Trump says Iran’s Mojtaba Khamenei not seen after strike – Latest on Middle East crisis
President Trump called on countries to assist in reopening the Strait of Hormuz, while Starmer said the UK is working with allies to restore naviga...
U.S. President Donald Trump has directed his economic team to develop a plan for reciprocal tariffs on imports from countries that impose duties on U.S. goods, intensifying fears of a global trade war.
“On trade, I have decided for purposes of fairness, that I will charge a reciprocal tariff, meaning whatever countries charge the United States of America, we will charge them. No more, no less,” Trump said Thursday in the Oval Office.
The directive tasks Trump’s team with calculating tariffs that match those imposed by other countries, as well as counteracting non-tariff barriers such as stringent vehicle safety regulations and value-added taxes that make U.S. exports more expensive. The order, however, does not immediately implement new tariffs, instead initiating an investigative process that could take months.
Global Trade Implications
Key targets of this initiative include China, Japan, South Korea, and the European Union. Trump’s protectionist stance has sparked concern among U.S. allies and heightened fears of retaliatory measures. Economists warn that escalating trade tensions could fuel inflation, potentially impacting Federal Reserve decisions on interest rates.
Market reactions were mixed. While initial fears of immediate tariffs caused fluctuations, Wall Street stabilized, with U.S. stocks rising and Treasury yields falling. Global markets also saw gains, with a key stock index hitting a record high.
Commerce Secretary’s Role and Timeline
Howard Lutnick, Trump’s nominee for Commerce Secretary, emphasized that the administration would evaluate each country individually. Studies on the tariff imbalances are expected to be completed by April 1, aligning with Trump’s broader economic agenda to reduce trade deficits.
Trump acknowledged that tariffs could increase consumer prices in the short term but defended them as a necessary tool for long-term trade fairness. “Tariffs are great,” he remarked.
A White House official stated that the administration would prioritize countries with significant trade surpluses and high tariff rates. The goal is to counteract measures such as government subsidies, restrictive regulations, and exchange rate policies that disadvantage U.S. exports.
“They effectively don’t let us do business,” Trump said. “So we’re going to put a number on that that is a fair number. We’re able to accurately determine the cost of these non-monetary trade barriers.”
As the administration advances its trade agenda, the impact of reciprocal tariffs on global trade relations and the U.S. economy remains uncertain. Observers anticipate responses from affected nations, which could further complicate international trade dynamics.
Iran says it is open to talks with countries seeking safe passage through the Strait of Hormuz - disrupted by recent attacks - as Israel continues to launch wide‑scale strikes on Iranian infrastructure in the west. This live report tracks the latest developments.
President Trump called on countries to assist in reopening the Strait of Hormuz, while Starmer said the UK is working with allies to restore navigation and stabilise oil markets. It comes as a strike near Iraq’s western border killed several Hashed al-Shaabi fighters, raising regional tensions.
The other evening, I was fuelling my car at a petrol station in Kenya’s capital. It was one of those small moments most motorists barely notice. The attendant filled the tank, I glanced at the pump price, paid, and drove off.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 15 March, covering the latest developments you need to know.
Top U.S. and Chinese economic officials launched a new round of talks in Paris on Sunday (15 March) to resolve issues in their trade truce. The discussions aim to smooth the way for U.S. President Donald Trump’s visit to Beijing to meet Chinese President Xi Jinping at the end of March.
Senior officials from the United States and China met in Paris this week for a new round of trade talks, as the world’s two largest economies attempt to manage their economic rivalry and avoid further tensions.
Court documents released on Monday (16 March) revealed that the British Broadcasting Corporation (BBC) has asked a U.S. judge to dismiss President Donald Trump's $10 billion defamation suit over a 2024 documentary, arguing his re-election proves the edited 2021 speech did not harm his reputation.
Polish fighter jets intercepted a Russian reconnaissance aircraft over the Baltic Sea on Friday (13 March), according to Poland’s Operational Command.
Russia has imposed a fine of 35 million roubles (around $432,366) on the messaging platform Telegram for failing to remove content deemed illegal by the authorities, according to the Interfax news agency.
Madagascar's president, Michael Randrianirina announced the appointment of anti-corruption chief Mamitiana Rajaonarison as prime minister, six days after dismissing the previous premier along with the entire cabinet.
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