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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Traders work on the floor of the New York Stock Exchange
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Credit: Getty China launches brutal trade war attack on Trump, Musk and Vance using AI
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Credit: X Major car brand axes hundreds of jobs to survive ‘volatile’ times
Iconic British car brand Lotus has announced it will axe hundreds of jobs in "volatile" times amid US President Donald Trump's tariffs.
The manufacturer said it will cut up to 270 jobs, but promised it is "committed to the UK".
The Lotus Group - which builds luxury sports cars and electric vehicles - made the shock announcement yesterday.
Rising online car sales and the soaring cost to physically run the sites to sell the vehicles have contributed to the struggles of the industry.
But Trump's introduction of 25 per cent tariffs on car imports into the US has heaped even more pressure on brands.
Britain sends one-sixth of all the cars it builds each year to the US.
These include the popular Minis, Land Rovers and Range Rovers, McLarens and Aston Martins, and Rolls-Royces.
These are worth around £8 billion for more than 100,000 cars a year.
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US 10-yr bond yields rise as global trade war goes on
Benchmark 10-year US Treasury yields registered their biggest weekly rise in more than two decades on Friday, while the dollar fell, in a turbulent week marked by the trade war and a loss of appetite for some US assets.
Gold prices hit another record high on Friday after Beijing increased its tariffs on US imports to 125%, hitting back against US President Donald Trump's decision to hike duties on Chinese goods.
Global markets have been hit by wild swings this week as investors reacted to news following Trump's announcement of sweeping tariffs on April 2.
Even so, major US stock indexes rose more than 1% on the day as banks kicked off the first-quarter earnings season.
Federal Reserve official gives hope after stock chaos
Susan Collins, head of the Federal Reserve Bank of Boston, reassured the public that the central bank "would absolutely be prepared" to help stabilize the markets if need be.
Amid President Donald Trump's rapidly changing global trade war, investors have been worried about its impact on the US economy.
But Collins told the that the "markets are continuing to function well" and that the fed has the "tools to address concerns about market functioning or liquidity should they arise."
Wall street expert compares US market to a 'reality show'
Following a tumultuous week of trading, George Goncalves said, "It's a different US investment environment."
"It's almost like we are on The Apprentice," Goncalves said, referring to President Donald Trump's former business reality show.
"There are elements of a reality show going on in real time," he added, per .
Goncalves is the head of US macro strategy for MUFG, Mitsubishi UFJ Financial Group, Inc.
US stocks close on a high
All three major stock indexes - which track market performance - were up by the closing bell on Friday afternoon.
Friday's gains end a chaotic week for the stock market sparked by President Donald Trump's global trade war.
The S&P 500 climbed 1.8 percent and the Nasdaq composite rose 2.1%.
The Dow Jones Industrial Average gained 810 points during trading, recovering from a loss of almost 340 points earlier in the day.
By the time Wall Street closed, Dow Jones was up by 619 points.
General Motors slashes jobs as market looks uncertain
General Motors has cut jobs in half at a facility in Canada as the country battles a 25% tariff on lumber, metal, and cars.
The plant has been building the American company's EV BrightDrop delivery vans and staffed two full-time shifts throughout the day.
However, now the company will only be bankrolling one shift, and 500 people have been laid off.
“This adjustment is directly related to responding to market demand and re-balancing inventory," GM said in an emailed statement seen by .
"Production of BrightDrop and EV battery assembly will remain at CAMI."
Stocks jump before closing for the weekend
Stock prices made a dramatic comeback on Friday as soon as the White House said it's confident China will strike a tariff deal with the US.
Throughout the afternoon, the S&P 500 jumped 1.6% and the Dow Jones Industrial Average rose a massive 600 points.
Meanwhile, the Nasdaq Composite climbed 1.6%.
In a briefing, White House Press Secretary Karoline Leavitt said, "There's a great optimism in this economy.
"Inflation declined massively, consumer prices are dropping for the first time in years, energy prices are down, oil prices are down 20% since this President took office, wholesale prices fell again [...] Trust in President Trump."
Phones ringing 'off the hook' to meet with Trump
White House Press Secretary Karoline Leavitt said at a press briefing on Friday that more than 75 countries want to make a tariff deal with President Donald Trump.
"Phones have been ringing off the hook to make a deal," Leavitt said.
She added that "very good progress has been made" and that there are more than 15 offers on the table.
Leavitt said "good deals" will be made before the 90-day pause on the sweeping reciprocal tariffs is lifted.
Wells Fargo CEO concerned over shaky economy
Wells Fargo CEO Charles Scharf has opened up about his fears over President Donald Trump's sweeping global tariffs.
Though he supported some actions to enforce fair trade, he warned that some of Trump's policies could be risky.
“I'm encouraged by the administration to take on some very difficult issues," he told investors on Friday morning.
“We support the administration's willingness to look at barriers to fair trade for the US, though there are certainly risks associated with such significant actions, and we see concern playing out in the markets, and the economic uncertainty that now exists.
"Timely resolution, which benefits the US, would be good for businesses, consumers and the markets.”
Read more here
Stocks see much-needed win
The stock market finally started to show some positive signs on Friday afternoon after another turbulent week.
The S&P 500 was up 0.5% and the Dow Jones Industrial Average rose 140 points.
Meanwhile, the Nasdaq Composite saw a slight 0.7% increase.
What is Trump doing today?
- At 11 am ET, President Donald Trump had his annual physical exam
- At 4 pm, he is heading to Joint Base Andrews, where he will fly home to Mar-a-Lago for the weekend
- At 1 pm, White House Press Secretary Karoline Leavitt will give a briefing
Top JPMorgan Chase boss warns of 'uncertain future'
JPMorgan Chase top bosses have spoken out on how the uncertainty sparked by the current economic landscape is impacting consumers.
The CEO and CFO of the banking giant specifically touched on how Americans can expect their credit to be impacted by a key factor.
JPMorgan Chase CFO Jeremy Barnum and CEO Jamie Dimon discussed consumer outlook in relation to today's financial climate at the company's 2025 first quarter earnings conference call on Friday morning.
"We are pleased with another quarter of strong operating performance, but of course, the focus right now is on the future, which is obviously unusually uncertain," said Barnum.
The current administration's trade war with countries around the globe, characterized by back-and-forth tariffs, has prompted a drop in consumer sentiment about their future financial stability.
Many have voiced concerns about the stability of their retirement savings, 401(k)s, and other investments like IRAs, pensions, and mutual funds amidst the ongoing trade war.
Read more here
Trump insists tariff war is going 'really well'
President Trump wrote on Truth Social, "We are doing really well on our TARIFF POLICY.
"Very exciting for America, and the World!!! It is moving along quickly. DJT"
Wall Street opens lower
The S&P 500 sank 0.7% in early trading this morning.
The Dow Jones Industrial Average slid 306 points.
The Nasdaq composite dropped 0.4%
Stock market opens
The stock market has opened for the day.
It comes after stocks fell again on Thursday, despite a historic surge on Wednesday.
Beijing are done with raising tariffs
China says there will not be no further tariff increases from their side - regardless how Donald Trump decides to reply.
The finance ministry said the current tariff level has caused the market acceptance for US goods exported to China to cease to exist.
They added: "If the US continues to impose tariffs on Chinese goods exported to the United States, China will ignore it.
EU representative to travel to Washington to 'try and sign deals'
The European Union trade commissioner Maros Sefcovic is on his way to Washington over the weekend as he attempts “to try and sign deals” with the Trump administration.
European Commission trade spokesperson Olof Gill told Ireland’s RTE radio this morning: "The trade commissioner is gong to Washington to try and sign deals. That is what we are focused on."
It comes after the US and the EU engaged in tit-for-tat tariff hikes earlier this week.
Gill added that due to the turbulent week "all options are on the table" still.
Could we be heading towards a recession?
By Ashley Armstrong, Business Editor and Ryan Merrifield, Senior News Reporter
Stock markets can often seem separate to everyday life and the real economy.
However, the flashing red lights of tumbling share prices are a warning about investors’ views on the economy.
They have tanked because traders are betting Trump’s trade wars will damage companies’ profits and make them unlikely to invest, hire or expand.
The knock-on will be job cuts, which will lead to weakened consumer confidence and depress spending.
Larry Fink, boss of Blackrock, the world’s biggest asset manager, suggested the US may already be in recession and said the economy was “weakening”.
Analysts at Wall Street bank JP Morgan have estimated a 60 per cent chance of a global downturn while rival bank Goldman Sachs has started a “countdown to recession” and given it a 45 per cent probability.
Shares in banks, including HSBC and Barclays, plunged by levels not seen since the financial crisis.
Like with most economic trends, the market is expected to go through highs and lows each day before levelling out.
Xi Jinping warns there are 'no winners' in trade wars
China's President Xi Jinping has finally broken his silence on the ongoing trade feud between himself and Donald Trump.
A confident Xi said during a meeting in Beijing with Spanish PM Pedro Sánchez: “There are no winners in tariff wars. Going against peace means isolating yourself.”
He also appeared to try and rally Europe as he urged the EU to join forces with Beijing and speak over Trump's “unilateral intimidation”.
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France's Macron hits out at 'fragile' tariff pause
Emmanuel Macron has responded to Donald Trump's decision to pause tariffs on dozens of countries - including France - as he described the move as "fragile".
He said on X: "Fragile, because the 25% tariffs on steel, aluminium, and automobiles and the 10% tariffs on all other products still exist.
"They represent €52 billion for the European Union! Fragile, because this 90-day pause means 90 days of uncertainty for all our businesses, on both sides of the Atlantic and beyond."
Macron's passionate statement continued: "France is ready. Europe must be too. Let us remain clear-headed, united, and firmly defend our interests."
Credit: Rex US stock futures fall into the negatives
US futures are pointing to a negative start for all the major indexes on Wall Street today as the escalating trade war takes its toll.
S&P futures are down 0.75%, Dow futures are down 0.77% and Nasdaq futures are also down 0.8%.
Trillions wiped BACK off US markets as Trump hikes China tariffs
Trillions of dollars were wiped back off US stock markets yesterday after the White House confirmed 145% tariffs on China.
Investors fled for the hills - fearing further financial turbulence would result from the near-daily ratcheting up of the levies between the two economic superpowers.
And despite another day spent in the red, President Donald Trump still insisted his trade war was “going very well”.
All US stock markets suffered, the S&P 500 down 4.5%, the Nasdaq 5.25% and the Dow Jones 3.67%.
US giants Apple, Facebook’s Meta, Tesla and Microsoft all suffered heavy losses.
Mr Trump admitted “there will be a transition cost, and transition problems” to his tariffs before insisting “in the end it’s going to be a beautiful thing”.
Chinese President Xi Jinping meets with Spanish PM Pedro Sanchez in Beijing
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