Trump tariffs stay updates: Asian markets open in purple for second day over US president’s world commerce battle | EUROtoday

Vietnam has reportedly requested the US to postpone the hefty 46 per cent tariff imposed by Donald Trump, which will probably be applied on 9 April.

The authorities, which was slapped with one of many highest tariffs, claims “there is still room for discussion and negotiation” between the 2 sides.T

he tariffs could have a “negative impact” on Vietnam’s exports, the federal government stated on its web site.

“We believe that the decision is not in line with the reality of mutually beneficial economic and trade cooperation between the two countries,” Vietnam’s overseas ministry spokesperson Pham Thu Hang informed Reuters at present.

The US is Vietnam’s largest export market, and in 2021, exports to the US had been valued at $142bn, practically 30 per cent of the nation’s GDP. Vietnam’s commerce surplus with the US exceeded $123bn final yr.

With Donald Trump’s new tariffs affecting UK exports, Keir Starmer’s authorities faces important selections.

What does this imply for Britain’s financial system and post-Brexit commerce? How will it influence UK-US and UK-EU relations?

Prime minister Shigeru Ishiba stated this morning that tariffs imposed on Japanese items by US president Donald Trump are a “national crisis”.

Japan, one of many United States’ greatest buying and selling companions and its largest overseas investor, was hit by a 24-percent levy.

The levies “can be called a national crisis and the government is doing its best with all parties” to reduce the influence, Mr Ishiba stated in parliament.

Japan’s Nikkei was down 1.85 per cent after hitting an eight-month low yesterday shortly after the tariffs had been introduced.

The prime minister referred to as for a “calm-headed” method to negotiations with Mr Trump’s administration, which has additionally imposed 25 per cent tariffs on auto imports.

A conservative authorized group has filed what it stated was the primary lawsuit in search of to dam Donald Trump’s tariffs on Chinese imports, saying the US president overstepped his authority.

New Civil Liberties Alliance filed the lawsuit in Florida’s federal courtroom, alleging that Mr Trump lacked the authorized authority to impose the sweeping tariffs unveiled on Wednesday in addition to duties authorised on 1 February underneath the International Emergency Economic Powers Act.”

By invoking emergency power to impose an across-the-board tariff on imports from China that the statute does not authorize, president Trump has misused that power, usurped Congress’s right to control tariffs, and upset the Constitution’s separation of powers,” senior litigation counsel Andrew Morris stated in an announcement.

The group filed the lawsuit on behalf of Simplified, a Florida-based retailer of house administration merchandise.

Trump on Wednesday introduced that China can be hit with a 34 per cent tariff, on high of the 20 per cent he imposed earlier this yr, bringing the full new levies to 54 per cent.

In an announcement printed alongside the tariff announcement, the White House stated: “The UK maintains non-science-based standards that severely restrict US exports of safe, high-quality beef and poultry products.”

It steered that Britain’s ban on chlorinated rooster was amongst a spread of “non-tariff barriers” that restrict the US’s skill to commerce.

The UK has lengthy dominated out permitting imports of chlorine-washed rooster from the US on account of well being considerations, with Rachel Reeves in November reiterating her opposition to any concessions on the problem.

Republican US senator Chuck Grassley launched a invoice yesterday that may require congressional approval for brand new tariffs, the day after president Donald Trump unveiled sweeping new taxes on an unlimited array of imported items.

Mr Grassley, whose house state of Iowa depends closely on the worldwide agricultural commerce, joined Democratic senator Maria Cantwell of Washington for the “Trade Review Act of 2025”.

The invoice requires Congress to log off on new tariffs inside 60 days of their imposition or routinely block their enforcement.

The transfer, made the day after 4 different Senate Republicans voted for a measure that may raise Trump’s tariffs on Canadian items, was the newest signal of dissent amongst Republicans as Mr Trump’s aggressive strikes fanned recessionary fears and sparked Wall Street’s worst day since 2022.

Neither Mr Grassley’s invoice nor the measure that handed the Senate on Wednesday had been seen as prone to turn out to be legislation whereas Mr Trump’s Republicans maintain majorities in each the homes.

Asian shares struggled to get well their heavy losses from the earlier session as Japan’s Nikkei fell 1.85 per cent this morning, extending its 2.8 per cent slide from yesterday.

MSCI’s broadest index of Asia-Pacific shares outdoors Japan dipped 0.26 per cent in skinny commerce, with markets in China, Hong Kong and Taiwan closed for a vacation.

Overnight S&P 500 corporations misplaced a mixed $2.4 trillion in inventory market worth, their greatest one-day loss for the reason that Covid-19 pandemic hit world markets on 16 March 2020, whereas different Wall Street indexes equally clocked sharp falls.

Australia’s S&P/ASX 200 index fell to an eight-month low on Friday.

A group of feta producers in Greece have already famous they’ll be severely impacted, with half their gross sales to America prone to disappear. “We have to divert these quantities to other markets,” said the head of Greece’s association of dairy industries.

That could mean lower prices elsewhere to stoke demand, or trying to find new territories to sell into. But even the latter could see price rises as the wider economic impacts of recession risk and supply chain disruptions are felt.

The European Dairy Association has similarly criticised the move as “unjustified”.