negotiate lower rates. "This is a pretty seismic and significant shift in the way that we trade with every country on earth," she added.
Trump Tariffs LIVE | Anti-Trump protesters gather in Washington, other US cities
Thousands of protesters gathered in Washington, D.C., and across the U.S. on Saturday, part of some 1,200 demonstrations that were expected to form the largest single day of protest against President Donald Trump and his billionaire ally Elon Musk since they launched a rapid-fire effort to overhaul government and expand presidential authority.
People streamed onto the expanse of grass surrounding the Washington Monument under gloomy skies and light rain. Organizers told Reuters that more than 20,000 people were expected to attend a rally at the National Mall.
Some 150 activist groups had signed up to participate, according to the event's website. Protests were planned in all 50 states plus Canada and Mexico.
Trump Tariffs LIVE | 'Hands off!': Anti-Trump protests try to reach the newly alarmed
Opponents of President Donald Trump held protests around the country Saturday to oppose the president's slash-and-burn attack on federal health care programs, government workers and the rule of law, a message that they say appeals to a politically diverse set of Americans.
Trump Tariffs LIVE | FPIs pulled out Rs 10,355 cr from equities in last 4 trading sessions on US tariffs
Foreign investors withdrew Rs 10,355 crore from the country's equity markets in the last four trading sessions this month due to sweeping tariffs imposed by the US on most nations, including India.
The outflow occurred after a net investment of Rs 30,927 crore in the six trading sessions from March 21 to March 28. This infusion helped reduce the overall outflow for March to Rs 3,973 crore, according to data from the depositories. (PTI)
Trump Tariffs LIVE | US, Vietnamese businesses ask Trump to delay 46% tariffs on Vietnam
US and Vietnamese businesses have asked the Trump administration to delay its planned 46 per cent tariff on Vietnamese goods, saying the levy will hurt them and bilateral commercial relations.
The Vietnam Chamber of Commerce and Industry and the American Chamber of Commerce in Hanoi expressed concern to Commerce Secretary Howard Lutnick in a letter dated Saturday about the tariff, to take effect on Wednesday, which they described as "shockingly high". (Reuters)
Trump Tariffs LIVE | The "world as we knew it" is over and the UK "stands ready" to use direct state intervention to shelter industries from the US tariff storm: PM Keir Starmer
(X/AFP)
Trump Tariffs LIVE | Indonesia will not retaliate against Trump tariff, official says
Indonesia will not retaliate against US President Donald Trump's trade tariff on Southeast Asia's largest economy, its senior economic minister said on Sunday in the government's first response to the levy.
Chief Economic Minister Airlangga Hartarto said in a statement that Indonesia would pursue diplomacy and negotiations to find mutually beneficial solutions. (Reuters)
Trump Tariffs LIVE | Taiwan announces temporary short-selling curbs after US tariffs
Taiwan's top financial regulator said on Sunday it will impose temporary curbs on short-selling of shares to help deal with potential market turmoil brought about by US President Donald Trump's new import tariffs.
Taiwan's Financial Supervisory Commission said in a statement it would limit the number of shares that can be sold short and raise the minimum short-selling margin ratio to 130 per cent from 90 per cent, starting from Monday and lasting until Friday.
Taiwan's stock market was closed last Thursday and Friday for a holiday, and reopens on Monday. (Reuters)
Trump Tariffs LIVE | Some adverse effects will be on India, but US to bear brunt: Ex-World Bank chief economist Kaushik Basu
Former World Bank Chief Economist Kaushik Basu on Sunday described the reciprocal tariffs imposed on approximately 60 countries by the Trump administration as baffling, saying that while these tariffs will have some adverse effects on India, the major impact will be felt in the US.
"The new US tariff of 26 per cent on India is baffling. While it will have some adverse impact on India, its major negative impact will be on the US," he said.
Basu also suggested that India should not respond by raising or lowering tariffs on US imports.
"India should do what Europe, Canada and China are doing, which is to try to expand trade among themselves.
"This is the time for new trade agreements," the former Chief Economic Adviser said. (PTI)
Trump Tariffs LIVE | Keir Starmer vows to 'shelter' UK businesses
British Prime Minister Keir Starmer on Sunday vowed to "shelter" the UK's businesses from the storm unleashed in the wake of President Donald Trump’s flurry of global trade tariffs, even as he reiterated plans to pursue a trade deal with the US.
Writing in The Sunday Telegraph, Starmer said that nobody wins from a trade war and called for calm as the UK fights for the best trade deal. He reiterated that “all options remain on the table” as he indicated the possibility of state intervention to protect businesses.
Trump Tariffs LIVE | No retaliation: Taiwan pledges more investment in US, removal of trade barriers
Taiwan's President Lai Ching-te said on Sunday that Taiwan will not impose reciprocal trade tariffs against the United States, but will remove trade barriers, and that Taiwanese companies will gradually increase their investments in the country.
President Donald Trump announced across-the-board import tariffs on Wednesday, with much higher duties for dozens of trading partners, including Taiwan, which runs a large trade surplus with the US and faces a 32 per cent duty on its products.
The US tariffs, however, do not apply to semiconductors, a major Taiwanese export. (Reuters)
Trump Tariffs LIVE | Italy's Meloni pledges to support businesses hurt by Trump tariffs
Italian Prime Minister Giorgia Meloni pledged on Sunday to shield businesses that suffered damage from the tariffs imposed by US President Donald Trump.
Meloni is facing a diplomatic balancing act as she is an ally of Trump but must also defend an Italian export sector that would suffer because of the planned 20% tariff on goods from the European Union.
"We did not, of course, agree with the decision of the United States, but we are ready to deploy all the tools - in terms of negotiations and economically - needed to support our businesses and sectors that could be penalised," Meloni said in a video message to a congress of the League party, a coalition ally.
She also called on the EU to dilute regulations and policies such as the Green Deal environmental package that she said also held back business. (Reuters)
Trump Tariffs LIVE | India unlikely to retaliate against Trump's tariffs as deal talks progress
India does not plan to retaliate against US President Donald Trump's 26 per cent tariff on imports from the Asian nation, an Indian government official said, citing ongoing talks for a deal between the countries.
Prime Minister Narendra Modi's administration has looked into a clause of Trump's tariff order that offers a possible reprieve for trading partners who "take significant steps to remedy non-reciprocal trade arrangements", said the official, who declined to be named as the details of the talks are confidential.
New Delhi sees an advantage in being one of the first nations to have started talks over a trade deal with Washington, and is better placed than Asian peers like China, Vietnam, and Indonesia, which have been hit by higher US tariffs, a second government official said, also declining to be named.
Trump Tariffs LIVE | Netanyahu to seek relief from tariffs in meeting with Trump
Israeli Prime Minister Benjamin Netanyahu said on Sunday he hopes US President Donald Trump will ease tariffs imposed on Israel when the two meet in Washington this week.
Under a sweeping new tariff policy announced by Trump, Israeli goods face a 17 per cent US tariff. The US is Israel's closest ally and largest single trading partner.
Netanyahu, who has spent the last few days visiting Hungary, departs for Washington on Sunday for an impromptu visit with Trump that is expected to take place on Monday, officials said. (Reuters)
Trump Tariffs LIVE | 20% tariff clouds future of Italian wines in US
The outlook for Prosecco, Brunello di Montalcino and other Italian wines in the United States is increasingly gloomy, producers and importers said, following President Donald Trump's imposition of a 20 per cent tariff on European imports.
Italy exports more wine to the US than any other country. Last year, it sold 2 billion euros ($2.2 billion) worth of wines, spirits and vinegars in the US market, a quarter of its total worldwide exports, according to trade group Federvini. (Reuters)
Trump Tariffs LIVE | Vietnam offers to remove all tariffs on US after Trump action
Vietnam on Sunday offered to remove all tariffs on the US, Reuters reported citing Bloomberg News, as US President Donald Trump's tariffs shook markets worldwide.
US and Vietnamese businesses had earlier asked the Trump administration to delay its planned 46 per cent tariff on Vietnamese goods, saying the levy will hurt them and bilateral commercial relations. (With Reuters inputs)
Trump Tariffs LIVE | Indian metal cos focused on domestic demand, resilient to US tariffs
Indian metal companies are gearing up for significant expansions in the current fiscal, focusing on growing domestic demand, notwithstanding global trade headwinds.
While the United States has announced certain tariffs on metals, companies like Vedanta, JSW Steel, Hindustan Zinc, and NALCO are also betting on India's strong demand, the global race for critical minerals, and strategic geographic diversification to drive growth, analysts said.
Domestic steel demand is forecast to grow by 10 per cent annually over the next few years. Similarly, aluminium demand is expected to grow at a CAGR of 7.2 per cent till 2030. (PTI)
Trump Tariffs LIVE | More than 50 countries have contacted White House to start trade talks, Trump adviser says
More than 50 countries have reached out to the White House to begin trade negotiations, US National Economic Council Director Kevin Hassett said on ABC News on Sunday.
Hassett also denied that President Donald Trump's tariffs were also an indirect means to pressure the central bank to cut interest rates
In a separate interview on NBC News, US Treasury Secretary Scott Bessent downplayed the stock market drop since Trump announced the tariffs and said there was "no reason" to anticipate a recession based on the tariffs.
Trump Tariffs LIVE | Nigeria sells dollars to support currency after tariffs shock
Nigeria's central bank has sold nearly $200 million to support the naira currency after President Donald Trump's tariffs sent shockwaves through global markets, the bank said on Sunday.
The Central Bank of Nigeria (CBN) said a decline in crude oil prices in response to the tariffs, had presented "new dynamics for oil-exporting countries such as Nigeria."
Nigeria, Africa's largest oil producer, relies on crude exports for 90 per cent of its foreign exchange.
The CBN reacted by intervening in the foreign exchange market, selling US$197.71 million to banks. (Reuters)
Trump Tariffs LIVE | EU's von der Leyen criticises US tariffs
The European Union is prepared to defend its interests with proportionate countermeasures against US President Donald Trump's tariffs and will work with partners towards this end, Commission President Ursula von der Leyen said on Sunday after a telephone call with UK Prime Minister Keir Starmer.
Von der Leyen also said the 27-country bloc is committed to working closely with Britain on security and defence and that she was concerned about Russia's stalling of peace efforts in Ukraine.
She will meet Starmer in London on April 24 on the occasion of the International Summit on the Future of Energy Security. (Reuters)
Trump Tariffs LIVE | US Commerce Secretary says tariffs to remain in place for days, weeks
US Commerce Secretary Howard Lutnick on Sunday said President Donald Trump's tariffs would remain in place "for days and weeks," and that some islands inhabited by penguins were included on the list so that countries could not use them as a loophole.
"What happens is, if you leave anything off the list, the countries that try to basically arbitrage America, go through those countries to us," he told CBS News 'Face the Nation' program.
"There's no postponing. They are definitely going to stay in place for days and weeks," Lutnick added. (Reuters)
Trump Tariffs LIVE | Piyush Goyal to meet Indian exporters on April 9 to take stock of issues
Union Commerce and Industry Minister Piyush Goyal is likely to hold a meeting with exporters on Wednesday, April 9, to take stock of issues to be faced by Indian traders due to the imposition of an additional 26 per cent reciprocal tariffs by the Trump administration, an industry official said on Sunday.
Senior officials of the commerce ministry and representatives of export promotion councils (EPCs) and the Federation of Indian Export Organisations (FIEO) will attend the deliberations, according to the industry official.
Meanwhile, an exporter said that the government should come forward to extend fiscal incentives to all exporters, particularly MSMEs, in this situation, as the US tariffs will have an impact on the country's shipments. (PTI)
Trump Tariffs LIVE | South Korea to respond to US tariffs, prepare domestic support
South Korea's finance minister said on Monday the government would prepare support measures for sectors with urgent needs amid U.S. tariffs, the ministry said in a statement.
The ministry also said Finance Minister Choi Sang-mok and other policymakers reviewed a response strategy ahead of Trade Minister Cheong In-kyo's visit to the United States.
Trump Tariffs LIVE | Goldman Sachs expects further fiscal easing from China to offset higher tariffs
Goldman Sachs said it expects further fiscal easing from China to offset growth drag from higher tariffs announced by the United States late last week, it said in a report.
The investment bank also downgraded Taiwan to underweight in its Asian market allocations citing high exposure to American exports and market sensitivity.
Trump Tariffs LIVE | Japan will ask US to cut tariffs but results won't come 'overnight', PM Ishiba says
Japanese Prime Minister Shigeru Ishiba said on Monday the government will continue to ask US President Donald Trump to lower tariffs against Japan, but acknowledged results "won't come overnight."
"As such, the government must take all available means" to cushion the economic blow from US tariffs, such as offering funding support for domestic firms and taking measures to protect jobs, Ishiba told parliament.
Ishiba said Trump's decision to slap tariffs on imports from Japan was "extremely disappointing and regrettable," adding that Japan will continue to explain that it had done nothing unfair to the United States.
Trump Tariffs LIVE | Bill Ackman warns Trump is losing business leaders' confidence
Billionaire fund manager Bill Ackman, who endorsed Donald Trump's run for President, said the U.S. leader was losing the confidence of business leaders and should pause his trade war.
"The president has an opportunity to call a 90-day time out," Ackman said in a post on X, to resolve trade issues via negotiation.
"If, on the other hand ... we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate."
Trump Tariffs LIVE | Trump, asked about markets, says sometimes you have to 'take medicine'
US President Donald Trump on Sunday said that sometimes you have to take medicine when asked about falling markets, adding that he was not intentionally engineering a market selloff.
"I don't want anything to go down, but sometimes you have to take medicine to fix something," Trump told reporters about Air Force One regarding the economic fallout from his sweeping tariffs.
"We have been treated so badly by other countries because we had stupid leadership that allowed this to happen," he added.
Trump Tariffs LIVE | Rupee slumps in NDF market on risk rout sparked by US tariffs
The Indian rupee weakened against the US dollar in the non-deliverable forward market on Monday on severe risk aversion amid fears that US tariffs could fuel an economic slowdown.
The 1-month dollar/rupee NDF was quoted at 85.98/86.02, indicating that the onshore spot market will open at 85.75 compared to 85.2350 on Friday.
US equity futures dropped 2.5 per cent, signalling further losses for the S&P 500 Index after Friday’s 6 per cent selloff. The risk-off mood spilled into Asia, where Hong Kong shares plunged 9 per cent and Japan’s index slid 6%, reflecting deepening investor anxiety due to the impact of U.S. tariffs. (Reuters)
Trump Tariffs LIVE | Stocks dive in Asia, markets hunger for rapid US rate cuts
Major stock indexes plunged in Asia on Monday as White House officials showed no sign of backing away from their sweeping tariff plans, and investors wagered the mounting risk of recession could see US interest rates cut as early as May.
Trump Tariffs LIVE | Nifty 50 set for sharp drop amid global trade war, US recession fears
India's benchmark indexes are poised to open sharply lower on Monday, as concerns over a global trade war and growing recession fears in the US triggered a stock market rout.
Trump Tariffs LIVE | Goldman Sachs expects more Chinese fiscal easing to offset tariffs
Goldman Sachs said it expects Chinese policymakers to accelerate fiscal easing measures to offset the drag on growth from higher tariffs announced by the United States last week that were higher than expected.
Goldman said in a report on Sunday that the new tariff rates announced by US President Donald Trump would lower Chinese GDP growth by at least 0.7 percentage point this year.
"Prior to the tariffs, growth was tracking above our forecasts, and we were contemplating an upward revision to our 2025 GDP expectations," the report said.
In a separate report also released on Sunday, Goldman kept its 2025 GDP growth forecast for China at 4.5 per cent due to better-than-expected first-quarter data and increased policy easing expectations, but trimmed its earnings growth forecast for the year to 7 per cent from 9 per cent. (Reuters)
Trump Tariffs LIVE | Australia dollar dives to five-year low as markets bet on big rate cuts
The Australian dollar dived to five-year lows on Monday, slammed by fears that a tit-for-tat global trade war would send the global economy into a recession, which had some traders bet on outsized rate cuts Down Under.
The kiwi is in focus this week, with the Reserve Bank of New Zealand due to meet on Wednesday against the backdrop of heightened global uncertainties. Swaps imply there is a 22% probability that the RBNZ can cut by 50 basis points for a fourth straight time.
Similarly for the Reserve Bank of Australia, markets see a 20% chance that the central bank could even deliver a big 50 bp rate cut in May, having just held steady last week.
The Aussie is battling to stay above 60 cents, having plunged to a five-year low of $0.5933 earlier in the day. Combined with a 4.5% tumble on Friday, it is headed for the biggest two-day decline since early 2020, with support scant until the pandemic low of $0.5510.
"In terms of the outlook for the Aussie, it is bleak, it's dire and it could get worse from here unless things are walked back," said Tony Sycamore, analyst at IG. (Reuters)
Trump Tariffs LIVE | Rupee falls 30 paise to 85.74 against US dollar in early trade.
Trump Tariffs LIVE | Bitcoin is down 10% since Trump’s global tariff announcement
Virtually everyone in the cryptocurrency world celebrated the second election of President Donald Trump, an enthusiastic booster of the industry who promised to turn the United States into the “crypto capital of the planet.”
But now the man nicknamed “the first bitcoin president” is presiding over a bitcoin crash.
Since Trump announced his global tariffs last week, the price of bitcoin has plunged 10%, dropping below $78,000 on Sunday night. In January, bitcoin reached a record price of nearly $110,000 on the day that Trump was inaugurated.
The rapid drop shows that bitcoin, often pitched as a stable long-term source of value, is still subject to the gyrations of the broader market that has cratered since Trump announced broad import taxes last week. Many investors treat bitcoin just like any other tech stock, a risky investment that it makes sense to sell in difficult times. (NYT)
Trump Tariffs LIVE | South Korean shares plunge to 17-month low as US tariff worries dominate
South Korean shares plunged on Monday to their lowest level in more than 17 months, activating a trading curb, as U.S. tariff worries strike global financial markets.
The benchmark KOSPI was down 113.43 points, or 4.60%, at 2,351.99 as of 0239 GMT, after falling as much as 5.6% to its lowest level since November 1, 2023.
A sidecar trading curb was activated on the KOSPI soon after the market opened, halting programme trading for five minutes, for the first time since August 5, 2024.
Elsewhere in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell more than 3%, as Hong Kong and Taiwanese markets dropped more than 9% and China's shed over 5%. (Reuters)
Trump Tariffs LIVE | Oil drops to 4-year low, China metals tumble on recession fears
Oil slid around 3 per cent on Monday to its weakest since 2021, while most commodity markets including metals tumbled as an intensifying trade war between the United States and China triggered worries over demand for raw materials.
Gold, which climbed to a record peak last week, also fell amid a wider markets sell-off.
Major stock indexes plunged in Asia as White House officials showed no sign of backing away from their sweeping tariff plans, and investors wagered the mounting risk of recession could see U.S. interest rates cut as early as May.
"The biggest threat to the global goods trading system since World War II is forcing a rapid deleveraging in risk assets and escalation in recession risks," ANZ said in a note.
"Gold's allure as a haven asset failed to protect it from the selloff across global markets."
Responding to US President Donald Trump's tariffs, China on Friday said it would impose additional levies of 34% on American goods, confirming investor fears that a full-blown global trade war is under way and that the global economy may be at risk of a recession. (Reuters)
Trump Tariffs LIVE | Stock market crash makes investors poorer by Rs 20.16 lakh cr in morning trade
Investors' wealth eroded sharply by Rs 20.16 lakh crore on Monday morning as the benchmark indices faced heavy drubbing, with the Sensex dropping over 5 per cent, amid a global market meltdown due to growing trade war concerns.
The 30-share BSE benchmark tumbled 3,939.68 points or 5.22 per cent to 71,425.01 in early trade.
Mirroring the bearish trend in equities, the market capitalisation of BSE-listed firms declined sharply by Rs 20,16,293.53 crore to Rs 3,83,18,592.93 crore (USD 4.50 trillion) during the morning trade.
All the Sensex firms were trading lower. Tata Steel and Tata Motors dropped over 10 per cent each. Larsen & Toubro, HCL Technologies, Adani Ports, Tech Mahindra, Infosys, Tata Consultancy Services, Reliance Industries and Mahindra & Mahindra were the other big laggards.
In Asian markets, Hong Kong's Hang Seng index tanked more than 11 per cent, Tokyo's Nikkei 225 plunged 7 per cent, Shanghai SSE Composite index dropped nearly 7 per cent and South Korea's Kospi sank over 5 per cent. (PTI)
Trump Tariffs LIVE | Indonesia says ASEAN meeting on tariffs to focus on negotiation, not retaliation
Indonesia's chief economic minister said a meeting of ASEAN trade ministers called for Thursday to discuss US tariffs will focus on negotiation rather than retaliation.
Indonesia was also looking to buy more US imports, including inputs for a refinery project, Chief Economic Minister Airlangga Hartarto said on Monday. Indonesia is among six Southeast Asian countries that were slapped with high tariffs by US President Donald Trump last week. (Reuters)
Trump Tariffs LIVE | European shares dive to 16-month low on trade war gloom
European shares plunged to a 16-month low on Monday as investors grappled with the possibility of a recession after sweeping tariffs announced by United States last week.
U.S. President Donald Trump showed no sign of backing away from the tariff plans despite retaliation from China, pushing investors to price in interest rate cuts by the European Central Bank and the Federal Reserve.
The pan-European STOXX 600 slumped 5.8% at 0722 GMT, after registering its steepest one-day percentage decline since the COVID-19 pandemic on Friday.
Trade-sensitive Germany's benchmark index dove 6.6%, among the worst hit, with Commerzbank and Deutsche Bank shedding 10.7% and 10%, respectively. (Reuters)
Trump Tariffs LIVE | EU strong if it acts in unison on US tariffs, says Germany
German Economy Minister Robert Habeck talked up the strong position of the European Union in its trade dispute with the United States if only the bloc can respond in a united manner, in comments ahead of talks with his EU counterparts on Monday.
"The stock markets are already collapsing and the damage could become even greater. It is therefore important ... to act clearly and decisively and prudently, which means realising that we are in a strong position. America is in a position of weakness," Habeck said in Luxembourg.
"If every country is counted individually, and we have a problem here with red wine and there with whisky and pistachios, then it will all come to nothing," he added. (Reuters)
Trump Tariffs LIVE | After US, EU seeks zero tariff from India on car imports
The European Union wants India to eliminate tariffs on car imports under a long-pending trade deal and Prime Minister Narendra Modi's government is willing to sweeten its current proposal to seal the talks, sources told Reuters.
India is open to the phased reduction of tariffs to 10 per cent from more than 100 per cent, two industry sources and a government official said. That is despite industry lobbying for India to retain at least a 30 per cent tariff even if it starts reducing the levy, and also not tinker with import duties on EVs for four more years to protect domestic players.
The EU's demands come weeks after US President Donald Trump's administration sought a similar elimination of import duties on cars, including EVs, as part of bilateral trade talks with India, piling pressure on domestic carmakers.
Tariff cuts will be a victory for European carmakers such as Volkswagen, Mercedes-Benz and BMW, widening their access to India. It could also be a win for Elon Musk's Tesla which will begin sales of imported EVs in India this year probably from its Berlin plant. (Reuters)
Trump Tariffs LIVE | Greece expects EU response on US tariffs, economy can withstand challenges
Greece's economy can withstand the new challenges that US tariffs pose, Prime Minister Kyriakos Mitsotakis said on Monday, as the country awaits a unified European Union stance on the matter.
US President Donald Trump's sweeping tariff plans hammered global financial markets after he warned foreign governments they would have to pay "a lot of money" to lift the levies that he called "medicine".
The 27-nation EU faces 25 per cent import tariffs on steel and aluminium and cars and unilateral tariffs of 20 per cent from Wednesday for almost all other goods. EU countries are weighing approval of a first set of targeted countermeasures. (Reuters)
Trump Tariffs LIVE | German government monitoring tariff fallout 'very closely'
Germany's outgoing Chancellor Olaf Scholz is in touch with European leaders and German companies to make sense of US President Donald Trump's sweeping tariff regime and its impact on financial markets, a government spokesperson said on Monday.
"We are of course monitoring the situation on the international financial markets very closely," the spokesperson told a regular press briefing in Berlin.
Scholz held talks in recent days with British Prime Minister Keir Starmer and EU trade commissioner Maros Sefcovic, with other meetings planned, the spokesperson added. (Reuters)
Trump Tariffs LIVE | India may tolerate weaker rupee if tariffs spur yuan decline
Credit: Reuters File Photo
The Reserve Bank of India (RBI) could tolerate a sharper depreciation of the rupee if China lets the yuan weaken to cushion the impact of US tariffs, multiple sources aware of the central bank's thinking said.
China and India compete in exports such as machinery, electronics, pharmaceuticals, chemicals and textiles and three people familiar with the RBI's thinking said the central bank had become increasingly focused on the yuan exchange rate over the last few months.
As well as making Indian exports less competitive, a weaker yuan could widen India's already large trade deficit with China.
"The RBI has been relatively hands-off (this year). The rupee is automatically adjusting based on how currencies are moving globally, so the hands-offs approach will mostly continue," one of the sources said.
The RBI did not immediately respond to a Reuters email seeking comment.
Trump Tariffs LIVE | Italy suggests EU could delay initial counter-tariffs against US
Italian Foreign Minister Antonio Tajani on Monday suggested the European Union could postpone the entry into force of its initial counter-tariffs against the United States to April 30 from April 15.
"We can perhaps think about a postponement to the 30th, but we certainly do not oppose (the tariffs) ... let's see if we can postpone it by a few weeks so that there is more time for dialogue," Tajani said ahead of a meeting of EU ministers. (Reuters)
Trump Tariffs LIVE | Indian markets see worst session in 10 months
Credit: Reuters Photo
India's stock benchmarks clocked their worst session in 10 months on Monday as a tariff-fueled selloff intensified and investors dumped riskier assets on growing fears of a global recession.
The Nifty 50 lost 3.24 per cent to 22,161.1 while the BSE Sensex fell 2.95 per cent to 73,137.9. Both benchmarks posted their worst single-day decline since June 4, 2024.
Other global markets slumped, with the MSCI Asia ex-Japan index losing 8.3 per cent. Japan's Nikkei 225 dropped 7.8 per cent, while European stocks plunged with Germany's Dax falling 5.3 per cent and the British FTSE shedding 4.1 per cent.
President Donald Trump's new tariffs are "larger than expected" and are likely to impact inflation and growth, Federal Reserve Chair Jerome Powell said on Friday, flagging an uncertain outlook for the US economy.
S&P 500 futures slid nearly 5 per cent in volatile trade on Monday, while Nasdaq futures dived 5.7 per cent, adding to last week's almost $6 trillion in market losses.
The Nifty volatility index - or the fear index - rose 66 per cent, the most in a session in 10 years to 22.79, and the highest since June 5, 2024.
Trump Tariffs LIVE | China's GDP could take over 2% hit due to trade war
The new set of 34 per cent tariffs imposed by US President Donald Trump on Chinese exports could impact China's GDP by two to 2.5 percentage points, further affecting the Chinese economy which is struggling with slowdown, a top Chinese Economist said.
Larry Hu, chief China economist at investment bank Macquarie, estimated that Trump's latest tariffs could reduce China's exports by 15 percentage points and its gross domestic product growth by 2-2.5 percentage points.
"The impact could manifest itself through multiple channels such as falling US demand for Chinese goods, the potential global economic slowdown and the hit on export re-routing," Hu wrote in a research report, the Hong Kong-based South China Morning Post reported on Monday.
China this year has fixed a five per cent GDP target for its economy which is struggling with a slowdown weighed down by stagnating domestic consumption and a crisis in its housing sector.
With the latest 34 per cent tariffs, Trump's levies on Chinese exports amounted to 54 per cent. This is in addition to about 15 per cent tariffs imposed during Trump’s previous term. His successor Joe Biden has retained Trump's tariffs.
China for its part retaliated with 34 per cent tariffs against US exports to China targeting the agricultural goods affecting the American farmers in a tit-for-tat retaliation.
Beijing also imposed export control measures on certain rare earth metals aimed at hitting high-tech American defence, computers and smartphone industries. (PTI)
Trump Tariffs LIVE | UK's FTSE 100 dives to lowest in near 14 months amid tariff turmoil
Britain's FTSE 100 plunged to its lowest level in nearly 14 months on Monday as recession fears intensified following US President Trump's firm stance on implementing his sweeping tariff plans, riling global markets.
As of 1012 GMT, the blue-chip FTSE 100 index dropped 3.8 per cent to its lowest level since February 2024.
The domestically-focused midcap index slid 4.1 per cent, hitting its lowest point since November 2023. (Reuters)
Trump Tariffs LIVE | Amid market turmoil, US President says Fed should cut rates
US President Donald Trump said on Monday that the Federal Reserve should cut rates.
"The slow moving Fed should cut rates," Trump reiterated in a post on his social media platform Truth Social. (Reuters)
Trump Tariffs LIVE | Oil tumbles as US-China trade conflict fuels recession fears
Credit: Reuters File Photo
Oil prices extended losses on Monday, falling 3 per cent as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude while OPEC+ readies a supply increase.
The Brent and WTI benchmarks both dropped to their lowest since April 2021.
Brent futures lost $1.94, or 3 per cent, to $63.64 a barrel by 1130 GMT and U.S. West Texas Intermediate crude futures were down $1.94, or 3.1 per cent, at $60.05.
Oil plunged by 7 per cent on Friday as China ramped up tariffs on US goods, escalating a trade war that has led investors to price in a higher probability of recession. Last week Brent and WTI lost 10.9 per cent and 10.6 per cent, respectively. (Reuters)
Trump Tariffs LIVE | Tata Motors shares drop 5.5% after JLR suspends shipments from UK plants to US
Shares of Tata Motors ended nearly 6 per cent lower on Monday after the company-owned Jaguar Land Rover paused vehicle shipments from its facilities in the UK to the US to work out new trading terms in the wake of changes in the tariff structure.
The stock slumped 11.61 per cent to Rs 542.55 -- its 52-week low -- in intraday trade on the BSE. Shares of the firm finally ended at Rs 579.85, down 5.54 per cent.
At the NSE, the stock declined 5.33 per cent to Rs 581.10. Intraday, it tanked 12.72 per cent to hit the 52-week low of Rs 535.75.
The company's market valuation eroded by Rs 12,502.84 crore to Rs 2,13,463.01 crore. (PTI)
Trump Tariffs LIVE | Volkswagen's Audi holding cars in US ports due to autos tariff
Volkswagen's Audi is holding back cars that arrived in US ports after April 2 because of the newly imposed 25 per cent autos tariff, a spokesperson said on Tuesday, confirming the contents of a memo sent to dealers and reported on by U.S. trade publication Automotive News.
The carmaker has around 37,000 vehicles, sufficient for approximately two months of sales, in its US inventory, the spokesperson added, meaning its cars will continue to be available for customers. (Reuters)
Trump Tariffs LIVE | Hong Kong pledges measures to support companies in wake of tariffs
Credit: Reuters Photo
Hong Kong's government said on Monday that it would bolster support for small and medium sized companies to help weather the storm from US President Donald Trump's sweeping tariff plans which are set to deepen the pain for local exporting companies.
Hong Kong, as an international trade hub, will unavoidably be affected by US tariffs in the short term but remains the most open economy and welcomes investments, Financial Secretary Paul Chan told a press conference, adding that being a "free port" remains the core advantage of the city.
Chan said that the imposition of reciprocal tariffs is "a bullying and unjustified act that violates WTO rules" and undermines the recovery of the global economy. (Reuters)
Trump Tariffs LIVE | India bond yields rise on Trump tariff turmoil; RBI policy key
Indian government bond yields ended higher on Monday, as prices were pressured by a sell-off across Indian assets amid widening global trade tensions and profit-booking after last week's plunge in yields.
Still, caution ahead of the Reserve Bank of India's (RBI) monetary policy decision on Wednesday kept a lid on the yields' recovery from last week's 12-basis-points slide, the steepest drop since January 2024.
The benchmark 10-year bond yield ended at 6.4836 per cent, above Friday's close of 6.4630 per cent. Yields move inversely to prices.
Indian stocks tumbled and the rupee sank on Monday as US President Donald Trump's fresh tariffs on major global trading partners stoked fears of global recession and an escalating trade war. (Reuters)
Trump Tariffs LIVE | S&P 500 nears bear market as tariffs hammer US stocks
Credit: Reuters Photo
Futures tied to the S&P 500 index slumped further on Monday and were down more than 20 per cent from their all-time highs, putting the most closely followed benchmark for US equities on track to confirm a bear market.
Dow Jones Industrial Average futures also sank 20 per cent below their record high, while the Nasdaq confirmed it was in a bear market last week as fears of a recession following US President Donald Trump's sweeping tariffs pound global stocks.
Trump said on Sunday that investors would have to take their "medicine" when he was asked about the market selloff, adding that he would not make a deal unless the trade deficit with China is solved.
Trump Tariffs LIVE | US Prez will come up with 'great trade deals', assures aide amid global financial turmoil
White House economic adviser Kevin Hassett played down economic concerns over Donald Trump's tariffs, saying the US president has talked to world leaders all weekend and will listen to proposals for great deals.
"He's doubling down on something that he knows works, and he's going to continue to do that," Hassett, director of the National Economic Council, said on Fox News. "But he is also going to listen to our trading partners, and if they come to us with really great deals that advantage American manufacturing and American farmers, I'm sure he'll listen."
Trump Tariffs LIVE | Stock market crash in India wipes out Rs 14 lakh crore
Dalal Street investors were a poorer lot on Monday as their wealth eroded sharply by Rs 14 lakh crore following a sharp decline in benchmark indices amid a global market meltdown due to recession fears.
The 30-share BSE Sensex tumbled 2,226.79 points or 2.95 per cent to settle at 73,137.90. Intra-day, the benchmark slumped 3,939.68 points or 5.22 per cent to 71,425.01.
Mirroring the bearish trend in equities, the market capitalisation of BSE-listed firms declined sharply by Rs 14,09,225.71 crore to Rs 3,89,25,660.75 crore ($4.54 trillion) in a single day.
Trump Tariffs LIVE | EU prioritises talks with US to get tariffs removed
Credit: Reuters File Photo
European Union ministers broadly agreed on Monday that the bloc should prioritise negotiations to remove tariffs imposed by President Donald Trump over retaliation even as it prepared a first set of targeted countermeasures.
The 27-nation bloc faces 25 per cent import tariffs on steel and aluminium and cars and "reciprocal" tariffs of 20 per cent from Wednesday for almost all other goods under Trump's policy to hit countries he says impose high barriers to US imports.
Ministers overseeing trade met in Luxembourg on Monday to debate the EU's response, as well as discuss relations with China. Many said the EU's priority was to launch negotiations with the United States and avert an outright trade war. (Reuters)
Trump Tariffs LIVE | Bangladesh urges US to delay tariff, citing moves to boost American imports
Bangladesh's interim head Muhammad Yunus has written to US President Donald Trump requesting a three-month pause on a 37 per cent tariff on imports from Bangladesh, citing efforts to boost imports from the US, his press office said on Monday.
Bangladeshi exporters, especially in the garment sector, are bracing for the impact of the tariff.
In the letter, Yunus — a Nobel laureate who took charge of the interim government in August after prime minister Sheikh Hasina was overthrown — outlined steps Bangladesh has already taken to strengthen bilateral trade.
“We are the first country to take such a pro-active initiative,” Yunus wrote, referring to the February visit of his representative, Khalilur Rahman, to Washington to begin trade discussions. Since then, officials from both countries have been working to identify specific actions that can quickly boost American exports. (Reuters)
Trump Tariffs LIVE | Sri Lankan shares suffer largest intra-day loss in about 2 years on tariff jitters
Sri Lankan shares closed lower on Monday, amid a global sell-off, dragged by materials and finance stocks.
The CSE All-Share index settled 4.64 per cent lower at 14,660.45 points, its biggest intra-day loss since April 2022.
Trump's government imposed a 44 per cent tariff on the island nation, which will affect about $3 billion of exports, Sri Lanka's finance ministry said in a statement. (Reuters)
Trump Tariffs LIVE | US crypto stocks plunge as bitcoin hits new 2025 low
Credit: Reuters File Photo
US-listed shares of crypto companies tumbled before the markets opened on Monday, mirroring a sharp drop in bitcoin as escalating tariff tensions and fears of a global trade war triggered a broad retreat from risk assets.
Bitcoin fell as much as 5.5 per cent on Monday to hit its lowest in 2025, and was last trading 2.1 per cent lower.
Corporate bitcoin holder Strategy fell more than 10 per cent in premarket trading, while crypto exchange Coinbase dropped 7 per cent. Online brokerage Robinhood slid 10.5 per cent after Barclays slashed its price target, citing concerns the crypto market turmoil could drag down the company's transaction revenue this quarter.
Among the miners, MARA Holdings slumped 11 per cent while CleanSpark dropped 10 per cent.
GameStop, the videogame retailer that last month approved the addition of bitcoin as a treasury reserve asset, fell about 4 per cent.
Though not directly hit by tariffs, crypto firms are still getting hammered as the steepest trade barriers in over a century sap investor sentiment across markets. (Reuters)
Trump Tariffs LIVE | Wall Street, Canada's TSX open lower amid global turmoil
Wall Street's main indexes opened sharply lower on Monday, with the S&P 500 on track to confirm bear market territory, as investors sought refuge in government bonds on economic worries over the fallout of US President Donald Trump's sweeping tariff plans.
At 09:31 am the Dow Jones Industrial Average fell 1,212.98 points, or 3.17 per cent, to 37,101.88, the S&P 500 lost 181.37 points, or 3.57 per cent, to 4,892.71, and the Nasdaq Composite lost 623.23 points, or 4.00 per cent, to 14,964.56.
Meanwhile, Canada's main stock index opened lower on Monday, with energy stocks leading the losses, as the global market rout intensified after Trump showed no sign of backing away from his sweeping tariff plans. (Reuters)
Trump Tariffs LIVE | Musk a 'car assembler': Top US govt official's comment hints at growing feud
Credit: Reuters Photo
Peter Navarro, President Donald Trump's top trade adviser, on Monday dismissed tech-billionaire Elon Musk's push for "zero tariffs" between the United States and Europe, calling the Tesla CEO a "car assembler" reliant on parts from other countries.
Navarro, widely seen as the architect of Trump's tariff plans, told CNBC Musk had done a good job with his work to streamline government, but his opposition to duties was not surprising, the latest salvo in a growing feud between the Trump advisers. (Reuters)
Trump Tariffs LIVE | UK's Starmer vows to back auto makers 'to the hilt' over US tariffs
Prime Minister Keir Starmer said on Monday Britain would back its car manufacturers "to the hilt" after US President Donald Trump on April 3 imposed a 25% tariff on auto imports.
Starmer described the tariffs as a "huge challenge". (Reuters)
Trump Tariffs LIVE | Ontario announces C$11 billion in tariff support
Ontario will provide around C$11 billion ($7.7 billion) in relief to workers and businesses to help weather tariffs in Canada's largest province, Premier Doug Ford said in an X post on Monday.
The relief comes in the form of deferred taxes for businesses and a rebate for employers to help keep workers in jobs, a statement from the province said.
Canada was spared the Trump administration's broad global tariffs on April 2 but faces tariffs on steel and aluminum exports to the US as well as on autos not compliant with the United States-Mexico-Canada Agreement on trade. (Reuters)
Trump Tariffs LIVE | Jaishankar pushes for 'early conclusion' of trade deal with US
External Affairs Minister S Jaishankar on Monday spoke to US Secretary of State Marco Rubio, communicating the need for an urgent conclusion of the India-US trade deal.
"Exchanged perspectives on the Indo-Pacific, the Indian Sub-continent, Europe, Middle East/West Asia and the Caribbean. Agreed on the importance of the early conclusion of the Bilateral Trade Agreement," wrote Jaishankar.
Trump Tariffs LIVE | White House denies reports of pause in tariffs; market turmoil continues
Major stock indexes were down but off the lows of the day in choppy trading on Monday as the White House denied a report that US President Donald Trump is considering a 90-day pause in tariffs for all countries except China. The US dollar was higher.
Wall Street indexes started the day sharply lower but reversed course after a report that White House economic adviser Kevin Hassett said in an interview that Trump was considering the 90-day tariff pause. (Reuters)
Trump Tariffs LIVE | EU will target less than $28.5 bln worth of US imports
The European Union's countermeasures targeting a list of US imports in response to the Trump's administration steel and aluminum tariffs will be less than 26 billion euros' ($28.46 billion) worth after taking in account member states' remarks, EU trade commissioner Maros Sefcovic told reporters on Monday.
"When it comes to steel, aluminum and derivatives (...) we are talking about 26 billion euros. We are finalizing the list tonight (...) but I can tell you that it will not be up to the level of 26 billion euros, because we've been listening very carefully to our member states," he told reporters.
As part of the US administration's sweeping tariffs plan, the 27-nation EU bloc faces 25 per cent import tariffs on steel and aluminium and cars. (Reuters)
Trump Tariffs LIVE | US Prez threatens additional tariffs on China, terminates talks
Credit: Reuters File Photo
US President Donald Trump said on Monday he will impose an additional 50 per cent tariff on China if Beijing does not withdraw its retaliatory tariffs on the United States.
"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," Trump said in a post on Truth Social.
Trump Tariffs LIVE | US Commerce Secretary Lutnick, bank CEOs discussed tariffs one day after announcement
The heads of the largest US banks met with Commerce Secretary Howard Lutnick last week to discuss President Donald Trump's tariff plans a day after they were announced.
CEOs from the nation's largest banks met with Lutnick in Washington on Thursday as part of a meeting hosted by the Financial Services Forum, an industry lobbying group. Lutnick discussed the administration's strategy toward tariffs and CEOs asked questions, according to two sources familiar with the meeting.
A spokesperson for the Forum confirmed the meeting, saying the executives "meet regularly with policymakers to discuss a range of issues, including the strength and resiliency of the nation’s largest banks, and the need for appropriate policy and regulation to support economic growth and job creation.”
An administration official confirmed the meeting. A spokesperson for the Commerce Department did not immediately respond to a request for comment. (Reuters)
Trump Tariffs LIVE | Coffee, cocoa and sugar plunge as US tariff turmoil continues
World coffee, cocoa and sugar prices plunged on Monday as investors continued to fret about recession risks, with US President Donald Trump showing little sign of backing down from sweeping trade tariffs imposed late last week.
Investors fear a global trade war could spur higher prices, weaker demand and potentially a global recession.
Trump has imposed baseline levies of 10 per cent on almost all countries' exports to the US, and higher tariffs on many. Hardest hit were Asian countries, with China now facing total tariffs of more than 50 per cent and top robusta coffee producer Vietnam hit with a 46 per cent levy. (Reuters)
Trump Tariffs LIVE | British stocks swept up in global selloff as trade war worries intensify
British stocks plunged on Monday, extending their selloff from last week after US President Donald Trump threatened to impose an additional 50 per cent tariff on China, amplifying the trade war between the two major global economies.
The blue-chip FTSE 100 index dropped 4.4 per cent, its weakest closing level in over a year. The domestically-focused midcap index fell 3.3 per cent, to its lowest since November 2023.
British blue-chips have fallen more than 10 per cent from levels seen before last Thursday, in line with the global equities selloff.
95 of the 100 stocks in the FTSE 100 closed lower, while most of the FTSE 350 sub sectors also closed down.
Trump Tariffs LIVE | India's 'applied tariffs' to US only 7-8%, not humongous: Goyal
Union Commerce Minister Piyush Goyal on Monday said the "applied tariffs" to the US are only 7-8 per cent, which he described as not humongous.
Declining to disclose details on the ongoing negotiations with the US, which has slapped a 26 per cent "reciprocal tariff" on the country, Goyal said India believes it can have bilateral trade pacts with countries that exercise fair trade practices.
Lashing out at China, the minister said the northern neighbour's unfair practices have brought the world to the current juncture, and made it clear that car maker BYD's entry to India is not welcome at the current juncture. (PTI)
Trump Tariffs LIVE | Carney says chances of US recession has shot up, will hit Canada
The probability of a US recession has risen significantly thanks to President Donald Trump's tariffs and that will have a major negative effect on the Canadian economy, Prime Minister Mark Carney said on Monday.
Carney also told a televised news conference he had spoken to Bank of Canada Governor Tiff Macklem and Finance Minister Francois-Philippe Champagne on Monday about turmoil in the markets and expressed confidence in both men. (Reuters)
Trump Tariffs LIVE | Fed Reserve unlikely to rush into rate cuts, indicates Powell
Credit: Reuters File Photo
US Federal Reserve Chair Jerome Powell has sent strong messages when he felt they were needed, going on television to pledge maximum support for the economy when the Covid-19 pandemic struck, using a terse 2022 speech for a stern message about inflation, and jumping in to backstop financial markets after the 2023 failure of Silicon Valley Bank.
But with Powell and the Fed left guessing just as much as the rest of the world about where President Donald Trump is taking the economy, the Fed chair indicated on Friday this is not the moment for a "Fed put" - Wall Street's term for actions to shore up free-falling stock markets - even as household wealth evaporates with real risks to economic activity.
"There's a lot of waiting and seeing going on, including by us, and that just seems like the right thing to do at a time of elevated uncertainty," Powell said, making it apparent the Fed won't be rushing to cut interest rates as it would if there was a crisis calling for an obvious central bank response. (Reuters)
Trump Tariffs LIVE | US discusses tariffs, critical minerals and immigration with Pakistan
US Secretary of State Marco Rubio spoke to Pakistani foreign minister Ishaq Dar on Monday about tariffs, immigration and prospects for engagement on critical minerals, the State Department said in a statement.
Trump Tariffs LIVE | Nearly 50 countries want to discuss tariffs, USTR says
US Trade Representative Jamieson Greer will tell the Senate Finance Committee on Tuesday that nearly 50 countries have approached him to discuss new sweeping tariffs imposed by President Donald Trump.
"Several of these countries, such as Argentina, Vietnam, and Israel, have suggested they will reduce their tariffs and non-tariff barriers," Greer said in written testimony seen by Reuters. "These obviously are welcome moves. Our large and persistent trade deficit has been over 30 years in the making, and it will not be resolved overnight, but all of this is in the right direction."
Trump Tariffs LIVE | EU Commission proposes 25% counter-tariffs on some US imports, document shows
The European Commission proposed counter-tariffs of 25 per cent on a range of US goods on Monday in response to President Donald Trump's tariffs on steel and aluminium, a document seen by Reuters showed.
The tariffs on some goods will come into effect May 16 and others later in the year, on December 1, the document said. The goods are wide-ranging and include diamonds, dental floss, sausages, nuts and soybeans.
EU trade chief Maros Sefcovic said earlier on Monday the counter-tariffs would impact less than the previously announced 26 billion euros ($28.45 billion).
Bourbon, wine and dairy have been removed from the original list the Commission was weighing in March.
Trump Tariffs LIVE | US tariffs unexpected problem, will stand by aquaculture sector: Andhra CM Naidu
Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday pledged to stand by the state's aquaculture sector battered by US President Donald Trump's reciprocal tariffs.
Aquaculture is the southern state's fourth largest sector, contributing nearly 9 per cent of the gross value added (GVA) in 2024-25 at more than Rs 1.3 lakh crore.
For 2025-26, the chief minister has set a GVA sub-sector contribution target of 9 per cent at more than Rs 1.54 lakh crore for aquaculture.
"The issue (US tariffs) plaguing the aqua (aquaculture) sector now is an unexpected one. However, there is no need to panic. Let's all strive together to solve the problem," Naidu said in a press release.
Trump Tariffs LIVE | Netanyahu to seek tariff relief in talks with Trump
Israeli Prime Minister Benjamin Netanyahu will seek to limit the sting of tariffs imposed on his country at a meeting with US President Donald Trump on Monday, a visit likely to be closely watched by world leaders as global markets spiral downward.
Netanyahu, who arrived at the White House on Monday afternoon, was the first foreign leader to meet face-to-face with Trump since the president announced a sweeping tariff policy last Wednesday. It was Netanyahu's second White House since Trump began his second term on January 20.
Under the new policy, Israeli goods face a 17 per cent US tariff. The United States is Israel's closest ally and largest single trading partner.
Trump Tariffs LIVE | Mexico seeks to avoid retaliatory tariffs against US, but not ruling them out
Mexican President Claudia Sheinbaum said on Monday her government would like to avoid imposing tariffs on the United States in response to President Donald Trump's sweeping tariff plans, though she said they could not be ruled out.
Mexico, which ships nearly 80 per cent of its exports to the United States, was not included on Trump's list of global, across-the-board tariffs announced on nations last week, which Sheinbaum hailed as a major success.
Still, Mexico is subject to Trump's previously imposed tariffs of 25 per cent on steel, aluminum and automobiles, as well as on goods that do not comply with the regional USMCA trade pact.
"As much as possible, we would like to avoid imposing reciprocal tariffs," Sheinbaum said in a morning press conference.
Trump Tariffs LIVE | Carney says chances of US recession has shot up, will hit Canada
The probability of a US recession has risen significantly thanks to President Donald Trump's tariffs and that will have a major negative effect on the Canadian economy, Prime Minister Mark Carney said on Monday.
Carney also told a televised news conference he had spoken to Bank of Canada Governor Tiff Macklem and Finance Minister Francois-Philippe Champagne on Monday about turmoil in the markets and expressed confidence in both men
Trump Tariffs LIVE | US tariffs prompt 3i Group to delay pet food maker MPM's sale
British private equity firm 3i Group Plc has put the sale process of pet food maker MPM on hold to assess the impact of US President Donald Trump's tariffs, Bloomberg News reported on Monday, citing people familiar with the matter.
MPM, which owns pet food brands like Applaws, Reveal, and Encore, sources its materials from Thailand, the report said.
The US imposed a 36 per cent tariff on Thai exports last week, one of its highest reciprocal rates under President Donald Trump's new trade policy that has escalated a global trade war.
A deal would have potentially valued MPM at about 500 million pounds ($635.75 million), according to the report.
Trump Tariffs LIVE | Trump says Iran would be in 'great danger' if direct talks fail
President Donald Trump said on Monday that Iran would be in "great danger" if ongoing direct talks between the US and the Middle East country fail.
"I think if the talks aren't successful with Iran, I think Iran's going to be in great danger," Trump said. "Iran cannot have a nuclear weapon and if the talks aren't successful I actually think it will be a very bad day for Iran."
Trump Tariffs LIVE | Trump says Japan sending team for talks, Japan urges him to rethink tariffs
Japan is sending a team to negotiate on trade, US President Donald Trump said, adding that he spoke earlier on Monday with Japanese Prime Minister Shigeru Ishiba, who separately said he told Trump to rethink tariff policies.
Trump's decision to impose a 25 per cent levy on auto imports, and a reciprocal 24 per cent tariff on other Japanese goods, is expected to deal a huge blow to Japan's export-heavy economy. Analysts predict the higher duties could knock up to 0.8 per cent off economic growth.
"Countries from all over the world are talking to us. Tough but fair parameters are being set," Trump wrote on the Truth Social platform.
Trump Tariffs LIVE | Nearly 50 countries want tariff deals, Trump trade chief Greer says
U.S. Trade Representative Jamieson Greer will tell the Senate Finance Committee on Tuesday that nearly 50 countries have approached him to discuss new sweeping tariffs imposed by President Donald Trump.
The comments echo US National Economic Council Director Kevin Hassett's disclosure over the weekend that more countries have reached out to the White House to begin trade negotiations.
Trump Tariffs LIVE | White House aide encourages countries to approach Trump with offers to cut tariffs
White House economic adviser Stephen Miran on Monday encouraged countries hoping to escape high reciprocal US tariff rates to make offers to President Donald Trump, saying the president would welcome moves to lower barriers to US exports.
Miran told an event hosted by the Hudson Institute think tank that services, where the US has a strong advantage, were also important, but the United States had gotten out of balance with regard to manufacturing.
Asked about news that Trump had asked Secretary Scott Bessent to lead negotiations with Japan and whether a deal would be possible before the tariffs took effect on April 9, Miran said he could not say if any deals were possible before then
Trump Tariffs LIVE | Trump says not looking at tariff pause, will talk to China
US President Donald Trump said on Monday he was not looking at a pause on tariffs to allow for negotiations with trading partners but said he would talk to China, Japan and other countries about the duties.
Asked during a White House press availability with Israeli Prime Minister Benjamin Netanyahu if he was open to pausing tariffs, Trump said: "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 in certain cases they're going to be paying substantial tariffs. There'll be fair deals."
Trump Tariffs LIVE | South Africa looks to increase trade with India, China in face of huge US tariffs
South Africa is looking at expanding its trade with India and China as it faces the prospect of a 30 per cent tariff imposed on it by US President Donald Trump, Deputy President Paul Mashatile said on Monday.
“The geopolitics at the moment really requires that we should be engaging other nations as well. We know that we are one of the US’s biggest trading partners, but there is nothing that says that we should not intensify our trade relations with India, China and other countries,” Mashatile told a gathering of business and community leaders.
Trump Tariffs LIVE | Trump says he had great discussion with Netanyahu on Iran, trade
Trump Tariffs LIVE | Australia April consumer confidence slammed by tariff turmoil
A measure of Australian consumer sentiment dived from a three-year high in April as market turmoil triggered by US President Donald Trump's tariff plans hit the outlook for the economy and family finances, a survey showed on Tuesday.
The Westpac-Melbourne Institute index of consumer sentiment Slid 6.0 per cent in April from March, more than erasing the previous month's 4 per cent gain. The index was still 9.3 per cent higher on a year earlier at 90.1, but pessimists continued to outnumber optimists.
Trump Tariffs LIVE | Vietnam says to buy American defence and security products as Trump tariffs loom
Vietnam will buy more American goods, including defence and security products, Prime Minister Pham Minh Chinh said in a statement issued late on Monday, as the country seeks to delay a 46 per cent US tariff rate on its exports.
Vietnam will also seek for faster deliveries of commercial planes that Vietnamese airlines have ordered from the US, Chinh said at a cabinet meeting late on Monday, a pubic holiday in the country.
Trump Tariffs LIVE | South Korea trade minister says considering measures to boost US imports
South Korea's trade minister said on Tuesday that the government has been considering packages of measures to increase US imports, as he headed to Washington to negotiate over US tariffs.
Minister Cheong In-kyo said it was good news ahead of his visit that US President Donald Trump said the door was open for talks over tariffs with nations other than China.
"It is difficult to reduce exports, so shouldn't we then increase (US) imports? In that regard, we have been reviewing many different packages to resolve the trade balance problem," Cheong said, before flying to Washington
Trump Tariffs LIVE | New Zealand expects modest impact from US tariffs, finance minister says
New Zealand is expecting a modest impact from US tariffs but has put in place the right settings and policies to navigate a period of uncertainties in the global financial markets, Finance Minister Nicola Willis said on Tuesday.
A global trade war touched off by Donald Trump's sweeping tariffs escalated further on Monday, as the US President threatened to increase duties on China and the European Union proposed its own counter-tariffs.
Trump has imposed a unilateral 10 per cent tariff on New Zealand, the low end of his reciprocal tariffs for all imports into the United States.
Trump Tariffs LIVE | Fed's Goolsbee says there's a lot of anxiety over tariffs, Fed to look at hard data
Chicago Federal Reserve Bank President Austan Goolsbee on Monday said businesses are expressing a lot of anxiety over Trump's tariffs, but it's not yet clear if the tariffs will stick or will be negotiated away, and the Fed will need to respond to what actually happens, and will look at the "hard data."
Trump Tariffs LIVE | Indonesian rupiah, stocks tank on tariff shocks after over week-long hiatus
Indonesia's rupiah fell to its lowest ever against the dollar and its equity market opened more than 9 per cent lower, triggering a 30-minute trading halt, as markets resumed trading after an extended holiday break, during which trade war fears caused a global market rout.
The rupiah dropped 1.8 per cent to an all-time low of 16,850 against the dollar and stocks slumped 9.2 per cent to their lowest since June 21, 2021.
Trump Tariffs LIVE | China threatens to "resolutely take countermeasures" in response to Trump threat of additional 50% tariff
Trump Tariffs LIVE | South Korean shares rebound on tariff negotiation hopes
South Korean shares rose on Tuesday, after logging their worst day since mid-2024 in the last session, on expectations that countries hit by US President Donald Trump's tariffs may be able to begin negotiation talks.
The won strengthened and the benchmark bond yield rose.
(Reuters)
Trump Tariffs LIVE | China, Hong Kong stocks rise with regional markets, Beijing support
China and Hong Kong stocks rose on Tuesday, steadying in the wake of stronger regional markets and government-led support after a brutal selloff triggered by concerns over trade tariffs.
China's blue-chip CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index gained 0.3% in early trade, after both slid more than 7 per cent on Monday.
Hong Kong's Hang Seng Index jumped 2 per cent after experiencing its steepest decline since the 1997 Asian financial crisis, while the Hang Seng Tech Index added 4.5 per cent.
(Reuters)
Trump Tariffs LIVE | US tariffs unexpected problem, will stand by aquaculture sector: Andhra CM Naidu
Andhra Pradesh Chief Minister N Chandrababu Naidu has pledged to stand by the state's aquaculture sector battered by US President Donald Trump's reciprocal tariffs. Aquaculture is the southern state's fourth largest sector, contributing nearly 9 per cent of the gross value added (GVA) in 2024-25 at more than Rs 1.3 lakh crore.
(PTI)
Trump Tariffs LIVE | Hong Kong leader says city will sign more free trade pacts amid 'ruthless' US tariffs
Hong Kong leader John Lee said on Tuesday the city would sign more free trade pacts to diversify its risk amid a global trade war triggered by what he called "ruthless" US tariffs that he said were disrupting the world economic and trade order.
"The US no longer adheres to free trade, arbitrarily undermining the internationally established rules of world trade, and its ruthless behaviour damages global and multilateral trade," Lee, who was sanctioned by the US in 2020 for his role in the rights crackdown in Hong Kong, told reporters.
(Reuters)
Trump Tariffs LIVE | Markets rebound in early trade: Sensex, Nifty surge nearly 2% tracking firm trends in Asian peers
Stock markets rebounded sharply in early trade on Tuesday after facing massive drubbing in the previous session, following a recovery in Asian peers and across the board buying.
Bouncing back from a maniac Monday that left investors shell-shocked, the 30-share BSE benchmark Sensex jumped 1,283.75 points or 1.75 per cent to 74,421.65 in early trade. The NSE Nifty surged 415.95 points or 1.87 per cent to 22,577.55.
(PTI)
Trump Tariffs LIVE | Rebound in Japan provides some respite for battered markets
Asian stocks bounced off more than one-year lows and US stock futures pointed up on Tuesday, but many investors remained on edge even as they hoped Washington might be willing to negotiate some of the aggressive tariffs that have unleashed turmoil in markets.
(Reuters)
Trump Tariffs LIVE | Singapore PM says US universal tariff doesn't look open for negotiation
Singapore Prime Minister Lawrence Wong said on Tuesday a 10 per cent universal tariff rate imposed by the United States does not look open for negotiation and warned of potential upheaval in the domestic economy from a global escalation of trade disputes.
(Reuters)
Trump Tariffs LIVE | China says it will 'fight to the end' against latest US tariff threats
China will continue to take resolute and forceful measures to safeguard its legitimate right for development, ministry spokesperson Lin Jian told a regular news briefing.
Lin said that if the US insists on waging a trade and tariff war, China will "fight till the end".
(Reuters)
Trump Tariffs LIVE | Malaysia prime minister says ASEAN will send delegation to Washington to discuss tariff situation
Trump Tariffs LIVE | ECB's Stournaras says higher inflation from US tariffs could delay monetary policy normalisation
ECB's policymaker Yannis Stournaras said on Tuesday that an expected higher inflation and a global trade war following US President Donald Trump's tariffs could delay normalization of euro zone's monetary policy.
Trump Tariffs LIVE | US tariffs will further weaken French auto suppliers, says industry body
US President Donald Trump's tariffs on the auto industry will hurt French automotive suppliers who supply German carmakers, further weakening an already fragile industry, said the president of the body representing France's car parts suppliers.
The industry was already set to lose around 10,000 jobs over the next two years, Jean-Louis Pech, president of the FIEV, told reporters on Tuesday.
Trump Tariffs LIVE | China vows to fight 'to the end' if President Trump continues tariff war
Chinese Foreign Ministry spokesperson Lin Jian
Credit: Reuters File Photo
The US and China headed to a full-blown trade war Tuesday with Beijing vowing to fight America's "blackmail" to the end and retaliate against Donald Trump's threat to impose an additional 50 per cent tariff.
If Trump executes the additional tariff, the total tariffs on goods imported into the United States from China would be 104 per cent.
China is ready to fight to the end if the United States is bent on waging a tariff war or trade war, a Chinese Foreign Ministry spokesperson Lin Jian said responding to Trump’s threat to impose an additional 50 per cent tariff on Chinese imports.
Reacting to Trump’s threat, China's Commerce Ministry on Tuesday said China will never accept the "blackmail nature" of the US and vowed to fight against tariffs "to the end". (PTI)
Trump Tariffs LIVE | Taiwan authorised the activation of its stock stabilisation fund on Tuesday after two days in a row of precipitous falls on the market in reaction to new US tariffs.
Trump Tariffs LIVE | Australia is ready for the impact of Donald Trump's trade tariffs, Prime Minister Anthony Albanese said Tuesday in a first television debate before the tightly contested May 3 elections.
Trump Tariffs LIVE | The European Commission expects to present its response to US President Donald Trump's latest tariffs as soon as next week, a spokesman said on Tuesday. "I expect it could be as early as next week," EU trade spokesman Olof Gill told reporters. The commission plan would then be finalised in consultation with the EU's 27 member states.
Trump Tariffs LIVE | TEU says all instruments are on the table to avoid trade war, including LNG
The European Union has many instruments on the table to avoid a trade war with United States, including a rise in US LNG imports, a EU spokesperson said on Tuesday.
"We are absolutely ready to discuss and negotiate with the US on energy," she said.
Trump Tariffs LIVE | Indonesia announces trade concessions for US ahead of talks
Indonesia announced a raft of concessions on US imports Tuesday, including reducing taxes on electronic goods and steel, ahead of trade negotiations with Washington over President Donald Trump's sweeping tariffs.
Trump Tariffs LIVE | South Korean acting president says, 'would clearly like to negotiate with Trump over tariffs'
Trump Tariffs LIVE | China initiates WTO dispute on US 'reciprocal tariffs'
China has requested WTO dispute consultations with the United States concerning "reciprocal tariffs", the World Trade Organisation said on Tuesday.
President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, DC, US.
Credit: Reuters Photo
Trump Tariffs LIVE | Goyal to meet exporters on Apr 9
Commerce and Industry Minister Piyush Goyal will hold a meeting with exporters on Wednesday to discuss issues pertaining to India's trade amid imposition of an additional 26 per cent reciprocal tariffs by US President Donald Trump-led administration.
Trump Tariffs LIVE | China, India should stand together in face of US tariffs, says Chinese Embassy in India
India and China should stand together to overcome difficulties in the face of tariffs imposed by US President Donald Trump's administration, the spokesperson of the Chinese Embassy in India said on Tuesday.
"China-India economic and trade relationship is based on complementarity and mutual benefit. Facing the US abuse of tariffs... the two largest developing countries should stand together to overcome the difficulties," spokesperson Yu Jing said in a post on X.
Trump Tariffs LIVE | US Trade Representative Jamieson Greer told senators that China has not indicated that it wants to work toward trade reciprocity. "Unfortunately, China for many years seems to be choosing its own path on market access," Greer told lawmakers on the Senate Finance Committee on Tuesday. "They elected to announce retaliation, other countries did not. Other countries have signaled that they'd like to find a path toward reciprocity. China has not said that and we will see where that goes."
Trump Tariffs LIVE | United States Trade Representative Jamieson Greer said exemptions to President Donald Trump's global tariffs are not expected in the near term. "The president has been clear, again, that he's not doing exemptions or exceptions in the near term," Greer told the US Senate Finance Committee on Tuesday.
US Senator James Lankford listens as U.S. Trade Representative Jamieson Greer testifies before a Senate Finance Committee hearing on US President Donald Trump's trade policy, on Capitol Hill in Washington, DC, US, April 8, 2025.
Credit: Reuters Photo
Trump Tariffs LIVE | Greer told lawmakers on Tuesday that not all of the agency's proposed multimillion-dollar fees for Chinese-built ships to dock at US ports will be implemented and may not be cumulative.
Trump Tariffs LIVE | Italy's Meloni says she will be in Washington on April 17 to discuss tariffs with Trump
Trump Tariffs LIVE | New US tariffs on China to hit 104% Wednesday: White House
Additional US tariffs on Chinese imports are set to reach 104 percent on Wednesday, the White House told AFP, as Washington doubles down on planned action after Beijing vowed a "fight to the end" on levies.
US President Donald Trump had vowed a further 50 percent tariff on goods from China if Beijing did not retract upcoming retaliation -- and the White House confirmed that Trump will proceed with this action, taking the overall added duties this year to 104 percent.
Trump Tariffs LIVE | Trump says US taking in $2 billion a day from tariffs
US President Donald Trump said on Tuesday the United States is taking in $2 billion per day from tariffs.
He made the comment without providing details during an event at the White House.
Trump has imposed an array of tariffs on other countries since taking office in January.
The Treasury Department's daily statement of deposits into and withdrawals from the its general account, the federal government's main operating account, shows "Customs and Certain Excise Taxes" deposits have on average totaled around $200 million a day so far this month.
Trump Tariffs LIVE | Stocks slide in Asia as recession fears pummel sentiment, oil hits 4-yr lows
Stocks in Asia extended a slide on Wall Street on Wednesday as President Donald Trump looked set to press ahead with whopping 104 per cent tariffs on Chinese goods, pummelling oil prices to four-year lows as global recession fears gripped financial markets.
The US dollar fell against safe-haven currencies but the offshore yuan hit a record low of 7.4287 per dollar overnight. Fed fund futures jumped in early Asian trade to imply around 115 basis points of interest rate cuts this year, compared to 92 basis points early on Tuesday.
Trump Tariffs LIVE | Taiwan hopes for quick agreement with US on tariffs issue
Taiwan's hopes that it can come to a quick agreement with the United States to resolve the tariffs issue and last weekend already approached Washington to discuss the issue, a senior Taiwanese official said on Wednesday.
Taiwan has responded to US President Donald Trump's 32 per cent tariff on island with an offer of zero tariffs, more investment in the country and purchases from it, and said it will not retaliate.
Trump Tariffs LIVE | South Korea holds 'shipbuilding card' in US tariff negotiations, industry minister says
South Korea's trade and industry minister Ahn Duk-geun said on Wednesday that potential cooperation with Washington in the shipbuilding sector is a "very important card" in negotiating with the US over its tariffs.
US President Donald Trump spoke to South Korean interim leader Han Duck-soo late on Tuesday to discuss shipbuilding and potential energy deals in what Trump labelled a "great call", a day before a 25 per cent tariff on its Asian ally is due to kick in.
Trump Tariffs LIVE | China vows 'fight until end' as US imposes 104% tariffs
Xi Jinping wants you to know that he will not be cowed. Confronted with the latest threat from President Donald Trump of an additional 50 per cent tariff on Chinese goods unless Beijing reverses its retaliatory levies on US imports, China’s top leader has remained defiant. His Ministry of Commerce on Tuesday accused the United States of “blackmail” and declared that Beijing would “fight to the end.”
Trump Tariffs LIVE | Oil sinks 4% as US kicks off 104% tariffs on China
Oil prices dropped to their lowest in more than four years on Wednesday on looming demand concerns fuelled by an escalating tariff war between the US and China, the world's two biggest economies, and a rising supply outlook.
Trump Tariffs LIVE | China stocks firm as state support softens US tariffs hit
Chinese stocks found some footing on Wednesday as state pledges to support the local market and surging interest in domestic tech firms softened the blow to sentiment from the 104 per cent tariffs imposed by the US on Chinese goods.
Trump Tariffs LIVE | Indian pharma stocks decline after Trump again threatens tariffs
Indian pharmaceutical stocks fell 1.7 per cent on Wednesday after US President Donald Trump reiterated plans to announce a "major" tariff on all pharmaceutical imports.
US accounts for a third of India's overall pharma exports.
Trump had also threatened the duties on Friday, after his first set of reciprocal tariffs announced last week exempted pharma products -- a change in stance that had prompted a wild swing in pharma stocks.
Trump Tariffs LIVE | Yuan dips to new lows as US tariffs on China kick in
China's yuan dipped to a fresh 19-month low against the US dollar on Wednesday after its offshore counterpart fell to a record low overnight, as investors fretted about an intensifying Sino-US trade war.
The yuan weakened 0.2 per cent to 7.3498 per dollar in afternoon trading, after dipping to a low of 7.3505 per dollar earlier in the session, the lowest since September 2023.
Trump Tariffs LIVE | China to hold high-level meeting in response to US tariffs: Report
China's top leaders plan to convene a meeting as early as Wednesday to discuss measures to boost the economy and stabilise the capital markets, people with knowledge of the matter said, amid an escalating trade war with the US.
Trump Tariffs LIVE | European shares tumble as US reciprocal tariffs kick in
European shares fell on Wednesday as the rollout of steep US retaliatory tariffs deepened fears over trade war-driven economic damage, spilling over into bond markets.
The pan-European STOXX 600 slumped 2.4 per cent at 0749 GMT, as the previous session's rally fizzled out. The trade-sensitive Germany's benchmark index fell 1.7 per cent.
Trump Tariffs LIVE | China's central bank asks state lenders to reduce dollar purchases: Report
China's central bank will not allow sharp yuan declines and has asked major state-owned banks to reduce US dollar purchases, people with direct knowledge of the matter said on Wednesday.
Trump Tariffs LIVE | China says it doesn't want trade war but will fight hikes
China does not want a trade war with the United States but will be compelled to take the fight to the world's No.1 economy if President Donald Trump continues to ramp up trade tensions, its commerce ministry said on Wednesday.
"There are no winners in a trade war," the ministry said in a statement. "China does not want one, but the government will never allow the legitimate rights and interests of the Chinese people to be harmed or taken away."
Trump Tariffs LIVE | Yuan falls to 2007 lows as tariffs on China kick in
China's yuan ended at its weakest level in more than 17 years on Wednesday after its offshore counterpart fell to a record low overnight, as an escalating Sino-U.S. trade war rattled currency markets.
Trump Tariffs Live | Indian shrimp exporter Coastal Corp says US buyers ready to take tariff hit; casts wider net to China, Russia
Indian shrimp exporter Coastal Corporation said most of its US buyers were willing to absorb the higher costs stemming from the new tariffs, but added it was also exploring increasing exports to China, Russia and Canada.
Trump Tarrifs Live | China finance ministry to impose additional tariffs of 84% on US goods
China will impose 84% tariffs on US goods from Thursday, up from the 34% previously announced, the finance ministry said on Wednesday.
Source: Reuters
Trump Tariffs Live | China trade escalation unfortunate, says US Treasury Secretary
China's move to impose 84% retaliatory tariffs against US is unfortunate and a losing proposition for Beijing, State Treasury Secretary Scott Bessent said.
Trump Tariffs Live | EU to start retaliating against US tariffs next week
European Union will launch its first countermeasures against US President Donald Trump's tariffs from April 15, the bloc's members agreed on Wednesday, joining China and Canada in retaliating and escalating a global trade conflict.
Trump Tariffs Live | US Defense Secretary issues stern warning to China
The United States does "not seek war with China" but will act to deter Chinese "threats" in the Americas, US Defense Secretary Pete Hegseth warned in Panama on Wednesday.
Trump Tariffs Live | China files WTO complaint over latest US tariffs
China has filed a complaint with the World Trade Organization over bruising tariffs imposed by Washington, Beijing's commerce ministry announced Wednesday, accusing US President Donald Trump of engaging in "bullying" tactics.
Source: Agencies
Trump Tarrifs Live | US corporate bond market shuts again
The US corporate bond market has shut again after opening for just one bond offering as spreads in the week after President Donald Trump's Liberation Day tariffs have widened the most since 2023's regional banking crisis.
Source: Reuters
Trump Tarrifs Live | Trump announces 90-day pause on tariffs
US President Donald Trump has announced a 90-day pause on tariffs
Trump Tarrifs Live | WTO says trade between US, China could decrease by as much as 80%
The World Trade Organization on Wednesday estimated the U.S.- China trade tensions could cut the trade of goods between two economies by as much as 80%.
"This tit-for-tat approach between the world’s two largest economies, which together account for roughly 3% of global trade, carries wider implications that could severely damage the global economic outlook," it said.
Trump Tariffs LIVE | Asian shares climb after Trump pauses tariffs
Asian shares climbed and a manic bond selloff stabilised on Thursday after U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries.
Following a days-long market rout that erased trillions of dollars from global stocks and jolted U.S. Treasury bonds and the dollar, Trump on Wednesday announced a 90-day pause on many of his new tariffs in a shock reversal.
But U.S. stock futures and the dollar were left out of Thursday's relief rally despite an overnight surge on Wall Street, as investors' confidence in the U.S. administration crumbles and the "sell America" trade heats up.
Trump Tariffs LIVE | Taiwan says Trump tariff pause gives breathing room for more detailed talks
U.S. President Donald Trump's 90-day pause on most tariffs gives breathing space for more in-depth talks, and Taiwan hopes to take advantage of the "huge" U.S. market for more balanced trade, the island's foreign minister said on Thursday.
In a stunning reversal, U.S. President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, pushing global stocks higher.
Trump Tariffs LIVE | China's yuan falls to weakest since financial crisis on intensifying trade tension
China's yuan on Thursday fell to its lowest value against the U.S. dollar since the global financial crisis, with the central bank cutting guidance for the sixth successive trading session against a backdrop of intensifying Sino-U.S. trade tension.
The country has imposed steep tariffs on U.S. imports in response to similar U.S. action. Though U.S. President Donald Trump said he would temporarily lower duties recently imposed on dozens of countries, he increased those on China goods.
"The U.S. and China are currently in a powerplay game of brinkmanship," said ING global head of markets Chris Turner.
Trump Tariffs LIVE | Pause on US tariffs a big relief; provides window for trade talks: Exporters
The 90-day deferral of reciprocal tariffs decided by the US has come as a major relief as it provides a crucial window for pushing the talks on the proposed bilateral trade agreement between India and America, exporters said on Thursday.
They said that diplomatic engagement and fast-tracking negotiations for the trade pact will help India deal with these tariffs.
"It is a good decision by the Trump administration. We have been assured by the commerce ministry that the agreement will be finalised at the earliest," Federation of Indian Export Organisations (FIEO) President S C Ralhan said.
He added that the move reflects a strategic pause aimed at avoiding immediate economic fallout while allowing space for potential resolutions.
Trump Tariffs LIVE | EU weighs buying more US gas due to Trump tariff pressure
Trump Tariffs LIVE | 'Let him cook' posts White House after US Prez hits pause button
Trump Tariffs LIVE | Prez urged followers to buy stocks before announcing pause; Senator Warren alleges market manipulation
Trump Tariffs LIVE | US' 90-day tariff pause creates critical strategic window; India must act swiftly, decisively: ICEA
The US' 90-day pause on reciprocal tariffs for countries, including India, creates a critical strategic window for New Delhi to accelerate efforts in attracting electronics manufacturing investments, particularly from companies seeking to diversify their production bases beyond China, a country which now stares at 125 per cent American levy, according to the industry.
US President Donald Trump has declared a three-month pause on reciprocal tariffs on non-retaliating countries marking a rather unexpected U-turn after record high levies he imposed led to global stock market meltdown that erased trillions of dollars in investor wealth, and spooked nations and businesses.
Trump Tariffs LIVE | Trump's latest decision marks important step to stabilizing global economy
Trump Tariffs LIVE | European shares surge after Trump's tariff pause
European shares surged on Thursday after US President Donald Trump announced an immediate 90-day pause on tariffs for many trading partners, prompting a massive relief rally following a days-long market rout.
The suspension of punishing tariffs on dozens of countries came less than 24 hours after they kicked in. Still, the White House maintained a 10% blanket duty on almost all US imports.
The pan-European STOXX 600 jumped 7.2% at 0709 GMT, after losing 12.5% since the U.S. reciprocal tariffs on April 2. Trade-sensitive Germany's benchmark index rose 8.1%.
Trump, however, further ramped up pressure on China by hiking the tariff on Chinese imports to 125% from the 104% level that kicked in on Wednesday in retaliation for China's announcement of an 84% levy on U.S. goods starting April 10.
Trump Tariffs LIVE | South Korean shares log biggest jump since March 2020 on Trump tariff pause
South Korean shares on Thursday posted their sharpest rally in more than five years as US President Donald Trump hit a sudden pause on most tariffs.
Trump Tariffs LIVE | China says it does not fear more US tariff threats
China is not interested in a fight but will not fear if the United States continues its tariff threats, the Chinese foreign ministry said in reply to questions about the US tariffs on Thursday."The US cause doesn't win the support of the people and will end in failure," ministry spokesperson Lin Jian said at a regular press conference.China will not sit back and let the legitimate rights and interests of the Chinese people be deprived, Lin said.
Trump Tariffs LIVE | Trump signs executive order seeking to revitalize US shipbuilding
US President Donald Trump signed an executive order on Wednesday aimed at reviving US shipbuilding and reducing China's grip on the global shipping industry, vowing to boost funding for the effort in coming years. Republican and Democratic US lawmakers for years have warned about China's growing dominance on the seas and diminishing U.S. naval readiness.
Senators Mark Kelly, a Democrat, and Todd Young, a Republican, welcomed the executive order and said they would reintroduce their bipartisan legislation to provide the congressional authorizations needed to revitalize the industry.
Trump Tariffs LIVE | EU pauses countermeasures against US tariffs, von der Leyen says
The European Union will put on hold for 90 days its first countermeasures against U.S. President Donald Trump's tariffs, European Commission President Ursula von der Leyen said in a statement on X.
"We took note of the announcement by President Trump. We want to give negotiations a chance. While finalising the adoption of the EU countermeasures that saw strong support from our member states, we will put them on hold for 90 days," she said.