‘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...
Trump says US in talks with nations from 'all over'
The White House is in talks with "countries from all over the world," Trump said on Monday morning.
Just before the US stock market opened, Trump shared an update on his global trade war.
"Tough but fair parameters are being set," Trump wrote on his social media platform .
He said that he spoke with Japanese Prime Minister Shigeru Ishiba Monday morning and that "he is sending a top team to negotiate!"
Trump announced a 24% tariff on Japanese imports last week, and on Monday, Japan's Nikkei stock index was down 7.83%.
"They have treated the U.S. very poorly on Trade," Trump said of Japan.
"They don’t take our cars, but we take MILLIONS of theirs. Likewise Agriculture, and many other 'things,'" he added.
Trump ended his post by saying, "It all has to change, but especially with CHINA!!!"
US stocks down at opening bell
The three major US stock indexes, which track stock performance, were down when the US market opened on Monday morning.
The S&P 500 was down 3.44% while the Dow Jones Industrial Average dipped 3.11%.
The Nasdaq Composite also dropped 3.93%.
White House official defends Trump's 'perfectly sound' plan
Peter Navarro, Trump's trade adviser, said the president's tariffs are "perfectly sound and based on long-term studies that are in the academic literature."
Navarro went as far as to say the US was in an "emergency based on massive chronic trade deficit caused by systemically higher tariffs and non-tariff barriers."
The official used Vietnam as an example.
He said if Vietnam offered to end tariffs on American imports, it would not stop the US from imposing its 46 percent tariff on the Asian country.
"When they come to us and say ‘we’ll go to zero tariffs,’ that means nothing to us because it’s the non-tariff cheating that matters," he told on Monday.
Wall street expert warns of 'likely' inflation
JPMorgan Chase CEO Jamie Dimon predicted on Monday that Trump's trade war would cause "inflationary outcomes."
Dimon told shareholders in an annual letter released Monday, "The economy is facing considerable turbulence."
He warned, "We are likely to see inflationary outcomes."
But he fell short of predicting a recession, which is when there is a huge decline in the economy that lasts for over a few months.
"Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth," Dimon said in the letter obtained by .
Trump's tariff war could increase the price of iPhone by three times
Americans are being urged to brace for a price surge on everything from clothes and computers to cars, with fears of rising inflation and a looming recession.
Experts warned that prices of a lot of goods and commodities in the US could skyrocket, including the cost of iPhones, which could go up to $3,500.
But the Trump administration insists the short-term pain is a price worth paying.
Trump claims oil prices and interest rates have gone down after he slapped the world with tariffs
In a message posted on Truth Social, Trump claimed that the US is "bringing billions of dollars" and there is "no inflation".
He wrote: "Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.
"This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate.
"They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!"
Netanyahu and Trump to talk tariffs, Iran and Gaza
Israeli Prime Minister Benjamin Netanyahu was in Washington on Monday to meet Donald Trump, whom he will likely ask for a reprieve from US tariffs while seeking further backing on Iran and Gaza.
Netanyahu becomes the first foreign leader to meet Trump in the US capital since the "Liberation Day" tariffs announcement sent global markets crashing.
He was also due to discuss the war in Gaza, following the collapse of a short-lived truce that the United States had helped broker.
Arriving in Washington direct from a visit to Hungary, Netanyahu's chief objective was to try to persuade Trump to reverse the decision, or at the very least to reduce the 17 percent levy set to be imposed on Israeli imports before it takes effect.
Upon arrival, Netanyahu met with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, according to his office.
Before leaving Budapest, Netanyahu had said his discussions would cover a range of issues, including "the tariff regime that has also been imposed on Israel".
"I'm the first international leader, the first foreign leader who will meet with President Trump on a matter so crucial to Israel's economy," he said in a statement.
"I believe this reflects the special personal relationship and the unique bond between the United States and Israel, which is so vital at this time."
Analysts said Netanyahu would seek to secure an exemption from the tariffs for Israel.
"The urgency [of the visit] makes sense in terms of stopping it before it gets institutionalised," said Jonathan Rynhold, head of political studies at Bar-Ilan University in Tel Aviv.
EU needs to keep calm in response to U.S. tariffs, Dutch minister says
The EU will need to remain calm and proportionate in its response to U.S. trade tariffs and aim for negotiations, Dutch Trade Minister Reinette Klever said on Monday.
"We need to get ourselves at the table with the Americans and see how we can lower these tariffs," Klever said before a meeting of EU trade ministers in Luxembourg.
"We need to remain calm and respond in a way that de-escalates. The stock markets right now show what will happen if we escalate straight away.
"But we will be prepared to take countermeasures if needed to get the Americans at the table."
'Everyone is losing money': Hong Kong investors rattled by market rout
Hong Kong small-time investors were left reeling on Monday as US President Donald Trump's punishing tariffs and Beijing's retaliation saw the city's stock market suffer its worst day in almost three decades.
The benchmark Hang Seng Index fell by 13.2 percent -- its biggest drop since 1997 during the Asian financial crisis -- as a wider selloff played out across Asian markets also spurred by China's retaliatory levies.
At a securities brokerage in Hong Kong's finance district, where more than a dozen elderly investors stared at numbers flashing red on computer screens, the mood was grim.
A woman in her nineties surnamed Tam said she "hated" Trump.
"He cost me HK$200,000 [$25,700]," she said.
"He's nonsensical, he says one thing and changes his mind a few minutes later... How can someone in such a lofty position act like that?"
None of the Hang Seng Index's 83 constituent stocks escaped losses on Monday.
Among the biggest losers were Lenovo Group, which plunged 23 percent, and Alibaba Group, down 18 percent.
"[Trump] won't let it go, he's making a mess," said another retiree surnamed Lee.
"Everyone around me is losing money."
Taiwan refuses to hit back at US over tariffs
President Lai Ching-te has said he won't announce retaliatory tariffs against the 32 per cent rate Donald Trump imposed last week.
He said: "Taiwan has no plans to adopt retaliatory tariffs."
Taipei has suggested it will import more US goods and expand its investments in the country.
"Working together, we'll usher in a golden age of shared prosperity," Lai Ching-te wrote in a social media post today.
UK's FTSE 100 hits record one year low
The UK's FTSE 100 has plunged to a one-year low as fears deepen over the global impact of Donald Trump's tariffs - despite Sir Keir Starmer promising new measures to support under-pressure manufacturers.
Analysts have warned that the scale of disruption in global financial markets is one of the worst to be felt in decades.
The index, which tracks the country's top 100 listed firms, dropped by about five per cent in early trading on Monday as a sharp sell-off kicked in shortly after markets opened.
The panicked mood was felt across Europe, with Germany's Dax index recording a drop of about 6.5 per cent, and France's Cac 40 down around 5.3 per cent in the morning.
World stocks plummet amid Trump's global tariff war
More than 50 countries have now contacted the White House to kick off tariff trade talks as Donald Trump’s sweeping new import taxes come into force.
The Asian stock markets have fallen dramatically overnight amid fears of a global trade war.
And the US stock market futures signalled further losses before opening on Monday morning.
But Trump has dubbed the tariffs "medicines" and defended his move.
While it’s unclear how long the tariffs will stick, Washington has left the door open to lifting them if other nations agree to drop their own trade barriers.
World heading towards 'economic nuclear war'
The world could plunge into an "economic nuclear winter" if Donald Trump does not pause his sweeping global tariffs, a top US financier has warned.
Billionaire hedge fund manager Bill Ackman, who backed Trump during his election campaign last year, said the president is losing the confidence of all business leaders.
In a lengthy post on social media, the billionaire fund manager urged Trump to pause his trade war.
Ackman wrote: "The president has an opportunity to call a 90-day time out."
"That's to give time to resolve any trade issues through negotiation.
"If, on the other hand... we launch economic nuclear war on every country in the world, business investment will grind to a halt.
"Consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate."
Trump's sweeping economic changes have wiped off trillions from the US stock market.
The tariffs – now hitting goods from dozens of countries – are already sparking warnings from US retail giants that prices are “highly likely” to rise, especially after a 25 per cent duty slapped exports from Mexico.
Americans are being urged to brace for a price surge on everything from clothes and computers to cars, with fears of rising inflation and a looming recession.
But the Trump administration insists the short-term pain is a price worth paying.
Financial giant Goldman Sachs said the risk of the US hitting a recession is at 45 per cent.
Last week, JP Morgan reported it reckons the chances of a US and global recession are 60 per cent.
Experts warned that prices of a lot of goods and commodities in the US could skyrocket, including the cost of iPhones, which could go up to $3,500.
Treasury Secretary Scott Bessent told NBC's Meet the Press programme that there was "no reason" to expect a recession as a result.
Credit: Reuters Trump says Europe treated US 'very badly'
Europe has treated the US "very badly", Donald Trump said last night, doubling down on tariffs against the continent.
He said aboard Air Force One: "We take their cars, Mercedes, Volkswagen, BMW... we take millions of cars, they take no cars.
"They don't take our farm product, they don't take anything. Europe's treated us very badly. We put a big tariff on Europe."
Credit: Reuters Trump's tariffs war risks US recession up to 45 per cent
Financial giant Goldman Sachs said the risk of the US hitting a recession is at 45 per cent.
Last week, JP Morgan reported it reckons the chances of a US and global recession are 60 per cent.
UK firms sound alarm over US tariffs
British businesses are bracing for impact as US tariffs bite, with many warning they’ll be forced to raise prices, according to a snap poll by the British Chambers of Commerce (BCC).
Of the 600 firms surveyed, 62% with links to US trade said they expect to be negatively affected — with 20% fearing a "significant negative impact" on their operations.
And it could soon hit consumers’ wallets: nearly a third (32%) of those affected said they’re likely to hike prices.
But despite the growing pressure, only one in five firms backed retaliatory tariffs from the UK government.
BCC boss Shevaun Haviland said: “This data sets out very clearly the immediate impact of US tariffs and the extent of business concern.
"With retaliatory moves by other countries likely to escalate, the prospect of a global trade war is increasing, alongside a widening of the economic fallout."
She added: “This survey also gives an early warning sign on the economic impact in the UK of these tariffs, with price increases being the most likely response by firms."
All eyes on Monday markets after $6 trillion meltdown
Investors are bracing for impact as global stock markets prepare to open, following a brutal few days that saw more than $6 trillion (£4.6trn) wiped off Wall Street’s value after Donald Trump’s tariff bombshell.
The dramatic slump has sparked fears of a repeat of 1987’s infamous “Black Monday,” when the Dow Jones crashed by a record 22.6% in a single day.
CNBC’s Jim Cramer didn’t hold back, warning: “If the president doesn’t try to reach out and reward these countries and companies that play by the rules, then the 1987 scenario… has the most cogency."
But not everyone’s convinced the sky is falling.
Some analysts believe we could see limited rebounds this week — though they caution the long-term outlook remains murky.
Mark Malek from Siebert Financial struck a gloomy tone: “The bull market is dead. We might see some gains in the next few days, but for now they’re not going to be sustainable.”
Still, Team Trump is keeping it calm.
Senior White House trade adviser Peter Navarro shrugged off the nosedive, telling Fox News: "We are going to have the biggest boom in the stock market we’ve ever seen...
"People should just sit tight, let that market find its bottom and don't get shook out by the panic in the media and life is going to be beautiful under Donald John Trump. That's where we're headed."
Monday's opening bell is already being dubbed make-or-break.
Credit: EPA Trump's tariffs extend to penguin islands, says Commerce Secretary
US Commerce Secretary Howard Lutnick has defended sweeping tariffs imposed by President Donald Trump — including those targeting remote islands inhabited by penguins.
Speaking to CBS News’ Face the Nation, Lutnick insisted the tariffs would stay in place “for days and weeks,” and stressed the importance of leaving no gaps in the trade crackdown.
“What happens is, if you leave anything off the list, the countries that try to basically arbitrage America, go through those countries to us,” he said.
Even far-flung wildlife hotspots aren’t safe from the tariff net — a move aimed at stopping trade partners from dodging duties by rerouting goods through seemingly neutral zones.
You can read more about the remote islands here
Top Trump adviser tells Americans to ‘sit tight’ after market chaos
Peter Navarro, one of Donald Trump’s top trade advisers, has urged Americans to “sit tight” after a brutal week on Wall Street — promising a massive rebound once the market stabilises.
“Not to panic,” Navarro told Fox News.
“Sit tight until the market finds its bottom. After that, we’ll see the biggest boom in the stock market we’ve ever seen.”
His comments come after the S&P 500 dropped nearly 6% on Friday, with all three major US indexes plunging more than 5% — marking the worst trading week since 2020.
Credit: AFP Israel hopes Trump will ease 17% tariffs, says Netanyahu
Israeli Prime Minister Benjamin Netanyahu says he hopes to persuade Donald Trump to ease the 17% tariff imposed on Israeli goods when the two leaders meet in Washington this week.
Netanyahu is set to travel to the US on Sunday for a hastily arranged meeting with Trump on Monday.
In a statement, Netanyahu said the talks would focus on Israeli hostages in Gaza, the conflict itself, and the new tariff regime.
"I hope that I will be able to help on this issue. That is the intention," he said. "I am the first international leader, the first foreign leader, who will meet with President Trump on the issue, which is so important to the Israeli economy.
"There is a long line of leaders who want to do this regarding their economies. I think that it reflects the special personal link, as well as the special ties between the U.S. and Israel, which is so vital at this time."
India won’t retaliate against Trump tariffs, reports say
India has no plans to retaliate against Donald Trump’s 26% tariff on its exports, a government official has told Reuters.
Instead, Prime Minister Narendra Modi’s administration is exploring a clause in Trump’s order that offers relief for trading partners who “take significant steps to remedy non-reciprocal trade arrangements,” the unnamed official said.
Last month, Reuters reported New Delhi was open to cutting tariffs on $23 billion worth of US imports as part of ongoing negotiations.
‘Biggest self-inflicted wound in US economic history’ – Larry Summers slams Trump tariffs
Former US Treasury Secretary Larry Summers has blasted Donald Trump’s sweeping tariffs, calling them “the biggest self-inflicted wound we've put on our economy in history.”
Speaking to ABC News, Summers warned that higher inflation is “almost inevitable” under Trump’s new trade order and compared the economic damage to oil prices doubling.
“We've never seen anything like this before,” he said.
Summers added: “There's no one, virtually, who doesn't work for the president who thinks this is a good idea.”
Taiwan offers ‘zero tariffs’ to US in bid to ease trade tensions
Taiwan’s President Lai Ching-te has proposed starting trade talks with the US on the basis of “zero tariffs,” pledging to remove barriers rather than retaliate against Donald Trump’s sweeping new levies.
In a video message released after meeting with business leaders, Lai said: “Tariff negotiations can start with 'zero tariffs' between Taiwan and the United States, with reference to the U.S.-Canada-Mexico free trade agreement.”
Trump’s tariffs, announced Wednesday, include a 32% duty on Taiwanese goods — though semiconductors, one of Taiwan’s biggest exports, are exempt.
Acknowledging the challenges ahead, Lai said Taiwan’s economy “would inevitably have a hard time dealing with the tariffs,” but he believed the impact could be minimised.
He also said Taiwan’s cabinet is reviewing major purchases of US agricultural, industrial, and energy products, while the defence ministry has already submitted weapons requests.
“All purchases will be actively pursued,” Lai added.
Taiwanâs President Lai Ching-teCredit: Reuters France floats tougher rules on US big tech in response to tariffs
France’s economy and finance minister Eric Lombard has suggested tighter regulation on US Big Tech as a potential response to Trump’s sweeping tariffs.
Speaking to Le Journal Du Dimanche, Lombard said: “We may strengthen certain administrative requirements or regulate the use of data.”
He added that the EU could also “tax certain activities,” though did not specify which sectors might be targeted.
Lombard also warned the tariffs could hit France’s public finances: “Then GDP would fall compared to forecasts, which would worsen the deficit.”
Von der Leyen ‘deeply concerned’ by Trump tariffs, warns of possible EU countermeasures
European Commission President Ursula von der Leyen has said she is “deeply concerned” about Donald Trump’s new tariffs and warned the EU is ready to impose “proportionate countermeasures” if needed.
In a call with UK Prime Minister Sir Keir Starmer, von der Leyen stressed the threat posed by the tariffs announced on April 2, which see the EU hit with a 20% tariff as part of a group of 60 countries targeted by Trump’s reciprocal trade policy.
“The President expressed her deep concern over the tariffs announced by President Trump on 2 April and the harm they pose to all countries—both through their direct and indirect effects, including on the world’s poorest nations,” a readout of the call said.
“Recognising that the tariffs represent a major turning point for the United States, she reaffirmed the EU’s commitment to engaging in negotiations with the US, while making clear that the EU stands ready to defend its interests through proportionate countermeasures if necessary.”
Von der Leyen also stressed the importance of unity among allies: “She emphasised her determination to work with partners in responding to this new reality for the global economy, acknowledging that each trading partner will act in accordance with its own priorities.”
She has said the EU has a “strong plan” to retaliate but prefers a negotiated solution.
EU officials have not ruled out hitting US services, including suspending intellectual property rights — a move that could impact US tech firms, banks, and financial service providers.
Credit: Getty