Donald Trump tariff highlights: 'Over 50 countries have reached out to US for negotiations, says Trump's top economic adviser

Taiwan's Lai says 'no plans' for retaliatory tariffs on US

Taiwan does not plan to impose reciprocal tariffs on imports from the United States, Taiwanese President Lai Ching-te said Sunday, after US President Donald Trump hit the island with a 32 percent levy.

Taiwan's government has criticised the tax as "unfair" and "highly unreasonable", but stopped short of threatening its most important security backer with new tariffs of its own.

Instead, Taiwan has earmarked $2.7 billion to help industries affected by the new levy, which was among sweeping global tariffs announced by Trump last week.

"In response to the United States' 'reciprocal tariffs', Taiwan has no plans to impose retaliatory tariffs," Lai said. "But we must let the United States clearly understand Taiwan's contributions to the economic development of the United States."

UK readies to protect industry as US tariffs upend global order: Starmer

The global landscape has fundamentally changed, UK Prime Minister Keir Starmer declared on Sunday, whilst nations prepared for the consequences of newly imposed US tariffs.

Following US President Donald Trump's broad tariff declaration on Wednesday, Starmer emphasised in his Sunday Telegraph opinion piece that traditional international conventions could no longer be relied upon.

"The world as we knew it has gone," he wrote, suggesting potential government intervention to shield British industries from the impact of these tariffs.
The prime minister further noted that the emerging international order would rely less on established protocols and would instead be shaped by bilateral agreements and strategic partnerships.

Saudi stock market closes with 5-year record loss after US tariffs: state media

The Saudi stock exchange was down 6.78 percent on Sunday, official data showed, after sweeping trade tariffs announced by US President Donald Trump sent global markets tumbling.

The state-run Al-Ekhbariya television reported online that "the Saudi stock index closed trading down (nearly) 7 percent, losing more than 800 points", calling it "the largest daily loss in five years" since the early days of the Covid-19 pandemic.

'More than 50 countries reached out to Trump to begin negotiations': Economic council director Kevin Hassett in defense of tariffs

White House Economic Council Director Kevin Hassett defended President Trump's trade policies, claiming over 50 countries reached for negotiations. Despite concerns raised by economists and political critics about potential recession risks, Hassett downplayed the impact on US consumers. Comprehensive tariffs have led to significant retaliatory measures and fears of economic downturn. Read full story

India has upper hand given tariffs relatively lower than others: NSE MD-CEO

NSE Managing Director Ashish Kumar Chauhan noted that India is faring better than other countries despite global uncertainty from US tariffs. He believes the situation will stabilize as negotiations proceed, leading to a clearer outlook in coming weeks. Despite initial impacts on Indian stock indices, he expects resilience and stabilization in the duty structure soon. Read full story

'Over 50 countries have reached out to Trump to begin negotiations,' says Director of the White House National Economic Council Kevin Hassett

Hassett supported President Donald Trump's tariff policies, dismissing concerns about increased costs for US consumers.

"So the fact is, the countries are angry and retaliating -- and, by the way, coming to the table. I got a report from the [U.S. Trade Representative] last night that more than 50 countries have reached out to the president to begin a negotiation, but they're doing that because they understand that they bear a lot of the tariff. And so I don't think that you're going to see a big effect on the consumer in the U.S., because I do think that the reason why we have a persistent long-run trade deficit is these people have very inelastic supply," Hassett stated during his appearance on ABC News' "This Week" with George Stephanopoulos.

Vietnam seeks US tariff delay as economic growth slows in first quarter

Vietnam has asked for a last-minute delay to colossal tariffs imposed by Washington as government figures showed on Sunday that its economy grew at a slightly slower pace in the first quarter.

The Southeast Asian manufacturing powerhouse counted the United States as its biggest export market in the first three months of the year but its key customer has now hit it with a thumping 46 percent tariff.

The move is part of a furious new global trade blitz announced Wednesday by US President Donald Trump that has sent markets around the world into a tailspin.

However, top leader To Lam has asked Trump for a delay of at least 45 days to the new 46 percent tariff, according to a copy of a formal letter seen by AFP.

In the letter, Lam said he had appointed Deputy Prime Minister Ho Duc Phoc to serve as the primary contact with the US side on the issue, "with the aim of reaching an agreement as soon as possible".

Indian metal cos focused on domestic demand, resilient to Trump tariffs

Indian metal companies are gearing up for significant expansions in the current fiscal, focusing on growing domestic demand, notwithstanding global trade headwinds. While the United States has announced certain tariffs on metals, companies like Vedanta, JSW Steel, Hindustan Zinc, and NALCO are also betting on India's strong demand, the global race for critical minerals, and strategic geographic diversification to drive growth, analysts said.

Domestic steel demand is forecast to grow by 10 per cent annually over the next few years. Similarly, aluminium demand is expected to grow at a CAGR of 7.2 per cent till 2030.

Industry experts predict India's aluminium demand will double every five years, supported by the Indian government's allocation of Rs 11.21 lakh crore for infrastructure development in the 2025-26 budget.

As other countries face higher tariffs, companies may look to diversify production into India, creating a positive spillover effect on domestic demand. Companies like Vedanta, Hindustan Zinc, and others with a strong domestic focus would thus be relatively insulated.

"The sharp fall in metal stocks across the board was a knee-jerk reaction. Going forward, the market will favour companies that derive the bulk of their revenues from domestic operations. Here, companies like Vedanta, Hindustan Zinc, and NALCO stand out since they are largely focused on the Indian market and their revenues will be driven by India's growth story. We thus expect stocks of these companies to do better going forward," said an analyst at a leading domestic brokerage.

Foreign investors withdraw Rs 10,355 crore from Indian equity markets amid US tariff concerns

Foreign investors have withdrawn Rs 10,355 crore from India's equity markets following new US tariffs. This outflow reverses the trend of a previous Rs 30,927 crore investment. The tariffs raise concerns of a trade war and economic slowdown, impacting global markets. FPIs also pulled Rs 556 crore from debt and Rs 4,038 crore from the debt voluntary retention route. Read full story

Trump's tariffs hit sour note in landmark NYC emporium of sweets

Economy Candy, a well-known family-run candy store in New York City, is feeling the pressure of President Trump's sweeping new tariffs. Owner Mitchell Cohen says nearly all of his 2,000+ products—many imported or made with global ingredients—will be impacted, driving up prices just as inflation had started to ease. The tariffs threaten affordability for a business built on nostalgia and low prices, with even American-made candies affected due to international supply chains. As costs rise, Cohen worries how long he can keep his store "economical" while maintaining its legacy.

Vietnam economic growth slows in first quarter as US tariffs loom

Vietnam’s economy grew 6.93% year-on-year in Q1 2025, a slight slowdown from 7.55% in Q4 2024, as the country faces major new US tariffs. President Donald Trump imposed a 46% tariff on Vietnamese exports—its largest export market—as part of a wider global trade offensive. Despite this, Prime Minister Pham Minh Chinh maintains an ambitious annual growth target of at least 8%.

To meet this goal, Vietnam's economy must grow between 8.2–8.4% in the remaining quarters. However, analysts warn the tariffs could severely impact export-reliant sectors like seafood, garments, electronics, and smartphones, potentially cutting GDP growth by up to 3%.

Exports still rose 10.6% in Q1, and industrial production increased by 7.8%, though both showed signs of slowing. US companies like Nike and Adidas may scale back operations in Vietnam due to declining orders. Uncertainty around US policies is causing investors to adopt a cautious "wait and see" approach.

Tariffs raise recession risk, Fed's ability to lower rates in US: Fitch

Reciprocal tariffs imposed by the US significantly raise risks for a recession in the US and constrain the US Federal Reserve's ability to lower interest rates further, Fitch Ratings said in a note.

Post the higher-than-anticipated tariffs imposed the US administration, the rating agency projected that US growth in 2025 is likely to be slower than the 1.7 per cent that it had projected in March.

According to Fitch Ratings, tariff hikes will result in higher consumer prices and lower corporate profits in the US.

US tariffs may lead to dumping by competing countries in India: CareEdge

The imposition of high reciprocal tariffs by the US on other competing nations raises the possibility of increased dumping by those nations in India, as well as in other export markets, which could negatively impact certain sectors, CareEdge Ratings said in a report.

According to the report ' Sectoral Impact of US Reciprocal Tariff: Neutral to Negative, ' the expected direct impact of US reciprocal tariffs would vary, with no impact expected on pharmaceuticals since they are exempt from reciprocal tariffs for now.

According to the rating agency, the impact is expected to be largely neutral for electronics, textiles, agricultural products, chemicals, and automobiles and parts. At the same time, it would be negative for gems and jewellery.

Jaguar and Land Rover maker pauses shipments to US as it develops post-tariff plans

The maker of Jaguar and Land Rover cars is pausing shipments to the U.S. as Britain's struggling auto industry begins to respond to the 25% tax on vehicle imports imposed by President Donald Trump.

Jaguar Land Rover Automotive, one of Britain’s biggest carmakers, said Saturday that the pause would take place this month.

“The USA is an important market for JLR’s luxury brands,” the company said in a statement. “As we work to address the new trading terms with out business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.”

UK readies to protect industry as US tariffs upend old order: Starmer

The "world as we knew it" is over and the UK "stands ready" to use direct state intervention to shelter industries from the US tariff storm, UK Prime Minister Keir Starmer said Sunday.

US President Donald Trump's imposition of sweeping tariffs on Wednesday shows that "old assumptions can no longer be taken for granted," Starmer said in a op-ed for the Sunday Telegraph newspaper.

"The world as we knew it has gone," he wrote.

The new world will be governed less by established rules and "more by deals and alliances," added the prime minister.

"It demands the best of British virtues -– cool heads, pragmatism and a clear understanding of our national interest," he said.

The UK leader reiterated his government's belief that "nobody wins from a trade war" and that the immediate strategy was "to keep calm and fight for the best deal."

However, he insisted a US trade deal will only be struck "if it is right for British business" and that "all options remain on the table" in responding to the 10 percent tariffs on the UK.

Zimbabwe to suspend tariffs on US imports: President

Zimbabwe's President said Saturday he would suspend all tariffs on goods imported from the United States, days after US President Donald Trump levied 18 percent tariffs against the southern African nation.

The mineral-rich country's main trading partners are the United Arab Emirates, South Africa and China, and its limited exports to the US comprise mainly of tobacco and sugar.

"I will direct the Zimbabwean government to implement a suspension of all tariffs levied on goods originating from the United States," President Emmerson Mnangagwa said in a post on X.

This announcement was "intended to facilitate the expansion of American imports within the Zimbabwean market, while simultaneously promoting the growth of Zimbabwean exports destined for the United States," he said.

The total goods trade between the two countries amounted to $111.6 million in 2024, according to US government data.

Singapore's prime minister Lawrence Wong advises Singaporeans to prepare for increased global volatility driven by US-imposed tariffs

Singaporeans should prepare themselves for a period of growing volatility and uncertainty, Prime Minister Lawrence Wong said in a recent address, warning that the relative peace and order the world once enjoyed is unlikely to return soon.

In a YouTube message released on Friday (April 4), he cautioned against complacency, noting the world is entering a "troubled" phase marked by rising protectionism and geopolitical tension."We cannot expect that the rules which protected small states will still hold," Wong said, urging citizens to be mentally prepared. "Let us not be lulled into complacency. The risks are real. The stakes are high."

FPIs pulled out Rs 10,355 cr from equities in last 4 trading sessions on US tariffs

Foreign investors withdrew Rs 10,355 crore from the country's equity markets in the last four trading sessions this month due to sweeping tariffs imposed by the US on most nations, including India.

The outflow occurred after a net investment of Rs 30,927 crore in the six trading sessions from March 21 to March 28.

This infusion helped reduce the overall outflow for March to Rs 3,973 crore, according to data from the depositories.

In February, foreign portfolios (FPIs) pulled out Rs 34,574 crore, while the outflow was higher at Rs 78,027 crore in January.

This shift in investor sentiment highlighted the volatility and evolving dynamics in global financial markets.

Tariffs will make sneakers, jeans and almost everything Americans wear cost more, trade groups warn

Sending children back to school in new sneakers, jeans and T-shirts is likely to cost U.S. families significantly more this fall if the bespoke tariffs President Donald Trump put on leading exporters take effect as planned, American industry groups warn.

About 97% of the clothes and shoes purchased in the U.S. are imported, predominantly from Asia, the American Apparel & Footwear Association said, citing its most recent data. Walmart, Gap Inc., Lululemon and Nike are a few of the companies that have a majority of their clothing made in Asian countries.

China hit harder than US; this is economic revolution: Trump

"China has been hit much harder than the USA, not even close," Trump said on Saturday on social media. "This is an economic revolution, and we will win. Hang tough, it won't be easy, but the end result will be historic."

Elon Musk: Hope for complete freedom of trade between the United States and Europe in future

US tech billionaire Elon Musk on Saturday said he hoped to see complete freedom of trade between the United States and Europe in the future. His comments came just days after president Donald Trump announced new tariffs on US trading partners.

Musk, who advises Trump and has been working to cut wasteful public spending, made the remarks via video-link during a congress hosted by Italy's right-wing, co-ruling League Party in Florence.

Some of Trump’s new tariffs have taken effect

The baseline 10% tariff introduced by Trump this week took effect at 12:01 a.m. Saturday ET (0401 GMT), prompting customs agents to begin collecting duties at US ports of entry.

Higher tariffs for specific countries will be implemented on Wednesday, with rates reaching up to 50% for Lesotho, 49% for Cambodia, and 47% for Madagascar.

In a bold social media post on Saturday, Trump declared: “THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN.”

However, public sentiment has been less optimistic, with stock markets experiencing declines since the tariff announcement.

British and French leaders discuss fallout from Trump's tariffs

Prime Minister Keir Starmer and French President Emmanuel Macron agreed on Saturday that a trade war would not benefit anyone, as they discussed the consequences of the sweeping tariffs announced earlier this week by President Donald Trump.

Starmer and Macron focused on the global economic and security implications of the tariffs, particularly for Southeast Asia, according to a statement from Starmer’s office following their phone conversation.

“They agreed that a trade war would serve no one’s interests, but stressed that all options should remain on the table and it was crucial to keep businesses informed of developments,” the statement said.

The two leaders also talked about building a coalition of countries to support Ukraine in its ongoing conflict with Russia and the potential for deploying peacekeeping forces should a ceasefire be reached.

“Following discussions between military planners in Ukraine this week, they noted the positive progress on forming the Coalition of the Willing,” the statement concluded.

In a last-minute scramble to beat Donald Trump's newly imposed reciprocal tariffs, companies across India have raced to ship goods before the tariffs took effect. This surge in exports helped India approach last year’s goods export target of $437 billion, senior officials reported on Saturday. Apple, for instance, is said to have shipped five planeloads of iPhones and other products to the US over just three days, ensuring its warehouses were stocked before prices surged. This trend was also observed in other electronics sectors.

Gems and jewelry exporters, facing pressure from American buyers, also ramped up their shipments. Between April 1 and 4, exports of gems and jewelry to the US through Mumbai’s precious cargo clearance system surged nearly six-fold, reaching $344 million compared to $61 million during the same period last year, likely to avoid the 10% tariffs imposed on April 6. Apparel shipments were also expedited.

India’s goods and services exports are estimated to have surpassed $800 billion for the fiscal year ending in March 2025. Despite a 3% decline in goods exports in 2023-24, there was a notable increase in the final week of March. The government hopes to sustain growth in services and expand goods exports this fiscal year, with lower oil prices offering some relief to manufacturers.

Elon Musk says he hopes for zero tariffs with Europe someday

Billionaire Elon Musk shared his vision for the future with Italy’s League leader Matteo Salvini on Saturday, expressing hope that the US and Europe could form “a very close, stronger partnership” and establish a “zero-tariff zone.” Musk conveyed his thoughts via video conference during the League’s congress in Florence. Salvini, the leader of the far-right, anti-migrant League party and vice premier of Italy’s conservative government led by Premier Giorgia Meloni, joined the discussion.

Musk emphasized his belief in a future where Europe and North America could create a free trade zone with zero tariffs. As an advisor to President Donald Trump and the owner of companies like Tesla, SpaceX, and social media platform X, Musk has also played a key role in reducing government size, notably as the head of the Department of Government Efficiency.

Nationwide protests erupt against Trump's policies, including tariffs

On Saturday, thousands of protesters gathered across the United States and beyond to oppose President Donald Trump's policies, particularly his controversial tariffs. Demonstrations were held in all 50 states, as well as in Canada and Mexico, with over 150 activist groups organizing the protests. The movement, called "Hands Off," was a nationwide mobilization against what critics describe as "the most brazen power grab in modern history." Protesters voiced their discontent with Trump’s policies, including his budget cuts and attempts to reduce federal government size.

Protests were large in Washington DC and near Trump’s Florida residence, with crowds chanting against the president and Department of Government Efficiency (DOGE) director Elon Musk. Activists from various backgrounds, including civil rights groups, unions, and election reform advocates, participated in over 1,200 protests.

Protesters condemned Trump’s tariffs, which they believe are damaging to the global economy and to ordinary Americans. Many argued that the policies benefit special interests while harming the working class. One protester referenced Mahatma Gandhi, emphasizing the unsustainable nature of “me first” nationalism. Others voiced concern about the economic hardships caused by the tariffs, expressing solidarity with those suffering from job losses, lack of healthcare, and increasing poverty.

Netanyahu heads to US for Trump talks on 'tariffs' and Gaza hostages

Israeli Prime Minister Benjamin Netanyahu will head to Washington on Sunday for a meeting with US President Donald Trump, where they will address several key issues, including tariffs and the "Iranian threat." According to Netanyahu's office, the leaders will also discuss efforts to secure the release of Israeli hostages from Gaza, Israel-Turkey relations, and the fight against the International Criminal Court, which has accused Netanyahu of war crimes.

Trump goes all in with bet that the heavy price of tariffs will pay off for Americans

Less than 24 hours after his party lost a key Wisconsin race and underperformed in Florida, President Donald Trump doubled down on his economic vision, announcing sweeping tariffs on nearly all US trading partners. This move marked a culmination of his decades-long advocacy for protectionist policies, aimed at reversing the decline of US manufacturing.

However, the response has been largely negative. Financial markets experienced their worst week since the pandemic, foreign trade partners retaliated, and economists warned of rising inflation and potential recession. Republican lawmakers are worried about the political fallout, while Democrats are feeling more optimistic, organizing large protests across the country.

Despite the backlash, Trump remains resolute, asserting that the tariffs will revive domestic manufacturing and fund his tax cuts. Even as the stock market plummeted, Trump insisted the economy would “boom” and continued with his usual activities, including a round of golf.

Some supporters, like retired engineer Frank Amoroso, are concerned about the short-term economic impact but remain hopeful. Even some Republicans, such as Rep. French Hill, oppose the broad tariffs, preferring targeted negotiations instead. Meanwhile, Democrats, encouraged by recent electoral victories and growing political momentum, see Trump’s actions as a potential boon for their 2024 campaign.

Anti-Trump rallies draw thousands across the US

Thousands of people gathered on Saturday at Washington's National Mall and in cities across the United States and abroad to protest against Donald Trump's policies, marking the largest protests since his return to the presidency. A prominent "HANDS OFF!" banner was displayed near the White House, with protesters holding signs like "Not My President!" and "Fascism has Arrived." Many expressed deep concern over the Trump administration's dismantling of democratic institutions, with Jane Ellen Saums, 66, describing the erosion of government checks and balances as "extremely concerning."

The protests, fueled by global resentment over Trump's recent tariff announcements, also spread to European capitals, including London and Berlin. Protesters across the world decried Trump's economic policies, with some fearing he would push the world into a global recession. In the US, left-leaning groups like MoveOn and Women's March organized over 1,000 rallies nationwide, united by opposition to Trump's power grab, which they argued undermines democratic processes.

In Washington, protesters heard from speakers like Representative Jamie Raskin, and activist Graylan Hagler declared, "They’ve woken up a sleeping giant." Despite a largely peaceful atmosphere, protests were met with dismissal from the White House, with Trump steadfast in his position: "My policies will never change."

Elon Musk says he hopes for zero tariffs with Europe someday

Billionaire Elon Musk told Matteo Salvini, leader of Italy's League party, on Saturday that he hoped the US and Europe could form a "very close, stronger partnership" and establish a "zero-tariff zone" in the future. Speaking via video at the League's congress in Florence, Musk suggested a free trade zone between Europe and North America. Musk, who is an adviser to President Trump and heads the Department of Government Efficiency, also leads Tesla, SpaceX, and X.

US tariffs could cost France 0.5% of GDP: French PM

French Prime Minister Francois Bayrou warned that US President Donald Trump's global trade tariffs could reduce France's GDP by over 0.5%. In an interview, he highlighted the risk of job losses, economic slowdown, and halted investments. Bayrou criticised the tariffs' destabilising effect on the global economy, which could undermine France's efforts to reduce its deficit. Meanwhile, French President Macron and UK Prime Minister Starmer agreed a trade war benefits no one, but no options were ruled out in response to the tariffs.

Leading garment producer Bangladesh holds crisis talks on US tariffs

Bangladesh's interim leader convened an emergency meeting on Saturday following a warning from textile industry leaders that new US tariffs would deal a "massive blow" to the nation's key garment sector. Textile and garment exports account for around 80% of Bangladesh’s exports, a vital part of the economy, which has been struggling to recover since last year’s political upheaval.

On Wednesday, US President Donald Trump imposed steep new tariffs of 37% on Bangladesh, up from previous rates of 16% on cotton and 32% on polyester products. Bangladesh exports $8.4 billion worth of garments annually to the United States, comprising about 20% of its total ready-made garment exports, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Interim leader Muhammad Yunus called the meeting to address the tariff issue, with Sheikh Bashiruddin, the commerce minister, indicating Yunus would raise the matter with US officials. While Bashiruddin expressed confidence that the impact on Bangladesh would not be severe, he acknowledged that some competitors faced even higher tariffs.

Bangladesh's government had anticipated the tariff hike and began discussions with US officials in February. The National Board of Revenue is also set to review the situation. Industry leaders warned the tariffs could drive buyers to more cost-effective markets.

Indian seafood exports to face significant pressure due to US reciprocal tariffs, says FICCI study

Indian seafood exports will face significant pressure following the imposition of the US reciprocal tariffs, according to a study by the industry body FICCI.

India's exports of fish, meat, and processed seafood are valued at US $2.58 billion with six product categories--Frozen Shrimp, Frozen Fish, Fish Meal and Fish Feed, Frozen Squid, Surimi & Analogue Products, and Frozen Cuttlefish--accounting for 94 per cent of total export value.

US is India's largest seafood export market, holding a 34.5 per cent share of total export value. Frozen shrimp dominates, contributing 91.9 per cent of the export value ($2.34 billion) and 90.4 per cent of the volume (2.97 lakh tonnes).

"Indian seafood exports will face significant pressure following the imposition of the US reciprocal tariffs," the study said.

Tariff-related implications, US inflation data, RBI interest rate decision to drive mkts: Analysts

In an eventful week ahead, stock markets may face volatile trends before the RBI's interest rate decision and the US inflation data announcements, as investors continue to assess the broader implications of US tariffs on global economy and inflation, analysts said. Investors fear that a full-blown trade war will impact global trade and economic growth, according to market experts.

Equity markets would remain closed on Thursday for "Shri Mahavir Jayanti".

"This week is set to be volatile for global and Indian markets, as US President Donald Trump imposed tariffs worldwide, igniting fears of an all-out trade war and a global economic recession.

"The US inflation numbers will be released along with the FOMC (Federal Open Market Committee) minutes," Puneet Singhania, Director at Master Trust Group, said.

Equity benchmarks slumped on Friday due to an across-the-board sell-off, tracking weak global markets amid growing global trade war fears.

'A free-trade zone spanning the Atlantic Ocean': Musk bats for US-Europe trade deal

Elon Musk said on Saturday he hoped that Europe and the United States would agree to a "zero-tariff situation" which would create a de facto free-trade zone spanning the Atlantic Ocean.

"I hope it is agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation, effectively creating a free-trade zone between Europe and North America," the billionaire adviser to US President Donald Trump told Italian nationalist Deputy Prime Minister Matteo Salvini.

Jaguar Land Rover (JLR), the British luxury car manufacturer, announced on Saturday that it will temporarily halt shipments to the United States in April. The company is responding to the 25% tariff on vehicle imports that was imposed by the Trump administration, as it works on long-term strategies to mitigate the financial impact of the new trade conditions.

"The USA is an important market for JLR's luxury brands," the company stated. "As we work to address the new trading terms with our business partners, we are taking some short-term actions, including a shipment pause in April, while developing our mid-to-longer-term plans."

Senate Republicans move forward with Trump tax cuts

US senators on Saturday approved a budget blueprint unlocking trillions of dollars for sweeping tax cuts promised by President Donald Trump, despite bitter infighting among the majority Republicans over the savings that will be needed to fund them.

Working deep into the night, lawmakers voted 51-48, mostly along party lines, to approve the resolution, with two prominent Republicans opposing the measure.

It now moves to the House of Representatives, where Republicans hold a slim majority, and where hard-liners and fiscal hawks have criticized the Senate version.

The Senate vote came at a time when Trump's sweeping tariffs imposed on dozens of trading partners sent global stocks plummeting, with Democrats arguing that now is not the time to be entertaining significantly reduced government spending.

China issued a scathing rebuke to the United States over its tariff hike, accusing Washington of economic bullying and warning of serious consequences for the global trading system. The response came as a global stock markets tumbled, with China attributing the sharp declines to President Donald Trump's latest round of tariffs.

China’s foreign ministry spokesperson Guo Jiakun posted a screenshot on Facebook showing the Dow Jones, S&P 500, and Nasdaq all falling over 5% on Friday, adding the caption, “The market has spoken.” He called the trade war “unprovoked and unjustified” and urged the US to resolve trade disputes “through equal-footed consultation.”

'The market has spoken', China spokesman takes a jab at Trump administration

China's Foreign Ministry spokesperson Guo Jiakun took a swipe at the United States amid growing global economic concerns, sharing a screenshot on Facebook showing the Dow Jones, S&P 500, and Nasdaq all plunging over 5% on Friday. His post was captioned, “The market has spoken.”

In a pointed message, Guo criticised the ongoing tariff war initiated by the US, calling it “unprovoked and unjustified.” He urged Washington to change course and resolve trade tensions through dialogue. “Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation,” he wrote.

The reaction comes as US President Donald Trump’s sharp increase in tariffs on Chinese imports has sparked an escalating trade war, sending shockwaves through global markets. China has responded with its own set of retaliatory tariffs, heightening concerns of prolonged economic fallout.

'We have been dumb and helpless': Donald Trump

US President Donald Trump on Saturday doubled down on his sweeping tariff policies, claiming that China has been hit "much harder" than the United States in the ongoing trade war between the world's two largest economies.

His remarks came a day after US stock markets tumbled, leading to concerns over a potential global recession.

Jaguar Land Rover says shipments to US suspended in April due to tariffs

UK luxury car manufacturer Jaguar Land Rover said on Saturday that it will "pause" shipments to the United States in April as it addressed "the new trading terms" created by Washington's tariffs.

"The USA is an important market for JLR's luxury brands. As we work to address the new trading terms with our business partners, we are enacting our short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans," a Jaguar spokesperson said in a statement sent to AFP.

Trump says 'Hang tough,' trade war 'won't be easy'

US President Donald Trump on Saturday doubled down on the sweeping tariffs he unleashed on countries around the world, vowing that his "economic revolution" will yield historic results for Americans.

"HANG TOUGH, it won't be easy, but the end result will be historic," Trump said in a post on his Truth Social platform, vowing that his economic policies are "bringing back jobs and businesses like never before."

Trump tariffs offer opportunity for China

In unleashing global tariffs, President Donald Trump has vowed to remake the world to benefit US workers. One beneficiary could be the country he sees as the primary adversary -- China.

Asia's largest economy promptly slapped identical tariffs on the United States and said it would impose export controls on rare earth elements vital in consumer and medical technology.

But unlike during his first term, this time Trump is targeting not just China but the entire world -- including American allies that had increasingly joined Washington's firm line on Beijing.

Just days before Trump's "Liberation Day" tariffs announcement, China moved to revive stalled free-trade talks with Japan and South Korea, both treaty-bound US allies with deep-rooted skepticism about Beijing.

Foreign investors pull out Rs 10,355 crore from Indian markets amid Trump tariffs; recovery may take months, say experts

Foreign investors pulled out heavily from Indian equities in the first week of April, reacting to US President Donald Trump's reciprocal tariffs.
According to data from the National Securities Depository Ltd (NSDL), foreign portfolio investors (FPI) sold equities worth Rs 10,355 crore during the week (April 2- April 4). The outflows come amid heightened global uncertainty and a sharp risk-off sentiment in financial markets.

Trump’s trade tariffs disproportionately target South-East Asia, says report

The highest tariff hikes announced by US President Donald Trump are aimed mainly at emerging economies, especially in Asia, according to a report by Systematix Research.

The report highlights that Southeast Asia will see the sharpest rise in tariffs, followed by Eastern and Continental Europe, and the Middle East.

“Emerging economies—particularly in Southeast Asia, Eastern Europe, and the Middle East—are bearing the brunt of the tariff increases,” it noted.

Donald Trump 'actively negotiating' tariffs with India, other nations: Report

US President Donald Trump is "actively negotiating" tariffs with India, Vietnam and Israel, CNN reported citing officials. This came after Trump administration imposed 10% tariff on all US imports, which is set to take effect this Saturday, with steeper tariffs scheduled to follow on April 9.

Meanwhile, no such confirmation has been made from India's side. The central government has, however, said that it was "carefully examining" the tariff situation.

Trump’s 10% global tariff kicks in midnight Saturday

In his most expansive trade action to date, US president Donald Trump's imposed 10% "baseline" tariff on most imported goods started Saturday at midnight. The sweeping measure, aimed at addressing the country’s trade deficits, spares only Mexico and Canada and was enacted under emergency economic powers. The White House cited a lack of reciprocity and foreign tax policies as justification for the tariffs.

The move is already fueling global tensions. China responded to a separate 34% tariff set to hit its exports next week by announcing identical tariffs on American goods, effective April 10. Beijing also pledged to file a complaint with the World Trade Organisation and restrict exports of rare earth materials essential to technology and medical devices.

While China has moved swiftly, other major US trading partners are still assessing the situation. Meanwhile, concerns are mounting over a possible global economic downturn, as fears of a trade war intensify. President Trump, in a post on social media, warned that “China played it wrong,” and insisted the US would stand firm.

J P Morgan predicts US recession by year end amid tariffs; Jefferies sees limited impact on Indian exports

J P Morgan projected that the United States will slip into a recession by the end of 2025, attributing the decline largely to President Donald Trump's newly announced reciprocal tariffs. The forecast comes days after Trump imposed sweeping duties on imports in a bid to rebalance trade ties, with further hikes targeted at countries with major trade deficits with the US, including India.

US stock market plunges over 5% as tariff fears recession; USD 9 trn wiped out since Trump 2.0

The US stock markets tanked more than 5 per cent on Friday after Donald Trump's reciprocal tariffs sparked fear among investors of a global economic recession. The Dow Jones index closed with a decline of more than 5.50 per cent, making it one of the highest losses of the index. The S&P 500 index declined approximately 6 per cent by the closing, while Nasdaq tanked 5.73 per cent.