EU ministers to satisfy as world markets tumble – DW – 04/07/2025 | EUROtoday

On April 2, US President Donald Trump introduced a raft of latest tariffs in opposition to buddies and foes alike.

These included a baseline of a ten% levy on virtually all imports into the US in addition to customized “reciprocal” tariffs on international locations that Trump considers to have been pursuing unfair commerce insurance policies with the US.

This consists of 20% tariffs in opposition to the EU and a 34% tariff on Chinese merchandise (on high of a 20% tariff that he beforehand introduced), amongst others. The highest tariff of fifty% was positioned on the small southern African nation of Lesotho.

On the listing of nations exempt from tariffs are Russia and Belarus, however not Ukraine.

The baseline 10% tariffs got here into impact on Saturday (April 5), with the customized tariffs set to begin on Wednesday (April 9), leaving little time for affected international locations to reply.

The tariffs have already despatched inventory markets tumbling all over the world, with some seeing their worst losses for the reason that world Covid pandemic.

Some international locations have sought negotiations with the Trump administration to deliver the tariffs down. On Sunday, US Treasury Secretary Scott Bessent stated that greater than 50 international locations had began talks.

However, different international locations are retaliating in form. China, the world’s second-biggest economic system, introduced its personal reciprocal measures final week, matching the US’ 34% tariffs.

While the excessive charges in opposition to China have been taking their toll on Chinese markets, Beijing is hoping that the turmoil will finally go away it because the extra dependable choice for funding and commerce.

Indeed most economists agree that the tariffs can have a destructive impression on the US economic system, sending up costs and unemployment and certain triggering a recession.

Nevertheless, Trump has proven that he’s prepared to just accept the harm accomplished, and the widespread unpopularity, calling the shock measures a obligatory “medicine” to repair what he sees as an unfair commerce imbalance.

“They are coming to the table. They want to talk but there’s no talk unless they pay us a lot of money on a yearly basis,” Trump stated on Sunday. Economists have identified that this isn’t how world commerce usually features.