Trump says he’s preparing for ‘war’ as he defends China tariffs & global stocks rally despite fears over electronics tax
- Trump spares phones, computers & chips from tariffs
- Xi Jinping breaks silence
- China raises US tariffs AGAIN
- What does the US import most from China?
- Stock market skyrockets
- China issues travel advisory
- EU hits back with 25% tariffs
- Every country on Trump's tariff list
- Trump's response to Chinese hike
- Beijing prepared to 'fight till the end'
- China hikes up tariffs on US
PRESIDENT Donald Trump has insisted his sweeping tariffs will keep America ready in case it needs to defend itself in war.
Trump said he doesn't want the US to have to depend on China for resources, days after revealing that no country will be "getting off the hook" after pausing reciprocal tariffs for 90 days.
"We're going to have our drugs made in the United States, so that in case of war, in case of whatever, we're not relying on China and various other countries, which is not a good idea," Trump told reporters on Sunday night.
His statement comes as the stock market inched up on Monday morning following a week of historic swings while markets reacted to Trump relaxing his reciprocal tariffs.
The S&P 500 was up 1.7% in early trading on Monday. The Nasdaq composite was rising 2.5% and the Dow Jones Industrial Average was up 434 points.
Apple, Nvidia, and other tech giants also rose in the market after Trump promised to exempt smartphones, computers, and other electronics from his tariffs.
However, Trump's crackdown on foreign imports shocked gamers after Sony said it will hike the price of its beloved PlayStation 5 console in markets in Europe, Britain, Australia and New Zealand - citing high inflation and fluctuating exchange rates.
The Japanese technology and entertainment giant is raising the cost of a PS5 without a disc drive by 11% to $569.59 from April 14.
The price of the same device will rise by 10% in Britain to £429.99 - or $566.90.
Manufacturers of electronics are facing headwinds including trade disruption in the wake of the imposition of tariffs by Trump.
Nintendo said earlier this month it is delaying the start of pre-orders for the Switch 2 gaming device in the United States as it examines the potential impact of tariffs.
The Switch 2, which Nintendo said last month is priced at $449.99 in the US, is the long-anticipated successor to its hit hybrid home-portable Switch and is due to launch on June 5.
Meanwhile Xi Jinping has said "there are no winners in a trade war, or a tariff war," as he kicked off a diplomatic tour of Southeast Asia today.
The Chinese president also reiterated China's commitment to global trade - unlike Trump's latest tariffs moves, he hinted.
Xi wrote in an editorial, jointly published in Vietnamese and Chinese official media: "Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment."
It comes after Trump warned that no country will be "getting off the hook" as the Republican revealed new rates will come this week.
Trump pushed back against suggestions that the pausing of "reciprocal" tariffs on Friday meant that countries initially hit with the heavy levies had been spared.
Instead, he warned that no country is "off the hook," singling out China for criticism after his administration created exceptions for certain tech products.
He said in a post on his Truth Social platform: "NOBODY is getting 'off the hook' for the unfair Trade Balances.
"Especially not China which, by far, treats us the worst!"
America had spared smartphones, computers, TVs, and microchips from a brutal 145% tariff on Chinese goods.
But, on Sunday, Trump said he would be announcing the tariff rate on imported semiconductors over the next week.
However, he revealed there would be some flexibility with various companies in the key sector.
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Man buys $2m worth of gold on mobile app amid Trump tariff chaos
AN investor bought gold bullion worth £1.5million — at the push of a button on a mobile phone app.
Last Sunday’s online transaction is believed to be one of the biggest of its kind.
And the punter made £125,000 in just seven days after the price of gold shot up amid the tariffs turmoil in the US.
A source said: “The client wants to stay anonymous but it’s extraordinary someone can buy that much gold, worth that much, and not leave the house.
“It’s not even on a computer but at the push of a button on a mobile phone app. It’s just staggering.”
The client of online gold dealer BullionVault purchased 20.44kg of gold at a price of $3,043 (£2,229) an ounce. That then jumped to $3,229 (£2,527).
It means their $2million (£1.5million) investment was this weekend worth $2,122,697 (£1,627,435).
Read the full story here.
An investor managed to buy gold bullion from their home via an app in an unusual deal Technology share prices rise
Following Donald Trump exempting smartphones and computers from tariffs, technology-related companies have seen their share price rise on Monday morning.
It comes as the European stock markets dramatically rose at the open after the US announced exemptions on smartphones among other consumer electronics from his tariffs.
The Dax in Frankfurt and Cac 40 in Paris jumped 1.8%, tracking gains in Asia as well as on Wall Street.
European stock markets rise at the open
European stock markets dramatically rose at the open after the US announced exemptions on smartphones among other consumer electronics from his tariffs.
The Dax in Frankfurt and Cac 40 in Paris jumped 1.8%, tracking gains in Asia as well as on Wall Street.
It comes despite warnings from Trump that the exemptions may not last long.
Xi Jinping calls for closer trade ties with Vietnam
Chinese President Xi Jinping has called for closer trade ties with Vietnam amidst disruptions caused by US tariffs, as he kicked off a three-nation trip to Southeast Asia in the Vietnamese capital of Hanoi.
The visit comes as Beijing faces eye-watering 145% US duties, while Vietnam is negotiating a reduction of threatened tariffs of 46% that would otherwise apply in July after a global moratorium expires.
Xi said in an article in Nhandan, the newspaper of Vietnam's Communist Party: "The two sides should strengthen cooperation in production and supply chains."
He also pushed for more trade and stronger ties with Hanoi on AI and the green economy.
Chinese President Xi Jinping arrives for a two-day state visitCredit: Reuters JP Morgan warns US recession still 'likely' despite Trump scaling back tariffs
Economists at JP Morgan have warned that, despite President Donald Trump scaling back tariffs, the US may still be likely to enter a recession.
Head of economics at the Wall Street bank Bruce Kasman said: "The post-liberation day back-pedalling has led some to breathe a sigh of relief. Not us.
"A 10pc universal tax is still a very large shock and the huge 145pc tax on China is prohibitive.
"You cannot stop trade between the world’s two largest economies and not expect damage everywhere.
"We maintain our call for a 60pc likelihood of a US/global recession."
London stock market opens higher
Britain's FTSE 100 index is seen opening higher on Monday, with futures up 1.76%.
It comes after Donald Trump exempted smartphones among other consumer electronics from his tariffs.
Trump’s commerce secretary, Howard Lutnick, said the president would enact “a special focus-type of tariff” on smartphones, computers and other electronics products in a month or two, alongside sectoral tariffs targeting semiconductors and pharmaceuticals.
The new duties would fall outside Trump’s so-called reciprocal tariffs, under which levies on Chinese imports climbed to 125% last week, he said.
“He’s saying they’re exempt from the reciprocal tariffs, but they’re included in the semiconductor tariffs, which are coming in probably a month or two,” Lutnick said in an interview on ABC’s This Week.
He predicted that the levies would bring production of those products to the United States.
Pictures: Chinese President Xi Jinping arrives in Vietnam ahead of talks
Chinese President Xi Jinping waves as he arrives for a two-day state visit, at Hanoiâs Noi Bai International Airport, VietnamCredit: Reuters 
His tour of Southeast Asia will also see him visit Malaysia and CambodiaCredit: AFP 
The plane carrying Chinese President Xi Jinping arrives at the Noi Bai International Airport in HanoiCredit: AP Chinese exports to US rose ahead of Trump tariffs
New figures have revealed that China's exports to the US rose in the first three months of the year.
Chinese exports to the US increased by 4.5 per cent in the time period as factories rushed to make shipments before the bombshell tariffs took effect, according to official data.
The US was the largest single overseas location for Chinese exports at the beginning of the year between January and March, totalling to around an eye-watering $115.6 billion - or £88.2 billion.
Chinese markets open higher on tech tariff pause
China and Hong Kong stocks rose on Monday as tech shares climbed after the White House exempted smartphones and computers from "reciprocal" US tariffs.
China's blue-chip CSI300 Index climbed 0.5%, meanwhile the Shanghai Composite Index gained 0.9% by the midday trading break.
Hong Kong benchmark's Hang Seng climbed 2.4% after an 8.5% loss last week. T
Hong Kong benchmark's Hang Seng climbed 2.4% after an 8.5% loss last week. The Hang Seng Tech Index added 2.7%.
It comes after President Donald Trump on Sunday bore down on his administration’s latest message that the exclusion of smartphones and computers from his reciprocal tariffs on China will be short-lived, pledging a national security trade investigation into the semiconductor sector.
China went from courting Trump to never yield tariff defiance
China has put civilian government officials in Beijing on wartime footing and ordered a diplomatic charm offensive aimed at encouraging other countries to push back against US President Donald Trumps tariffs, according to four people familiar with the matter.
Bridgewater's Ray Dalio says Trump trade war has put US 'close to a recession'
Ray Dalio, billionaire founder of one of the world's largest hedge funds, said on Sunday that President Donald Trump's trade war has brought the United States near to recession.
He was asked on NBC's "Meet the Press" if he thought the world's largest economy could dip into recession, usually understood as a meaningful decline in output, as a result of a trade war that has roiled global markets in recent weeks.
The Bridgewater Associates founder said, "I think that right now we are at a decision-making point and very close to a recession."
Trump advisor Navarro looks to cool spat with Musk
Donald Trump's trade advisor Peter Navarro on Sunday insisted that "everything's fine with Elon" and that "Elon and I are great", after the Tesla chief called him a "moron."
Musk, who as a fellow member of the American president's inner circle was charged with government cost-cutting, has clashed with Navarro over the tariffs broadside the president unleashed that reflects his antagonistic view of global trade.
Navarro is "truly a moron" and "dumber than a sack of bricks," Musk posted to his X social platform last week during a spat over the American parts content in Tesla vehicles.
He later dubbed the Trump advisor "Peter Retarrdo" in a separate post.
"I've been called worse. Everything's fine with Elon," Navarro told broadcaster NBC on Sunday.
"Elon is doing a very good job with his team with waste, fraud and abuse. That's a tremendous contribution to America," he added of Musk's aggressive cost-cutting through his so-called Department of Government Efficiency (DOGE).
Navarro had taken aim at Tesla after the billionaire Musk, who also owns SpaceX, proposed a free-trade zone between the US and Europe.
The economist claimed Tesla mostly assembled components like batteries and motors shipped in from factories in Asia.
Those are exactly the types of jobs Trump says his trade offensive is designed to bring back to America.
Musk retorted with studies he said showed "Tesla has the most American-made cars."
"Navarro should ask the fake expert he invented, Ron Vara," he added -- referring to a fictional pundit Navarro quoted in a series of books and a policy memo, using an anagram of his own name.
White House spokeswoman Karoline Leavitt tried last week to play down the public feud, saying that "boys will be boys and we will let their public sparring continue."
US government tries to project confidence and calm after Trump's tariff moves rattled markets
Trump administration officials were out in force across the television networks on Sunday, defending Trump's economic policies after another week of reeling markets that saw the president reverse course on some of its steepest tariffs.
White House advisers and Cabinet members tried to project confidence and calm amid Trumps on-again, off-again approach to tariffs on imported goods from around the world.
But their explanations about the overall agenda, coupled with Trump's latest statements, also reflected shifting narratives from a president who, as a candidate in 2024, promised an immediate economic boost and lower prices but now asks American businesses and consumers for patience.
Trump to impose 'special' tariffs on electronics
Trump’s commerce secretary, Howard Lutnick, said the president would enact "a special focus-type of tariff" on smartphones, computers and other electronics products in a month or two, alongside sectoral tariffs targeting semiconductors and pharmaceuticals.
The new duties would fall outside Trump's so-called reciprocal tariffs, under which levies on Chinese imports climbed to 125% last week, he said.
"He's saying they're exempt from the reciprocal tariffs, but they're included in the semiconductor tariffs, which are coming in probably a month or two," Lutnick said in an interview on ABC's This Week.
He predicted that the levies would bring production of those products to the United States.
"These are things that are national security, that we need to be made in America," he added.
Trump indicates new tariffs on smartphones, computers and some other electronics
President Donald Trump on Sunday bore down on his administration's latest message that the exclusion of smartphones and computers from his reciprocal tariffs on China will be short-lived, pledging a national security trade investigation into the semiconductor sector.
Those electronics "are just moving to a different Tariff 'bucket,'" Trump said in a social media post. "We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations."
The White House had announced the exclusions from steep reciprocal tariffs on Friday.
Trump's commerce secretary, Howard Lutnick, earlier on Sunday said that critical technology products from China would face separate new duties along with semiconductors within the next two months.
The exclusions announced on Friday were seen as a big break for technology firms such as Apple and Dell Technologies that rely on imports from China.
Trump plans separate levy on exempted electronics amid trade war
US Commerce Secretary Howard Lutnick said on Sunday that smartphones, computers and some other electronics, just exempted from steep tariffs on imports from China, would face separate new duties along with semiconductors within the next two months.
Trump says China, others not getting 'off the hook' on US tariffs
US President Donald Trump warned that no country was getting "off the hook" on his punishing tariffs, singling out China for criticism after his administration created exceptions for certain tech products.
"NOBODY is getting 'off the hook' for the unfair Trade Balances," said Trump in a post on his Truth Social platform. "Especially not China which, by far, treats us the worst!"
Tech firms ' hustling to onshore manufacturing', White House claims
Major tech firms are scrambling to shift manufacturing to the US, according to the White House, following Donald Trump’s push to cut reliance on China for critical technologies.
“Donald Trump has made clear the US cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones and laptops,” said spokesperson Karoline Leavitt in a statement.
She added that, at Trump’s direction, companies including Apple, Nvidia and Taiwan Semiconductor “are hustling to onshore their manufacturing in the United States as soon as possible”.
Credit: Splash Tech firms ' hustling to onshore manufacturing', White House claims
Major tech firms are scrambling to shift manufacturing to the US, according to the White House, following Donald Trump’s push to cut reliance on China for critical technologies.
“Donald Trump has made clear the US cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones and laptops,” said spokesperson Karoline Leavitt in a statement.
She added that, at Trump’s direction, companies including Apple, Nvidia and Taiwan Semiconductor “are hustling to onshore their manufacturing in the United States as soon as possible”.
Credit: Splash Big tech firms 'can breathe huge sigh of relief' over Trump tariff exemption
Donald Trump's decision to exempt smartphones and other key electronics from his global tariffs has been hailed as a major win for the tech industry.
Dan Ives, an analyst at Wedbush Securities, said in a note reported by Reuters: “This is the most bullish news we could have heard this weekend.”
“There is still clear uncertainty and volatility ahead with these China negotiations,” he added.
“Big Tech firms like Apple, Nvidia, Microsoft and the broader tech industry can breathe a huge sigh of relief this weekend into Monday.”
Credit: Getty Big tech firms 'can breathe huge sigh of relief' over Trump tariff exemption
Donald Trump's decision to exempt smartphones and other key electronics from his global tariffs has been hailed as a major win for the tech industry.
Dan Ives, an analyst at Wedbush Securities, said in a note reported by Reuters: “This is the most bullish news we could have heard this weekend.”
“There is still clear uncertainty and volatility ahead with these China negotiations,” he added.
“Big Tech firms like Apple, Nvidia, Microsoft and the broader tech industry can breathe a huge sigh of relief this weekend into Monday.”
Credit: Getty
Watch: Trump's hero welcome at UFC 314 in Miami, FL
Donald Trump receives hero's welcome at UFC 314 as he's flanked by MAGA entourage including Elon & granddaughter KaiWatch: Trump's hero welcome at UFC 314 in Miami, FL
Donald Trump receives hero's welcome at UFC 314 as he's flanked by MAGA entourage including Elon & granddaughter KaiTrump welcomed with standing ovation at UFC night after exempting tariffs on smartphones, TVs and chips
Donald Trump stole the spotlight at UFC 314, storming into Miami's Kaseya Center to a thunderous standing ovation.
Flanked by an entourage of political powerhouses and famous allies, the US President was welcomed to the Saturday night fight by packed arena drenched in red MAGA hats and chants of “USA!”
With Tesla billionaire Elon Musk on one side and podcast king Joe Rogan on the other, Trump pumped his fist to Taking Care of Business - turning the UFC 314 into a MAGA-rally-meets-celebrity-showdown.
In a dark suit and bold yellow tie, the Republican strongman went on to work the crowd, waving, shaking hands, and briefly dancing to YMCA as his image beamed across the arena.
Trump made the UFC showdown a family affair, as he was joined by his golfer granddaughter Kai and two other grandchildren.
You can read the full story here
Donald Trump waves to the crowd as he attends UFC 314Credit: AFP 
The US President walked into a standing ovation at the Kaseya Center in Miami, FloridaCredit: Reuters Trump welcomed with standing ovation at UFC night after exempting tariffs on smartphones, TVs and chips
Donald Trump stole the spotlight at UFC 314, storming into Miami's Kaseya Center to a thunderous standing ovation.
Flanked by an entourage of political powerhouses and famous allies, the US President was welcomed to the Saturday night fight by packed arena drenched in red MAGA hats and chants of “USA!”
With Tesla billionaire Elon Musk on one side and podcast king Joe Rogan on the other, Trump pumped his fist to Taking Care of Business - turning the UFC 314 into a MAGA-rally-meets-celebrity-showdown.
In a dark suit and bold yellow tie, the Republican strongman went on to work the crowd, waving, shaking hands, and briefly dancing to YMCA as his image beamed across the arena.
Trump made the UFC showdown a family affair, as he was joined by his golfer granddaughter Kai and two other grandchildren.
You can read the full story here
Donald Trump waves to the crowd as he attends UFC 314Credit: AFP The US President walked into a standing ovation at the Kaseya Center in Miami, FloridaCredit: Reuters