Trump tariffs stay updates: EU vows to hit again after Asian markets despatched plummeting | EUROtoday

Donald Trump yesterday slapped a 46 per cent tariff on Vietnam, which the US claimed was one of many worst offenders primarily based on a authorities tally of the levies imposed on American items.

The new levies might considerably dent Vietnam’s purpose of boosting development to no less than 8 per cent this yr, based on Bloomberg News.

Nonetheless, Vietnam’s prime minister Phạm Minh Chinh argued that the expansion goal for this yr will stay unchanged. He stated the federal government would arrange a activity power to cope with the US tariffs.

Vietnam on Monday had slashed tariffs on a spread of imports, from liquefied pure fuel to agricultural merchandise.

India’s benchmark indexes opened decrease this morning after US president Donald Trump slapped 26 per cent tariffs on imports from the South Asian nation, however a short lived exemption of pharmaceutical merchandise helped soften the blow.

The Nifty 50 was down 0.60 per cent at 23,192.40, whereas the BSE Sensex fell 0.61 per cent to 76,153.68.

Mr Trump’s tariff announcement on India is a part of his plan to impose a ten per cent baseline tariff on all commerce companions from 5 April, with larger duties on dozens of different nations, together with 34 per cent on China from 9 April.

“The tariffs are significantly higher than anticipated and will disrupt global trade and, therefore, global growth,” stated Ankita Pathak, macro strategist and world equities fund advisor at Ionic Asset.

“This is likely to seep into domestic growth, earnings and consequently valuations,” he stated.

US treasury secretary Scott Bessent has warned buying and selling companions to not retaliate in opposition to Donald Trump’s sweeping tariffs that would ship the world financial system right into a tizzy.

“My advice to every country right now is, do not retaliate,” Mr Bessent instructed Fox News.

“Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation,” he warned. “If you don’t retaliate, this is the high watermark.

“China this morning urged the US to roll again the tariffs and correctly resolve variations with buying and selling companions via equal dialogue.

China firmly opposes this and can resolutely take countermeasures to safeguard its rights and pursuits, the commerce ministry stated.

Japan has reacted strongly to US president Donald Trump’s sweeping 24 per cent tariffs on imports, calling it “extremely regrettable”.

Trade minister Yoji Muto instructed reporters at present that he has “conveyed that the unilateral tariff measures taken by the US are extremely regrettable, and I have again strongly urged [Washington] not to apply them to Japan”.

He stated he spoke with the US commerce secretary Howard Lutnick earlier than Mr Trump’s announcement.

Japanese prime minister Shigeru Ishiba stated Tokyo – one of many strongest US allies – was “making the largest amount of investment to the US”.

“So we wonder if it makes sense for (Washington) to apply uniform tariffs to all countries,” he stated.

“We need to consider what’s best for Japan’s national interest. We’re putting all options on the table in considering the most effective response.”

President Donald Trump imposed tariffs on uninhabited islands and a U.S. navy base on Wednesday as he introduced his widespread levies.

Trump imposed tariffs on the uninhabited Heard and McDonald Islands within the sub-Antarctic Indian Ocean, Axios famous.

The largely barren UNESCO World Heritage web site was featured on Trump’s record of areas that now face a minimal of 10 p.c tariffs on U.S. imports, together with mainland Australia.

The EU is getting ready countermeasures after US president Donald Trump hit dozens of countries with “reciprocal tariffs” in what’s seen as a “major blow” to the world financial system.

“We are already finalising the first package of countermeasures in response to tariffs on steel,” EU Commission chief Ursula von der Leyen in an announcement learn out in Uzbekistan.

“And we’re now preparing for further countermeasures to protect our interests and our businesses if negotiations fail.” The EU is facing a 20 per cent tariff hike.

Stock markets across Asia fell on Thursday morning at the opening after US president Donald Trump announced sweeping new tariffs on imports.

Tokyo’s Nikkei 225 dropped as much as 4 per cent in early trade before partially recovering to close 2.9 per cent lower at 34,675.97 on Thursday. South Korea’s Kospi slipped 1.5 per cent, while Hong Kong’s Hang Seng fell 1.4 per cent.

The Shanghai Composite dipped slightly by less than 0.1 per cent, and Australia’s ASX 200 was down 1.3 per cent.

US president Donald Trump announced a 26 per cent tariff on India despite New Delhi’s aggressive efforts to avoid his wrath.

Mr Trump unveiled the tariffs late on Wednesday, calling them “discounted” and “reciprocal”.

They include a universal rate of 10 per cent for all countries and territories, rising higher for those he deems as charging too much on American goods.

“The United States charges other countries only a 2.4 per cent tariff on motorcycles. Meanwhile, Thailand and others are charging much higher rates, like 60 per cent.

India charges 70 per cent, Vietnam charges 75 per cent, and others charge even higher rates,” he stated yesterday.

India had sought to keep away from a commerce struggle with its largest buying and selling associate by already imposing pre-emptive tariff cuts earlier than prime minister Narendra Modi’s current go to to the White House.

Two-way commerce exceeded $118bn in fiscal 2023-2024, with India posting a surplus of $32bn.

“India, very, very robust. Very, very robust. The prime minister simply left. He’s an incredible good friend of mine, however I stated, ‘You’re a good friend of mine, however you’re not treating us proper,” Mr Trump said.

“They cost us 52 per cent. You have to grasp, we cost them nearly nothing for years and years and a long time, and it was solely seven years in the past, once I got here in, that we began with China’,” he added.

The Indian commerce ministry has already reduced levies on heavyweight bikes with engines above 1,600cc from 50 per cent to 30 per cent and on smaller models to 40 per cent, complying with the American president’s longstanding demand.

China’s commerce ministry has urged the US to immediately cancel unilateral tariff measures and properly resolve differences with trading partners through equal dialogue.

“Many buying and selling companions have expressed sturdy dissatisfaction and clear opposition,” the ministry said in a statement this morning. China firmly opposes this and will resolutely take countermeasures to safeguard its rights and interests, it said.

President Donald Trump announced yesterday that he would impose a 10 per cent baseline tariff on all imports to the US and higher duties on dozens of other countries. The tariffs will take effect on 9 April.

Chinese imports will be hit with a 34 per cent tariff, on top of the 20 per cent he previously imposed, bringing the total new levy to 54 per cent.

The prime minister will face some brickbats for failing to win a carve-out from tariffs with what many see as a fawning approach to Donald Trump, writes David Maddox, The Independent’s political editor.

But as the world digests the stunning news of reciprocal tariffs unleashed around the globe, Sir Keir Starmer can take some satisfaction from his work and have hope that for the UK at least there is a quick resolution to this nightmare.

As Downing Street was quick to point out, the 10 per cent minimum tariff being imposed on the UK is much better than others, most notably the EU. This literally is the difference between saving and losing many thousands of jobs.

There have been positive noises from Downing Street that despite issues around free speech concerns from the US, the UK and America are close to a trade deal which would even see these tariffs go away.

There is though a very much wait-and-see on that.

So while Starmer and his ministers can take some satisfaction now from their efforts there is still a lot of work ahead and high stakes. These tariffs wipe out the chancellor Rachel Reeves’ economic headroom.

A failure to get rid of them will leave the UK government in a lot of trouble.