Tag Archives: trade wars

CNBC reports: The stock market took another pounding Friday after China retaliated with new tariffs on U.S. goods, raising fears a trade war will tip the globe into a recession. The Dow Jones Industrial Average traded down 1,130 points, or 2.8%. This follows a 1,679.39 point decline on Thursday. The S&P 500 slid 3.2% after the benchmark shed 4.84% on …

ABC News reports: As markets around the world slumped and other countries plotted retaliation in reaction to President Donald Trump’s sweeping tariffs, Republican Sen. Chuck Grassley and Democrat Maria Cantwell introduced bipartisan legislation Thursday that would require Congress to approve new tariffs. The Senate bill would require the president to notify Congress of new tariffs within 48 hours and for …

The South China Post reports: China has announced it will impose a 34 per cent tariff on imported American goods in addition to existing tariffs in response to the United States’ move to impose its 34 per cent tariffs on Chinese imports, marking the latest escalation in trade tensions between the world’s two largest economies. On Thursday morning, China’s Ministry …

CNBC reports: Stocks plummeted Thursday, sending the S&P 500 back into correction territory for its biggest one-day loss since 2020, after President Donald Trump unveiled sweeping tariffs, raising the risk of a global trade war that plunges the economy into a recession. The broad market index dropped 4.84% and settled at 5,396.52, posting its worst day since June 2020. The …

The Daily Beast reports: President Donald Trump’s response to a tanking U.S. stock market—brought on by his sweeping tariff announcement Wednesday—is to fly to Florida. The president is scheduled to jet to Miami on Thursday afternoon to attend a LIV Golf tournament at his golf course in nearby Doral. He is scheduled to hang there for two-and-a-half hours before attending …

“It turns out that the supply chains all across the planet are incredibly complex. And if you like the products that you have at the quality that you have them and at the price that you have them, you’re not gonna get to keep them. Trump’s reciprocal tariffs impose hundreds of billions of dollars in new taxes on Americans without …

Bloomberg News reports: French President Emmanuel Macron urged companies to pause investments in the US after President Donald Trump announced tariffs on the European Union and other regions. It makes little sense for firms to invest there while the US hits out against Europe, Macron added, speaking ahead of a meeting with representatives of industry groups affected by tariffs. “What …

Politico Europe reports: Germany’s leaders aren’t concealing their preferred strategy on how to counter U.S. President Donald Trump’s “Liberation Day” tariffs: Retaliate hard enough to get Trump to come to his senses. Economy Minister Robert Habeck called for a firm response to what he termed Trump’s “tariff mania.” “The strategy [must] be aimed at, in the end, not risking or …

Reuters reports: European Commission President Ursula von der Leyen described U.S. Donald Trump’s universal tariffs as a major blow to the world economy and said the European Union was prepared to respond with countermeasures if talks with Washington failed. “We are already finalising the first package of countermeasures in response to tariffs on steel,” she said in a statement read …

From the Wall Street Journal editorial board: Mr. Trump’s tariffs look “reciprocal” in name only. First he’s hitting every nation in the world with a 10% “baseline” tariff to sell in the U.S. market. For those he calls “bad actors,” he’s adding up the country’s tariff rate on U.S. goods, plus an arbitrary estimate of the cost of its “currency …

Reuters reports: China on Thursday urged the United States to immediately cancel its latest tariffs and vowed countermeasures to safeguard its own interests, after President Donald Trump declared sweeping levies on all U.S. trading partners around the world. The U.S. move disregards the balance of interests reached in multilateral trade negotiations over the years and the fact that it has …

Newsweek reports: President Donald Trump’s sweeping new global tariffs will cost the average American family more than $3,500 per year, according to an analysis from a group founded by former Vice President Mike Pence. Advancing American Freedom, a conservative advocacy group, said the additional costs associated with the president’s proposed international tariffs will make the “American Dream unaffordable.” Pence posting …

The New York Times reports: Calling his announcement a “declaration of economic independence,” President Trump imposed sweeping retaliatory tariffs at a Rose Garden ceremony. He said he would establish a universal baseline tariff of 10 percent, and additional rates that apply to certain countries. Some of the rates he announced — 34 percent for China, 26 percent for India, 24 …

The Washington Post reports: Senate Republicans — like investors and foreign governments — are nervously waiting for President Donald Trump to detail a new round of tariffs in a 4 p.m. speech at the White House. Trump has described the announcement for weeks as “Liberation Day,” but many Republican senators have expressed at least some concern about the tariffs’ impact …

THOM TILLIS: “Anyone who says there may be a little bit of pain before we get things right, need to talk to my farmers who are one crop away from bankruptcy. They don’t have time. So we’ve got to be crisp on this implementation. Otherwise, we could do damage that is irreparable to farmers.” RON JOHNSON: “As the president has …

The Washington Post reports: Scrambling to respond to the Trump administration’s cascading list of tariffs, the European Union is weighing whether to hit one of the most lucrative U.S. exports: billions of dollars’ worth of digital services that American Big Tech companies sell to European consumers. The debate over digital services risks expanding the trade war from manufactured goods such …

From the Wall Street Journal editorial board: Financial markets have the shakes as President Trump prepares to launch his next big tariff salvo on Wednesday. And nerves are appropriate since Mr. Trump’s chief trade adviser, Peter Navarro, is boasting about what he says will amount to a $6 trillion tax increase from the tariffs. “Tariffs are going to raise about …

NBC News reports: A number of congressional Republicans are publicly voicing concern over the potential for a prolonged trade war and its effect on American farmers as President Donald Trump prepares to announce a new wave of tariffs.  Several GOP lawmakers on Capitol Hill are seeking last-minute carveouts to blunt the impact of those tariffs. House Agriculture Committee chair Glenn Thompson, …

The Telegraph reports: We might think of him as a tax-cutter, an enemy of big government, and an instinctive ally of businesses and consumers, and in his first term he certainly was. And yet as his second term takes shape, President Trump is morphing into something very different. The final details of “Liberation Day” on Wednesday still have to be finalised. …

The Orlando Sentinel reports: Canada is taking its fight against President Donald Trump’s tariffs to Florida’s highways. Billboards paid for by the Canadian government are popping up across the Sunshine State, including one near a 7-Eleven gas station in Winter Springs. Canada’s message to U.S. voters: “Tariffs are a tax on hardworking Americans.” The campaign was launched to heighten the …