‘Explosive’ Trump tariffs take effect with 104% hike on China as Don says countries are ‘kissing my a**’ to make deals
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PRESIDENT Donald Trump's explosive tariffs have officially taken effect across the globe - including a crushing 104% hike for China.
Around 60 countries dubbed the "worst offenders" by the US President have been slapped with the huge increases - sparking fears of a global trade war.
Trump has insisted the US is already benefiting from the sweeping tariffs, which he says are bringing in $2billion per day.
And as the strongest wave of tariffs yet came into effect, Trump said world leaders are lining up to "kiss his a**" and make a deal.
He also blasted "trade cheaters all over the globe" as he claimed he was standing up for working Americans.
The President spoke just hours after stoking a bitter battle with Beijing as he imposed the crippling 104% tariffs on all Chinese imports.
China has seen the highest rates, along with Vietnam (46%), Thailand (36%), Japan (24%) and the European Union (20%).
The UK has not faced any further rises beyond the 10% baseline rise which came into effect last weekend.
But despite the president's claims that business is better than ever, the trade war has already wiped trillions off global markets.
The stock market plummeted again on Tuesday after a seemingly optimistic morning.
The S&P 500 dropped 1.6%, the Dow Jones Industrial Average slid 320 points, and the Nasdaq plummeted 2.1% in response to Trump announcing new additional tariffs in his war against China.
China has vowed to "fight to the end" in what's been called a global game of chicken.
However, Trump said Beijing “wants to make a deal, badly, but they don’t know how to get it started”.
Speaking about Beijing's retaliatory tariffs, the President said: "I have great respect for China, but they cannot do this.
"We are going to have one shot at this... I'll tell you what, it is an honor to do it."
Trump coins a brand new word
Donald Trump has coined a brand new word called "PANICAN" to refer to people who he thinks are "weak and stupid" and get panicked easily.
Posting on Truth Social, Trump told Americans not to be a "PANICAN" amid his tariff war.
He said: "The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!).
"Be Strong, Courageous, and Patient, and GREATNESS will be the result!"
Since Trump posted the term on social media, it has gone viral and received hilarious reactions from users.
Reacting to the new word, a user wrote on X: "Oh phew. When I heard Trump created a new word, I thought that meant we were invading Panama and Canada today.”
While another user said: “Trump switches parties, becomes Panican.”
Read our Trump tariffs blog for the latest updates on Liberation Day...
Rebuilding bridges with EU key to weathering economic storm, says UK minister
Reconnecting with the European Union is vital to protecting Britain’s economy from the fallout of Donald Trump’s tariffs, Health Minister Stephen Kinnock has said.
“It is very turbulent. Nobody benefits from a trade war,” he told Politics Hub.
“We are seeing a prime minister who is really showing leadership, he is engaging with Donald Trump and seeking to negotiate the best possible deal that we can in terms of economic prosperity.”
Kinnock added: “He’s also rebuilding the bridges that were burned by previous Conservative governments in terms of our relationship with the European Union.”
He said the government’s industrial strategy, investment in skills, and support for domestic industries would help Britain “weather the storm”.
Rebuilding bridges with EU key to weathering economic storm, says UK minister
Reconnecting with the European Union is vital to protecting Britain’s economy from the fallout of Donald Trump’s tariffs, Health Minister Stephen Kinnock has said.
“It is very turbulent. Nobody benefits from a trade war,” he told Politics Hub.
“We are seeing a prime minister who is really showing leadership, he is engaging with Donald Trump and seeking to negotiate the best possible deal that we can in terms of economic prosperity.”
Kinnock added: “He’s also rebuilding the bridges that were burned by previous Conservative governments in terms of our relationship with the European Union.”
He said the government’s industrial strategy, investment in skills, and support for domestic industries would help Britain “weather the storm”.
UN chief warns trade war fallout will be ‘devastating’ for poorest countries
UN secretary-general Antonio Guterres has raised the alarm over the impact of Donald Trump’s trade war on the world’s most vulnerable nations.
“Trade wars are extremely negative. Nobody wins with a trade war, everybody tends to lose,” he told reporters.
Guterres said he was particularly concerned about developing countries, warning the consequences for them would be “more devastating”.
UN chief warns trade war fallout will be ‘devastating’ for poorest countries
UN secretary-general Antonio Guterres has raised the alarm over the impact of Donald Trump’s trade war on the world’s most vulnerable nations.
“Trade wars are extremely negative. Nobody wins with a trade war, everybody tends to lose,” he told reporters.
Guterres said he was particularly concerned about developing countries, warning the consequences for them would be “more devastating”.
Ready to make a deal
President Donald Trump's tariffs, including a 104% tariff, will go into effect at midnight ET tonight.
US Customs and Border Protection said it's prepared to start collecting specific tariffs from 86 US trade partners starting tonight.
Ready to make a deal
President Donald Trump's tariffs, including a 104% tariff, will go into effect at midnight ET tonight.
US Customs and Border Protection said it's prepared to start collecting specific tariffs from 86 US trade partners starting tonight.
Press sec weighs in on public feud
Elon Musk and Peter Navarro, Trump's trade adviser, have been publicly feuding about tariffs since President Donald Trump announced the sweeping levies last week.
White House Press Secretary Karoline Leavitt warned the public not to be confused about the benefits of tariffs due to the clash.
"These are obviously two individuals who have very different views on trade and on tariffs," Leavitt said at a White House briefing on Tuesday.
"Boys will be boys, and we will let their public sparring continue."
"It was a mistake for China to retaliate. When America is punched, [Trump] punches back harder, and that's why there will be 104% tariffs going into effect on China tonight at midnight."
Karoline LeavittStocks drop again
The stock market closed for the day at 4 pm ET - and the US stocks dropped again, despite a strong start to the day.
The S&P 500 dropped 1.6% on Tuesday.
After surging by 1,460 points earlier, the Dow Jones Industrial Average dropped 320 at the end of the day.
Nasdaq also plummeted 2.1%.
Stocks drop again
The stock market closed for the day at 4 pm ET - and the US stocks dropped again, despite a strong start to the day.
The S&P 500 dropped 1.6% on Tuesday.
After surging by 1,460 points earlier, the Dow Jones Industrial Average dropped 320 at the end of the day.
Nasdaq also plummeted 2.1%.
'The money is pouring in'
President Donald Trump said the US has taken in $2 billion a day due to the tariffs.
The crowd erupted into applause after Trump announced the news.
"America's going to be very rich again very soon," he promised.
Trump said countries are flying in to make deals with him - and that so many want to meet that he needs to hire lawyers to do the job.
"The money is pouring in at a level we've never seen before," he said.
Trump gives 'guarantee'
President Donald Trump said he's creating a "guarantee" to protect coal businesses from being shut down by potential policies put in place by more liberal administrations.
He said he's investing billions of dollars in federal funding to support the next generation of coal.
Trump signs new executive orders
President Donald Trump is signing new executive orders on energy policy and coal production at the White House.
President Donald Trump speaks during an executive order signing event surrounded by coal workers in the White House on TuesdayCredit: AP 'President Trump's taking action'
"Recently defeated Democrat Sherrod Brown said on deficits in 2012 that our deficit then at China had 'reached an all-time high and it was on pace to exceed last year's record. The trade deficit had cost American workers millions of jobs' at the time," Karoline Leavitt said during Tuesday's press briefing.
"These are the words of Democrats years ago. It is about time America finally has a president who is taking action to restore those millions of jobs back to the United States of America to boost our manufacturing industry.
"He's doing what's right for the American people. It will take a lot of labor. It will take a lot of effort. That's exactly what the American people elected this president to do."
New 104% tariffs on China to take effect
The White House confirmed to that China missed the deadline to remove its retaliatory tariffs against the United States on Tuesday.
President Trump's 104% levies on Chinese imports will go into effect at midnight on April 9, according to the outlet.
It comes after Trump vowed to add 50% tariffs on Chinese imports if Beijing did not pull its 34% retaliatory tariffs against the US on Monday.
President Trump delivers remarks on tariffs in the Rose Garden at the White House on April 2Credit: Reuters
Karoline Leavitt blasts Chuck Schumer
During her criticism of Democrats, Leavitt underscored Chuck Schumer's 2007 remarks about the United States' trade deficits with China.
"In 2007, Chuck Schumer spoke of our nation's crippling trade deficit with China, saying, 'These are the kinds of records the American don't want to us to be breaking. The administration needs to move beyond words. Take action now to reserve a trend that threatens our prospects of future economic growth.'
"Chuck Schumer said that in 2007. Finally in 2025, President Trump is taking action."
Karoline Leavitt underscored Chuck Schumer's 2007 remarks about the US' trade deficit with China as she defended President Trump's tariffsCredit: The Mega Agency Leavitt takes a swipe at Nancy Pelosi and Democrats
Karoline Leavitt claimed that every politician on Capitol Hill knows President Trump is "right on tariffs," including vocal Democrats.
"I do just want to point out one thing," Leavitt said.
"Everybody in Washington, whether they want to admit it or not, knows that this president is right when it comes to tariffs and when it comes to trades.
"In fact, Democrats have long said that the United States of America has been ripped off by countries around the world. They just don't want to admit it now because it's President Trump who is saying that.
"In June of 1996, Nancy Pelosi spoke on the House floor, she urged her colleagues at the time to fight against the status quo trade policies that had contributed to America's trade deficit with China."
Leavitt continued, "In fact, Nancy Pelosi said, 'How far does China have to go. How much more oppression. How big a trade deficit. How many jobs have to be lost for the American workers. How much dangerous proliferation has to exist before members of this House of Representatives will say, I will not endorse the status quo,'
"Those are the words of Nancy Pelosi in 1996. Well, President Trump is finally answering her call 27 years later.
"Nancy Pelosi can thank President Trump today for the 104% retaliatory tariff that will be going into effect on China."
Global 10% baseline tariffs
During Tuesday press briefing, Karoline Leavitt declined to get into detail as to how other countries can decrease the global 10% baseline tariffs the US enforced over the weekend.
"Again, I'll leave that to the president to make those determinations," Leavitt said.
"But I can tell you that 10% universal baseline will go into effect as these negotiations are ongoing."
Recession fears
Wall Street titans, including executives at Goldman Sachs and JPMorgan Chase, have raised concerns over the brewing global trade war that was ignited by President Trump's "Liberation Day" announcement on April 2.
Jamie Dimon, the chief executive at JPMorgan Chase, told shareholders in his annual letter on Monday that Trump's tariffs would raise prices, slow the global economy, and weaken America's standing in the world.
"Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth," Dimon stated.
Analysts at Goldman Sachs again rose the odds of a recession from 35% to 45% in a new report on Sunday.
The grim outlook came in the wake of Trump's sweeping tariffs actions.
Traders work on the floor of the New York Stock Exchange during morning trading on April 7Credit: Getty Phone lines are open
Leavitt said Trump will "gracious" accept a deal with China.
"The president also wanted me to tell all of you that if China reaches out to make a deal he'll be incredibly gracious, but he's going to do what's best for the American people," the White House press secretary said on Tuesday.
Leavitt declined to clarify what conditions Trump would consider to lower the tariffs against China.
'China wants to make a deal'
Karoline Leavitt said President Trump believes China and its leader, Xi Jinping, "wants to make a deal with the United States."
"He believes China wants to make a deal with the United States. He believes China has to make a deal with the United States," the White House press secretary said when asked at what point Trump will speak directly with Xi.
"It was a mistake for China to retaliate. The president, when America is punched he punches back harder.
"That's why there will be 104% tariffs going into effect on China tonight, at midnight.
"But the president believes Xi and China want to make a deal, they just don't know how to get that started."
White House confirmed new Chinese tariffs
Leavitt, the White House press secretary, confirmed the 104% tariffs against Chinese importers will go into effect at 12:01 am.
"They will be going into effect at 12:01 am tonight, so effectively tomorrow," she said in response to a reporter's questions on the tariffs.
Gold sellers are 'busier than ever'
Jonathan Rose, CEO of Genesis Gold Group, said gold sales are up after Trump announced his sweeping tariffs.
"At Genesis Gold Group, we have been doing our best to educate the American people that this was potentially coming," Rose told The U.S. Sun.
"We have taken the stance over the last several years that the stock market was far overvalued and that we were due for at least a correction and potentially a full-blown recession," he said, adding that the group advises clients to "prepare for the worst."
"Many folks did have the foresight to buy gold & silver before the tariff implementation.
"That being said, we are busier than ever trying to meet the demand of folks who now see clearly what is to come and want to do what they can to protect themselves and their families."
He added, "Most of our clients, especially those holding IRAs and 401ks, are simply looking for a way to preserve the value of their hard-earned money, and that is exactly what we try to help them do."
Leavitt slams China's decision
White House Press Secretary Karoline Leavitt slammed China for "making a mistake" by imposing retaliatory tariffs.
"President Trump has a spine of steel, and he will not break," she said.
She said the White House is listening to the "best offers" from 70 nations that have reached out to negotiate tariff deals.
Karoline Leavitt speaks
White House Press Secretary Karoline Leavitt promised "tailor-made trade deals" for each country in today's White House briefing.
She said the president has stayed steadfast in his sweeping tariffs.
Karoline Leavitt speaking in the White House on TuesdayCredit: Associated Press