The United States said on Tuesday that 104% duties on imports from China will take effect shortly after midnight, even as the Trump administration launched talks with allies also targeted by the tariff regime.
U.S. stocks posted a fourth straight day of losses, with the S&P 500 dropping below 5,000 for the first time in nearly a year. The index has now lost 18.9% from its recent peak, nearing the 20% decline that defines a bear market.
According to LSEG data, S&P 500 companies have shed $5.8 trillion in market value since Trump’s tariff announcement last week — the steepest four-day plunge since the benchmark’s creation.
Markets had briefly rallied on hopes of negotiations. Talks are underway with South Korea and Japan, while Italian Prime Minister Giorgia Meloni is due in Washington next week.
“These are tailored, highly tailored deals,” Trump said at a White House event, adding that over 70 countries have expressed interest in talks. Still, the White House confirmed that tariffs of up to 50% would go into effect as scheduled at 12:01 a.m. ET.
China faces the steepest hike, with all its goods now subject to 104% tariffs after retaliatory measures of its own. Trump officials said Beijing is not a priority for talks.
The administration has framed the move as a national economic strategy, with advisor Kevin Hassett saying the focus is now on “allies like Japan and Korea.”
Customised deals could also include considerations like military aid. Press Secretary Karoline Leavitt confirmed “everything’s on the table.”
Lead trade negotiator Jamieson Greer told lawmakers there are no exemptions for now. “We’re trying to move quickly, but there’s no fixed deadline,” he said.
Markets are bracing for a protracted standoff. Citi slashed its 2025 China GDP forecast from 4.7% to 4.2%, citing growing risk.
Canada will implement its own 25% tariffs on certain vehicles after midnight. Prime Minister Mark Carney said Canada is “responding with purpose and force.”
Mexico and Canada remain exempt from this new round but face existing tariffs unless goods fall under the three-way trade agreement.
Three in four Americans expect higher prices, a Reuters/Ipsos poll showed. Retailers are already adjusting. Micron will impose surcharges; clothing companies are delaying hiring. Vietnamese-made shoes priced at $155 will jump to $220 under the new 46% levy.
Consumers like Thomas Jennings are stockpiling goods: “Beans, canned goods, flour — I’m buying double.”
European Commission is weighing 25% countertariffs on U.S. goods, including soybeans and sausages. Von der Leyen is under pressure from pharma executives warning that the tariffs could accelerate the industry’s pivot to the U.S.
Auto and metals tariffs remain in place, and the EU faces an additional 20% tariff on other products. Trump has also threatened new duties on European alcoholic beverages.
Oil prices stabilised after a sharp drop to four-year lows.
The global economy is entering uncharted waters. Whether Trump’s tariffs reshape the global order or plunge markets further remains to be seen.
India has finalized a $7.41 billion agreement with France to purchase 26 Rafale fighter jets for its navy, a defence ministry official confirmed to Reuters on Monday.
The death toll from a U.S. airstrike on a detention centre for migrants in Yemen’s northern Saada province has risen to 74, according to the Houthi-affiliated Al Masirah TV.
President of Azerbaijan Ilham Aliyev addressed the participants of the founding conference of the Global South NGO Platform.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 28th, covering the latest developments you need to know.
A vehicle crashed into a crowd at a Filipino festival in Vancouver, killing 11 and injuring dozens.
An explosion in northwest Pakistan killed six people on Monday, coinciding with intensified security operations against militants along the Afghan border.
Catholic cardinals gathered on Monday for the first time since Pope Francis' funeral to discuss when to begin the secret conclave to elect the next pope.
Rescue teams in Tunisia recovered the bodies of eight African migrants after their boat sank near Sfax, with search operations continuing for potential missing persons.
India has finalized a $7.41 billion agreement with France to purchase 26 Rafale fighter jets for its navy, a defence ministry official confirmed to Reuters on Monday.
Over 1,200 residents in Daegu, South Korea, were evacuated Monday as strong winds fueled a wildfire that spread across 50 hectares, forcing a highway closure. No casualties have been reported as firefighting efforts continue.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
China’s pivot away from U.S. liquefied petroleum gas under new tariffs is shaking global energy flows, slashing demand, and fuelling a scramble for alternatives across Asia, with Middle Eastern suppliers and rival buyers seizing the moment.
In an expansive interview marking his first 100 days back in office, President Donald Trump sketched out an agenda that touches everything from punitive tariffs and China policy to cease-fire hopes in Ukraine and an overhaul of domestic programmes. Below are the highlights.
A deadly attack targeting tourists in India’s Jammu and Kashmir territory has left at least 20 feared dead, marking the deadliest incident against civilians in the region for years, according to security sources.
Saudi Arabia and Qatar have agreed to settle Syria's $15 million arrears with the World Bank, allowing the institution to resume grants for the country's reconstruction and support for its public sector.
IMF and World Bank meetings in Washington left global finance leaders with more questions than answers on the economic impact of U.S. tariffs. Discussions on trade and debt concerns highlighted growing uncertainty, as markets worry about the broader economic fallout.
President Donald Trump on Thursday signed an executive order aimed at boosting the deep-sea mining industry, marking his latest attempt to boost U.S. access to nickel, copper and other critical minerals used widely across the economy.
Uzbekistan and Iran have agreed to establish a Joint Business Council aimed at fostering development of business ties and facilitating the resolution of issues between entrepreneurs from both countries.
Brussels has fined Apple and Meta over €700 million combined, launching its first crackdown under the Digital Markets Act aimed at curbing big tech’s power and boosting competition in the digital economy.
An explosion in northwest Pakistan killed six people on Monday, coinciding with intensified security operations against militants along the Afghan border.
Catholic cardinals gathered on Monday for the first time since Pope Francis' funeral to discuss when to begin the secret conclave to elect the next pope.
Rescue teams in Tunisia recovered the bodies of eight African migrants after their boat sank near Sfax, with search operations continuing for potential missing persons.
India has finalized a $7.41 billion agreement with France to purchase 26 Rafale fighter jets for its navy, a defence ministry official confirmed to Reuters on Monday.
Over 1,200 residents in Daegu, South Korea, were evacuated Monday as strong winds fueled a wildfire that spread across 50 hectares, forcing a highway closure. No casualties have been reported as firefighting efforts continue.
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