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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A closer look at China vs US tariffs
Donald Trump's trade war has certainly effected the entire globe but his biggest target has become China in recent days.
Beijing refused to accept the initial tariffs placed on them and instead imposed their own back on America - sparking days of back and forth ever since.
Here is the latest figures for both nation.
The US has placed a 145% tariff on all Chinese imports coming into America.
China responded by hiking taxes on US goods up to 125%
'Wolf of Wall Street' Jordan Belfort speaks on Trump's tariffs
The inspiration behind the "Wolf of Wall Street", Jordan Belfort, has said there's "no way" Donald Trump is guilty of insider trading or market manipulation.
Trump's opponents have claimed the president has questions to answer after he told his supporters it is a "great time to buy" shares in the middle of his chaotic trade war.
His comments came just four hours before the stock market surged on Wednesday as Trump shockingly paused tariffs.
Mr Belfort told Sky News: "I personally don't find it overly suspicious. Especially since he's told it to everybody at once.
"If he hadn't said anything and told five of his best friends 'I'm gonna ease this tariff situation - you should be buying', that would be illegal."
Amazon warns of price increase
Consumers have been warned by Amazon CEO Andy Jassy about potential price increases in the coming months.
Costs go up on millions of items through the e-commerce giant from the global reciprocal tariffs announced by President Donald Trump.
Trump gave his "Liberation Day" announcement of the tariffs on April 2, which saw at least 90 nations facing tariffs of at least 10%.
Some countries saw higher percentages, like China, which now faces a 145% tariff amid an ongoing back-and-forth battle.
On Wednesday, Trump confirmed that there would be a 90-day pause on the reciprocal tariffs aside from China, which resulted in the stock market coming alive again.
However, once the pause is completed, some top executives like Jassy argue that sellers will pass on increased import costs to American shoppers.
Read more here
China raises US tariffs AGAIN
China has announced it is raising additional tariffs on US goods to 125% in the latest move in the trade stand off.
The tariffs - which have risen from 84% - will come into effect from tomorrow, the Chinese finance ministry said.
They said in a statement: "The US's imposition of abnormally high tariffs on China seriously violates international trade rules, basic economic laws and common sense, and is completely a unilateral bullying and coercion."
‘BUY NOW’ PROBE CALL
Donald Trump is facing calls for an inquiry into market manipulation after he posted “THIS IS A GREAT TIME TO BUY” just hours before he sent stock markets rocketing.
The President posted the message on his Truth Social account on Wednesday afternoon while global money markets were in a rout.
The note was signed off with his initials, DJT, which are also the same ticker for his media group which owns Truth Social. Four hours later, he sparked the biggest stock market rally in 16 years by announcing he would pause his trade tariffs.
Shares in Trump Media and Technology Group rose by 22 per cent, while his billionaire pal Elon Musk’s Tesla enjoyed a similar rebound.
Those who followed his advice and quickly bought low and sold at the peak made a huge profit. Mr Trump bragged his billionaire broker Charles Schwab had “made two-and-a-half billion today” on the revival.
The number of Google searches for “insider trading” rocketed by 85 per cent yesterday.
Ex-White House ethics lawyer Richard Painter said securities law banned trading on insider knowledge or enabling others to do so, warning Mr Trump: “He better be careful.”
Apple flew 600 tons of iPhones into US
Apple reportedly flew 600 tons of its iPhones - equating to up to 1.5million - out of India into the US before the tariffs hit.
The tech giant chartered flights to India to build up its stocks in the US while it could still import without the new levies.
Analysts have warned that the consumer price gadgets like iPhones could rise steeply, as they rely on parts manufactured in China.
India faces a 26 percent tariff, but that has been delayed by the 90-day pause Trump announced on Wednesday.
Credit: Apple Stock market closes
The stock market has closed for the day.
The S&P 500 fell 3.5% today after having its best gain since 2008 on Wednesday.
Karoline Leavitt speaks
White House Press Secretary Karoline Leavitt showed confidence in President Donald Trump's tariffs in a brief Fox News appearance while speaking to Martha MacCallum about the arrested alleged MS-13 gang member.
Earlier today, she praised the Trump administration for its transparency.
"This is truly the most transparent, competent, and collaborative Administration in history!" she wrote on X.
Stock market continues to nosedive
Stock prices kept falling into the afternoon, as President Donald Trump admitted his sweeping global tariff plan comes with "transition problems."
The S&P 500 fell 3.6% and the Dow Jones Industrial Average crashed down a massive 1,135 points.
This came after the market posted its third-biggest day since World War II in a history rally on Wednesday night, when Trump announced a three-month pause on his reciprocal tariffs.
Now, countries are rushing to negotiate and strike a deal in the coming weeks.
Amazon forced into major change as Walmart issues warning
Amazon and Walmart have both been forced into making massive changes after President Donald Trump announced sweeping global tariffs.
Big hitting retailers who source from all over the world watched with bated breath as Trump imposed a baseline 10% reciprocal tariff on nearly every US good.
While Trump initially threatened to charge countries like Cambodia up to 97% reciprocal fees, he announced on Wednesday that he was reducing the taxes to a baseline 10% and started a 90-day pause.
However, the break does not apply to China, which is now facing a 125% price hike as the two countries launch an all-out trade war.
Despite the temporary relief in some countries, the impact of the tariff war continues to shake up major retailers.
Read more here
Secretary of the treasury warns 'bring your best deal'
Secretary of the Treasure Scott Bessent has warned countries to bring their "best deal" to the table when negotiating tariffs.
In a cabinet meeting, he said he's warning leaders that President Donald Trump will be intimately involved with each deal, so they better make a convincing offer.
Secretary of commerce applauds tariff deals
Secretary of Commerce Howard Lutnick has said that countries are pitching unprecedented trade deals after President Donald Trump's global tariff crackdown.
In a cabinet meeting, Lutnick said, "We have so many countries to talk to. It's incredible.
"They have come with offers that they never ever ever would have come with but for the moves that the president has made demanding that people treat the United States with respect."
Lutnick said the White House's biggest issue is not having enough time in the day to negotiate throughout Trump's 90-day pause on reciprocal taxes.
What does the US import most from China?
HERE is a list showing what Americans buy most from China.
- Mobile phones - $64.1 billion
- Computers and accessories - $50.5 billion
- Electric and industrial equipment - $46.2 billion
- Toys, games, and sporting goods - $30.8 billion
- Clothing and textiles - $20.3 billion
- Car parts - $15.5 billion
- Household appliances - $14.8 billion
- Telecommunications equipment - $13 billion
- Furniture and household goods - $12 billion
- Cookware, cutlery, tools - $10.2 billion
Trump speaks at a cabinet meeting
President Donald Trump has praised the slowed inflation rates and insists the US is bringing in $2 billion a day in a presidential cabinet meeting.
"We're working with a lot of different countries, and it's working out very well," he said.
"I went four years without inflation and I took hundreds of billions of dollars from China.
"Again there will be transition costs and transition problems, but in the end it's gonna be a beautiful thing."
Trump celebrates passage of 'big, beautiful bill'
President Donald Trump cheered after his budget plan overcame a huge hurdle in Congress.
In a Truth Social post, he wrote, "Congratulations to the House on the passage of a bill that sets the stage for one of the greatest and most important signings in the history of our country.
Among many other things, it will be the largest tax and regulation cuts ever even contemplated. MAKE AMERICA GREAT AGAIN!"
Shein and Temu get huge blow
Donald Trump's tariffs specifically target Chinese fast-fashion brands that previously used a tariff exemption loophole to keep prices low.
Under the de minimis tariff exemption, packages valued at $800 or less would dodge extra fees.
However, starting May 2, US-bound packages from China will face a 120% fine, no matter what the cost, reported.
This means that e-commerce clothing brands like Shein and Temu will get a huge hit in the matter of weeks.
China is actually facing blistering 145% tariff rate
The White House has clarified that Chinese imports will now be hit with a 145% tariff as President Donald Trump's new 125% is tacked on to existing fines.
Trump initially added a 20% tax on the country after accusing it of being behind fentanyl production.
This was separate from the latest reciprocal fee that he announced on Wednesday after China reacted poorly to his sweeping global tariff plan.
Trump has paused all of his extra reciprocal tariffs for 90 days and is only imposing a 10% sweeping fee.
However, he's keeping the 125% tax against China, as the eastern nation refuses to negotiate with the US, Trump said.
Trump's 'big, beautiful bill' gets major win
House Republicans have finally approved Donald Trump's spending framework, which he says will have huge tax breaks for Americans.
The so-called "big, beautiful bill" had a tough time making it through Congress due to GOP infighting by the House's most conservative representatives.
Members of the far-right House Freedom Caucus put a pause on the bill as they felt there weren't enough spending cuts.
But on Wednesday, Trump brought members into the Oval Office for a tense meeting, and House Speaker Mike Johnson said he felt confident the bill would pass.
Traders on Wall Street react to the latest market slump
Traders working on the floor of the New York Stock Exchange are working intently after numbers fell Thursday morningCredit: AP 
One trader started intently at his screenCredit: Getty 
Another trader put his head on his deskCredit: Getty JD Vance defends tariffs and blasts critics
Vice President JD Vance has blasted warmongering politicians and insisted that tariffs are a peaceful solution to global tensions.
In a post on X, he wrote, "There is a category of DC insider who wants to fight an actual war with China but also wants China to manufacture much of our critical supply.
"This is insane.
"President Trump wants peace, but also wants fair trade and more self-reliance for the American economy."
S&P 500 falls Thursday morning
The S&P 500 was down 2.3% as soon as the bell rang on Thursday morning.
This came after the index surged 9.5% on Wednesday evening after President Donald Trump announced a 90-day pause on his sweeping global tariffs.
Experts have warned that markets will fluctuate wildly as the White House negotiates with world leaders throughout the three-month break.
National Economic Council director's tariff warning
Kevin Hassett, the director for the National Economic Council, has warned it would take an "extraordinary deal" for President Donald Trump to stray from his 10% sweeping global tariffs.
In an interview with , he said it's highly unlikely that Trump would ever go below his proposed rate.
However, he does believe that affected countries will be able to strike a deal with the US throughout the president's 90-day tariff freeze.
"We had two deals almost closed last week," he said.
"Getting them closed requires the lawyers to work forever and so on, and so getting them closed by yesterday was not quite going to happen."
Trump insists 'big beautiful' tax bill on its way
President Donald Trump has said his sweeping bill of tax breaks and spending reductions is making headway after GOP infighting stalled progress.
"Great news! 'The big, beautiful bill' is coming along really well," he wrote on Truth Social Thursday morning.
"Republicans are working together nicely. Biggest tax cuts in USA history! Getting close."
The announcement came after Trump held a meeting with the hyper-conservative Freedom Caucus, which believed that the president wasn't making enough cuts.
The president is believed to have made his desires very clear, with House Speaker Mike Johnson also urging naysayers to stop the fight, according to the Associated Press.
“We’ve got to get this done,” Johnson said on Wednesday.
Market looks shaky once again after a brief surge
The stock markets on Wall Street were looking grim once again as the bell rang on Thursday morning.
Futures for the S&P 500 were down 1.7%, and futures for the Dow Jones Industrial Average dropped 1.4%.
Meanwhile, Nasdaq futures gave back 2%.
This came after the market saw a last-minute surge on Wednesday evening following President Donald Trump's announcement that he was going to pause his global tariffs for 90 days.
He also said that countries now face a baseline 10% rate instead of massive reciprocal numbers.
However, China was hit with a blistering 125% rate as it refused to play ball with the US.
Inflation slows but is still behind schedule
In March, inflation in the US rapidly slowed, but the annual rates still aren't meeting the Federal Reserve's expectations.
According to the Bureau of Labor Statistics, the consumer price index, which measures everyday costs for Americans, decreased 0.1% in March.
However, the annual rates are still up 2.4%.
Meanwhile, core prices, which measure inflation rates without more volatile food and gas costs, were up 0.1%.
Those have seen an annual increase of 2.8%.