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.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
India has fired a series of missiles into Pakistani-controlled territory, in what it has described as “Operation Sindoor”
For the first time in history, an American has been chosen to lead the Catholic Church, as Cardinal Robert Prevost is named pope.
Discover every major VE Day 80 event in Britain, 5‑8 May 2025—from London’s parade and fly‑past to street parties, concerts and museum exhibitions.
Chinese e-commerce platform Temu has announced it will no longer sell goods directly from China to U.S. customers, shifting instead to U.S.-based sellers amid the closure of a long-criticized customs loophole.
A Rafale fighter jet operated by the Indian Air Force has reportedly been shot down for the first time in combat, according to sources cited by CNN, marking a significant and symbolic development in the ongoing escalation between India and Pakistan.
In a notable shift from traditional Republican policy, President Donald Trump has proposed raising taxes on high-income earners to help finance broader tax cuts for middle- and working-class Americans.
Ukraine is exploring whether to replace the U.S. dollar with the euro as its reference currency, as Kyiv aligns more closely with the EU and global trade fractures deepen.
The U.S. Federal Reserve kept its benchmark federal funds rate unchanged on Wednesday, maintaining the target range at 4.25% to 4.50%, in a widely expected move as the central bank navigates a complex economic environment marked by slowing inflation, global trade tensions, and political pressure.
Ford is raising prices on three of its Mexico-made models starting May 2, becoming one of the first major automakers to react to U.S. President Donald Trump's steep auto tariffs, which are reshaping industry costs and consumer prices.
As European NATO countries rush to strengthen their armed forces, large pension bills threaten to divert funds from urgently needed military hardware.
Explosions were heard in Rawalpindi and Islamabad around 2:30 a.m. local time as a ballistic missile attack targeting Nur Khan Airbase was intercepted, according to Pakistani security sources.
The Pakistan military has alleged that India fired six ballistic missiles that fell within its own borders.
A diver has died during early recovery operations for British tech tycoon Mike Lynch’s sunken superyacht off the coast of northern Sicily, Italian police confirmed Friday.
A fire on a British Airways Boeing 777 at Gatwick Airport last June was caused by a co-pilot mixing up his left and right hands during take-off, according to a report by the UK’s Air Accidents Investigation Branch (AAIB).
High tariffs are expected to remain a core feature of Donald Trump's trade policy even after new trade agreements are reached, according to several current and former advisers who spoke with Reuters.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment