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.
Russian Foreign Minister Sergei Lavrov said reaching a peace agreement with the United States over the war in Ukraine remains difficult, as Moscow stands firm on its demands and vows never to return to economic dependence on the West.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 15th, covering the latest developments you need to know.
Europe experienced its most extensive flooding since 2013 last year, with 30% of the continent’s river network impacted by severe floods, according to a joint report by the Copernicus Climate Change Service and the World Meteorological Organization.
A 5.2 magnitude earthquake hit San Diego County on Monday, shaking homes and disrupting daily life across the region. Originating near Julian, the tremor was felt in San Diego, Orange, and Los Angeles counties, with residents noting its intensity and duration.
A sandstorm in Najaf, Iraq, has drastically reduced visibility and disrupted daily life, causing major traffic problems and challenging both residents and authorities.
Russian Foreign Minister Sergei Lavrov said reaching a peace agreement with the United States over the war in Ukraine remains difficult, as Moscow stands firm on its demands and vows never to return to economic dependence on the West.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 15th, covering the latest developments you need to know.
Asian markets edged higher on Tuesday, lifted by gains in auto stocks after US President Donald Trump suggested he might ease tariffs on vehicles.
Turkish Foreign Minister Hakan Fidan spoke with US Secretary of State Marco Rubio by phone, discussing the situations in Syria, Gaza, and efforts for a Ukraine ceasefire, according to diplomatic sources.
NORAD has monitored a Russian military aircraft operating in the Alaskan Air Defense Identification Zone, confirming it remained in international airspace and posed no threat.
A small plane crashed near Kopake, New York, on April 13, killing at 6 people. The Mitsubishi MU-2B aircraft, carrying six people, went down under unclear circumstances. This marks the second aviation accident in New York in a week, raising safety concerns.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 10th, covering the latest developments you need to know.
The death toll from the catastrophic roof collapse at a nightclub in Santo Domingo has risen to 98, with more than 160 people injured, according to Dominican authorities.
A quiet Thursday afternoon at St. Peter’s Basilica turned into something extraordinary, as visitors caught a rare glimpse of Pope Francis — not in his familiar white papal robes, but dressed in black trousers and a striped blanket.
In a dramatic about-face, U.S. President Donald Trump on Wednesday announced a 90-day pause on newly implemented tariffs for dozens of countries — a move that eased market turmoil but further escalated tensions with China.
Asian markets edged higher on Tuesday, lifted by gains in auto stocks after US President Donald Trump suggested he might ease tariffs on vehicles.
Wall Street’s main indexes surged on Monday, driven by gains in technology stocks, after the White House announced exemptions for smartphones and computers from new tariffs on Chinese imports. However, additional levies on semiconductors are still expected later this week.
The Russian government has approved the country’s energy strategy through 2050. Oil production is expected to rise to 540 million tons, while gas production is projected to reach 1.107 trillion cubic meters by that year.
Stock markets in Asia saw a boost on Monday, driven by optimism over tariff exemptions granted to electronics. This relief sparked gains in tech stocks, while investors in South Korea and Taiwan turned their focus to trade issues and semiconductor developments.
To facilitate Ukraine's access to global markets by ensuring smoother transit through EU countries, the EU and Ukraine have extended their Road Transport Agreement until December 31, 2025.
Russian Foreign Minister Sergei Lavrov said reaching a peace agreement with the United States over the war in Ukraine remains difficult, as Moscow stands firm on its demands and vows never to return to economic dependence on the West.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 15th, covering the latest developments you need to know.
Asian markets edged higher on Tuesday, lifted by gains in auto stocks after US President Donald Trump suggested he might ease tariffs on vehicles.
Turkish Foreign Minister Hakan Fidan spoke with US Secretary of State Marco Rubio by phone, discussing the situations in Syria, Gaza, and efforts for a Ukraine ceasefire, according to diplomatic sources.
NORAD has monitored a Russian military aircraft operating in the Alaskan Air Defense Identification Zone, confirming it remained in international airspace and posed no threat.
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