‘Explosive’ Trump tariffs take effect with 104% hike on China as Don says countries are ‘kissing my a**’ to make deals
- China to impose additional tariffs of 84 per cent on US goods
- Who has been impacted by Trump's latest tariffs?
- Trump raises China tariffs to 104%
- China vows 'fight to the end'
- Over 50 countries reaching out to negotiate tariffs
- Jaguar Land Rover pause car shipments to US
- President Trump's reciprocal tariffs revealed
- Auto tariffs start on Thursday
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...
Expert weighs in on tariffs' effects on gold
Jonathan Rose, CEO of Genesis Gold Group, spoke to The U.S. Sun about how precious metal sales could be affected by Trump's tariffs.
"What this administration has made clear is that they have a long term vision for the country and our economy, and are not prioritizing the stock market in the short term," Rose explained.
"This naturally leads to uncertainty in the minds of the American people and naturally a retreat to 'safer' assets like bonds and precious metals.
"Historically speaking, a retreat to safe haven assets like gold and silver has been very positive for the price increase of precious metals. In the 07-09 recession, we saw gold triple in value while the S&P 500 took a 50% hit."
Representative Jasmine Crockett speaks on tariffs
Democratic Representative Jasmine Crockett blasted President Donald Trump's sweeping tariffs at a House Doge Committee hearing on Tuesday.
Crockett claimed Republicans have "put their country on a path to a recession."
"What we need to light on fire are Trump’s tariffs," Crockett said.
"If we are going to talk about efficiency and worry about some solar paneled whatevers, let’s talk about the fact that as of March 31, Trump’s golfing has cost us approximately $26 million."
Crockett's statement references a reporting American taxpayers have spent $26,127,531 on Trump's golf outings during his second term so far.
The expenses include covering Trump's motorcade equipment, transportation, and security team.
Scenes from the NYSE
The New York Stock Exchange is open in New York City after days of sharp swings after shareholders yanked their investments over President Donald Trump's trade war declaration.
Traders on the floor at the NYSE in New York City on TuesdayCredit: Reuters 
A picture of President Donald Trump sits on the desk at the NYSE next to one of his hatsCredit: AFP 
A trader on the floor of the NYSE at the opening bell on TuesdayCredit: AFP
Trade representative speaks on future of tariffs
While testifying before the Senate Finance Committee on Tuesday, US Trade Representative Jamieson Greer was asked if President Donald Trump would backtrack on the tariffs if they led to 10% inflation.
"The president is fixed in his purpose," Greer replied, according to .
Democratic Senator Maggie Hassan then asked if the Trump administration would reverse course if the stock market crashed by 50%.
Greer fired back that Hassan's hypothetical scenarios were "not consistent with the history we have seen with tariffs."
CEO blasts 'uncertainty' as tariffs loom
Michelle Gass, the CEO of Levi Strauss, is urging for final answers as businesses brace for the incoming global levies.
She said the number one issue facing consumers and industry leaders is "uncertainty."
"We need some clarity," she told .
Levi Strauss sources denim from countries like Cambodia and Vietnam, which are facing steep tariffs under President Donald Trump's new plan.
However, it's unclear whether these numbers will stick as work leaders are meeting with the White House to negotiate the levies.
This means that retailers have been left with no clue how much they'll be paying for international materials.
Trump bashes China
Donald Trump said multiple countries are approaching the US to make a deal after his sweeping reciprocal tariffs.
"We are likewise dealing with many other countries, all of whom want to make a deal with the United States," he on Truth Social.
"Like with South Korea, we are bringing up other subjects that are not covered by Trade and Tariffs, and getting them negotiated also.
"'ONE STOP SHOPPING”'is a beautiful and efficient process!!!"
Trump went on to throw a dig at China.
"China also wants to make a deal, badly, but they don’t know how to get it started," he said, adding that he is "waiting for their call."
"It will happen! GOD BLESS THE USA."
Stock market opens with positive signs
The New York Stock Exchange opened at 9:30 a.m. ET to a much-needed win after shareholders abruptly yanked investments away following President Donald Trump's trade war declaration.
On Tuesday, the S&P 500 was up 3.4% in early trading, and the Dow Jones Industrial Average was up 1,230 points.
The Nasdaq composite was 3.6% higher, and overseas markets also saw a sharp increase., according to the Associated Press.
This came after the S&P 500 fell more than 10% in the two days prior as shareholders reacted poorly to the minimum 10% sweeping tariffs on US goods.
However, in the past day, dozens of leaders have started to face the new world order and reached out to the White House for negotiations.
According to market experts, the stock exchange will likely see sharp upswings and declines as reactions to Trump's trade war play out.
Trump teases deal with South Korea
President Donald Trump revealed he had a good conversation with Acting President of South Korea Han Duck-soo.
"We talked about their tremendous and unsustainable Surplus, Tariffs, Shipbuilding, large scale purchase of U.S. LNG, their joint venture in an Alaska Pipeline, and payment for the big time Military Protection we provide to South Korea," Trump on Truth Social.
Trump said South Korea began military payments during his first time, but former President Joe Biden canceled the deal, which Trump said was a "shocker to all!"
"In any event, we have the confines and probability of a great DEAL for both countries," Trump continued.
"Their top TEAM is on a plane heading to the U.S., and things are looking good."
Treasury sec fires back
US Treasury Secretary Scott Bessent said China has the "losing hand" in the trade war after the country vowed to fight against the tariffs.
“I think it was a big mistake, this Chinese escalation," Bessent said on .
"Because they’re playing with a pair of twos."
Bessent said things would be different if China were willing to work with the US.
“If they come to the table with solid proposals, I think we can end up with some good deals,” Bessent added.
"Part of the calculus of that may be that some part of the tariffs stay on.”
Trump to introduce exporter tax credit
The Trump administration is considering an exporter tax credit that would be issued in late 2025, reported, citing people familiar with the matter.
The tax credit would be aimed at helping American manufacturers in the face of retaliatory tariffs on the US.
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.”
China could ban Hollywood movies to get back at Trump
China is reportedly planning to ban Hollywood movies to hit back at Trump's blistering 104% tariff in a global game of chicken.
Two Chinese social media bloggers posted that authorities are reportedly planning to reduce or even ban the import of US films.
One of them was identified as Liu Hong, the deputy editor-in-chief of the state-run news website Xinhua, reports.
His post came just hours after Beijing said it would fight Trump's tariffs till the end.
China is Holywood's second biggest market and is expected to take a massive hit if Beijing goes ahead with the proposed plan.
EU chief urges China to avoid 'escalation' over US tariffs
EU chief Ursula von der Leyen warned against escalating a trade standoff sparked by sweeping US tariffs during a phone call with Chinese Premier Li Qiang on Tuesday, the European Commission said.
Speaking with Li after Beijing vowed to "fight to the end" against fresh tariffs threatened by Trump, von der Leyen stressed the "vital importance of stability" for the world's economy.
"The President called for a negotiated resolution to the current situation, emphasising the need to avoid further escalation," said a readout of the call issued by Brussels.
Credit: AFP What items will be affected by the tariffs?
Americans should prepare to see significant price changes on everything from avocados to cars under President Donald Trump's new global tariffs.
Here is a list of some of the everyday products that could see a massive price tag surge.
- Coffee
- Tea
- Bananas
- Foreign-made cars
- Sneakers
- Furniture and other home goods
- Pharmaceuticals
- Video games
- Clothing
- Toys
- Washers and dryers
- Avocados
- Housing materials
Trump's tariffs are set to force prices up of everyday items in the USCredit: AFP Trump’s billionaire pals see fortunes slashed amid tariff chaos
Billions of dollars have been wiped off the fortunes of top American billionaires after Donald Trump began his blistering global trade war.
The world’s 500 richest people lost a whopping $536bn in the first two days of Trump's Liberation Day tariffs - with Elon Musk and Mark Zuckerberg taking the biggest hits.
Many of the billionaires who lined up together for Trump's inauguration in a rare spectacle have seen their wealth shrink.
This includes the world's richest man and Trump's top advisor Elon Musk, who has lost a staggering £31billion after the president announced his sweeping tariffs.
Tesla shares fell by almost 5% on Wall Street yesterday.
And as Tesla faced severe backlash across the US and Europe, Musk’s estimated wealth tanked by a whopping $130billion so far this year.
However, he still sits at the top of the billionaires list as the world's richest person with a total net worth of $302billion.
Meanwhile, Mark Zuckerberg suffered the second biggest loss after his net worth was slashed by a whopping $27billion.
Meta stocks plunged over 14% in the two days of trading last week but rose by 1% on Monday.
Amazon founder Jeff Bezos, who is set to marry bombshell supermodel Lauren Sánchez in Venice this summer, also saw his fortune tank by $23.5bilion.
Europe's richest man and owner of luxury goods empire LVMH Bernard Arnault also lost $6bn on Thursday and more than $5bn on Friday as Trump's tariffs hit Asian markets - where a lot of garments are manufactured.
Arnault, who was also present at Trump's inauguration along with his wife, son and daughter, said that he feels "optimistic" about Trump's return.
He said: "I have just returned from the US, and I have witnessed the winds of optimism in that country. Coming back to France is a bit like taking a cold shower.”
Even stock market legend Warren Buffet was unable to escape Trump's blistering tariffs.
He lost $2.57billion in the first two days of the stock market meltdown and a total of $10.7billion so far this year.
However, he also saw a total of $12.7billion added to his net worth, which means he still managed to be profitable so far by $2billion.
Musk asked Trump to reverse tariffs
Billionaire Elon Musk made direct appeals to reverse Trump's sweeping tariffs, according to a report by the Washington Post.
This exchange is understood to be the highest-profile disagreement between Musk and Trump.
Credit: Reuters Musk asked Trump to reverse tariffs
Billionaire Elon Musk made direct appeals to reverse Trump's sweeping tariffs, according to a report by the Washington Post.
This exchange is understood to be the highest-profile disagreement between Musk and Trump.
Credit: Reuters European stock markets open higher
Trading in Europe has shown a slight rise after tanking on Monday.
In the UK, the FTSE 100 has opened up 1%.
In France, the CAC 40 rose 1.8%.
Germany's Dax is up 1.3%.
Credit: Getty UK markets rise after hitting one-year low on Monday
London's FTSE 100 rose in the first few minutes of trading on Tuesday as a sense of optimism returned to the financial markets after several days of heavy losses.
The index, which tracks the UK's top 100 listed companies, was up more than 1% shortly after markets opened on Tuesday.
All other indexes on the London Stock Exchange were also in the green.
It follows a more positive session for Asian markets, with some indexes making gains after suffering from steep falls in previous days.
Credit: AFP Asian markets rally after China vows to fight back
Asian markets opened higher on Tuesday after China said it would fight back against US tariffs till the end.
Japan's Nikkei 225 share benchmark was up 6% after falling nearly 8% on Monday, and the broader Topix traded 6.8% higher.
The US semiconductor index climbed 2.7% overnight, while the S&P and Nasdaq futures each rose more than 1% in Asia trade.
South Korea's Kospi gained 2%, and markets in Australia and New Zealand were also higher.
Taiwan proposes a zero tariff regime with US
Taiwan President Lai Ching-te on Sunday proposed a zero-tariffs regime with the United States, and to invest more in the country and remove trade barriers.
Major semiconductor producer Taiwan was hit with a 32% duty in Trump's sweeping tariffs.
Foreign Minister Lin Chia-lung said on Tuesday that Taiwan can have negotiations with the US at any time on the tariffs issue.
"As long as there is a confirmed time and method for negotiations, they can be discussed at any time with the United States," he added.
Taiwan proposes a zero tariff regime with US
Taiwan President Lai Ching-te on Sunday proposed a zero-tariffs regime with the United States, and to invest more in the country and remove trade barriers.
Major semiconductor producer Taiwan was hit with a 32% duty in Trump's sweeping tariffs.
Foreign Minister Lin Chia-lung said on Tuesday that Taiwan can have negotiations with the US at any time on the tariffs issue.
"As long as there is a confirmed time and method for negotiations, they can be discussed at any time with the United States," he added.
China vows to 'fight to the end'
China vowed to "fight to the end" if President Donald Trump follows through on a threatened 50% tariff hike.
Beijing has rejected calls to drop its countermeasures, setting the stage for a high-stakes standoff between the world's top two economies.
Trump said he would impose the additional 50% duty on U.S. imports from China on Wednesday if Beijing did not withdraw the 34% tariffs it had imposed on US products last week.
Those Chinese levies had come in response to 34% "reciprocal" duties announced by Trump, which were in addition to 20% he imposed earlier this year, and result in the average US tariff on Chinese goods rising to 76%.
If neither side backs down, total new US levies on Chinese goods this year could rise to 104% by Wednesday, putting pressure on Beijing.
China's commerce ministry said in a statement: "The US side's threat to escalate tariffs against China is a mistake on top of a mistake, once again exposing the American side's blackmailing nature.
"If the US insists on having its way, China will fight to the end."
Credit: Reuters UK not being ‘passive’ on trump tariffs, says Business Secretary
The UK is not standing idly by in the face of Donald Trump’s tariff blitz, Business Secretary Jonathan Reynolds has insisted.
Speaking on BBC Radio 4’s PM programme, he dismissed claims the government had failed to act: “No, I think that is completely incorrect. We've leveraged the difficult situation with the US to advance all of those talks.”
He added: “Calmness in the face of what we're seeing isn't being passive, it is actually doing the right thing in our national interest.”
While acknowledging it had been “an exceptionally challenging day,” Reynolds said: “Our job... is how we respond to this, how we navigate our way through it.”
US Treasury Secretary expects ‘productive’ talks with Japan on tariffs
US Treasury Secretary Scott Bessent says he’s hopeful for “productive negotiations” with Japan over high non-tariff barriers, despite tensions sparked by Donald Trump’s latest trade moves.
“For countries that don't retaliate, we are at a maximum tariff level, and it is my hope that through good negotiations, all we will do is see levels come down,” Bessent told Fox Business Network.
He added: “If President Trump is going to be personally involved in these negotiations, and he believes, as many of us do, that there's been an unfair playing field, so the negotiation is going to be tough.”
Earlier, Japanese PM Shigeru Ishiba urged Trump “to reconsider its measures” after the US slapped a 25 per cent levy on auto imports and a 24 per cent tariff on other Japanese goods — a move set to hit Japan’s export-heavy economy hard.
Credit: Rex