Home Trump tariffs latest: Asian markets open as world grapples with US tariffs

Trump tariffs latest: Asian markets open as world grapples with US tariffs

  2. Japanese shares have extended their falls on Monday morning.
  3. The benchmark Nikkei 225 index was down by almost 8% shortly after the market opened.
  4. The country’s major carmakers and banks have been hit particularly hard.
  7. Speaking to reporters on board Air Force One, President Trump has said that “sometimes you have to take medicine to fix something” as US stock market futures tumbled.
  8. He also says that jobs and investment are returning to the US, and the world will soon stop treating America badly.
  9. “We’re going to become a wealthy nation again, wealthy like never before,” Trump adds.
  12. Shares in Japan and South Korea have fallen in early trade on Monday as US President Donald Trump’s tariffs continue to send shockwaves around the world’s financial markets.
  13. The benchmark Nikkei 225 in Tokyo was trading 1.8% lower, while the Kospi in Seoul was more than 4% lower.
  16. US stock market futures are sharply down, indicating at this point that Wall Street shares will fall when they open on Monday.
  17. Dow Jones Industrial Average Futures are down 3.8%, or about 1,500 points, the broader S&P Futures are 4.3% lower, and tech-heavy Nasdaq Futures are down by around 5.2%.
  18. Futures are contracts to buy or sell a specific underlying asset at a future date. In this case they give an indication of how US shares may perform ahead of stock markets opening but trading can be volatile.
  19. Investors in mainland China, Hong Kong, and Taiwan will also get a chance to catch up as those markets were closed for public holidays on Friday.
  22. Image source, Reuters
  23. In his latest comments, President Trump has insisted the recently imposed US are working, describing them as “a beautiful thing to behold”.
  24. In a post on Truth Social, he wrote: “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the USA. They are already in effect, and a beautiful thing to behold.”
  25. He adds that “some day” people will realise that tariffs for the US are a “very beautiful thing”.
  28. Dharshini David
  29. Deputy economics editor
  30. The hundreds of billions wiped off shares of companies such as Apple and Nike last week demonstrate the possible damage to the economies they source from.
  31. It’s nations the like of Vietnam and Cambodia, which have built their prosperity in recent decades on becoming go-to places for affordable goods, which are likely to see the biggest economic damage.
  32. This is not to say that a global recession is an any way certain. Trade of goods is only one part of a complex global economy.
  33. But with China now retaliating, growth in most major nations seems set for a blow. This comes just as countries were putting a series of shocks, from Covid to the Ukraine war, behind them.
  36. Image source, EPA-EFE/REX/Shutterstock
  37. All eyes now are on the Asian markets which will start trading shortly.
  38. Here are the opening hours of some major stock exchanges across the vast continent:
  • Tokyo (Japan), Busan and Seoul (South Korea) – 09:00 local time (00:00 GMT; 01:00 BST)
  • Shanghai, Shenzhen and Hong Kong (China) – 09:30 local time (01:00 GMT; 02:00 BST)
  • Bombay (India) – 09:15 local time (03:45 GMT; 04:45 BST)
  3. Welcome as we restart our live coverage on the ongoing fallout from Trump’s tariff announcement.
  4. Markets across Asia are set to open soon, with Tokyo’s stock exchange beginning trading at 0900 local time (00:00 GMT, 01:00 BST). Then we have Shanghai, Hong Kong and Shenzhen Stock Exchanges opening from 01:00 GMT, (02:00 BST).
  5. Stock markets across the globe tumbled after the White House announced sweeping tariffs, with all three major stock indexes in the US plunging more than 5% on Friday. In the UK, the FTSE 100 fell almost 5%, while Asian markets also dropped.
  6. We’ll be turning our attention to the UK stock market later, when it opens at 08:00 BST, followed by the New York Stock Exchange and Nasdaq Stock Market at 14:30 BST (09:30 EDT).
  7. Despite the market turmoil, Trump officials insisted on Sunday the White House’s trade plans will go ahead.
  8. We’ll continue to bring the latest developments – stick with us.
  11. It’s been a busy weekend as countries have been reacting to US President Donald Trump’s latest wave of tariffs – with some retaliating, while others have opted to negotiate instead.
  12. Here’s a look at the week ahead:
  • Markets are set to reopen on Monday after the US stock market faced its worst two-day stretch since Covid and global markets were left in turmoil following the announcement of the latest tariffs last week. The UK stock market opens at 08:00 BST, while the Shanghai, Hong Kong and Shenzhen Stock Exchanges begin trading from around 09:00 local time (02:00 BST). The New York Stock Exchange and the Nasdaq Stock Market will begin trading at 09:30 EDT (14:30 BST)
  • Israel’s Prime Minister Benjamin Netanyahu will meet Trump at the White House on Monday for talks on tariffs and other matters. Ahead of the meeting, Netanyahu said he was “the first international leader” to meet Trump since the tariffs were introduced
  • Steeper tariffs that go beyond the 10% “baseline” will take effect on Wednesday next week. The key trading partners subject to these are the European Union, China, Vietnam, Thailand, Japan, Cambodia, South Africa and Taiwan
  • China’s retaliatory tariffs of 34% on all US goods entering the country are set to begin on Thursday
  1. As the weekend winds down, we are pausing our live coverage for now. You can stay up-to-date on all the latest developments here: Defiant Trump officials vow to stay course as countries scramble over tariffs
  4. Image source, Reuters
  5. White House officials said on Sunday dozens of countries had contacted Donald Trump to seek negotiations on the tariffs he announced last week.
  6. Several of them appeared on US networks’ weekend political talk shows. Let’s take a look at the latest comments from Trump officials on Sunday about when these tariffs might take effect:
  • When asked whether the tariffs were permanent or a negotiation tactic, Treasury Secretary Scott Bessent told NBC “that’s going to be a decision for President Trump but I can tell you that…he’s created maximum leverage for himself”
  • Commerce Secretary Howard Lutnick told the BBC’s US partner, CBS News, “the tariffs are coming, of course they are” when asked whether there was the opportunity for negotiation
  • Earlier in the interview, when pressed on whether Trump was considering postponing the implementation of tariffs to negotiate, Lutnick said: “There is no postponing. They are definitely going to stay in place for days and weeks”
  • In response to a question about Vietnam’s request for a 46-day delay to tariffs, Peter Navarro – a top adviser to President Trump – told Fox News “this is not a negotiation”, but added: “We’re always willing to listen”
  • When asked whether there is room for negotiations on CNN, Agriculture Secretary Brooke Rollins did not directly answer the question, instead saying: “We’re two business days into this new American order, so I think we have a lot to be determined, but the president is resolute in his focus”
  3. Today on Newscast Laura Kuenssberg and Jeremy Vine discuss the UK’s response to Trump’s tariffs after Chief Secretary to the Treasury Darren Jones said the era of globalisation has “ended”.
  4. The hosts also address the reaction to Israel denying entry to two British Labour MPs – a move that was described as “unacceptable” by Foreign Secretary David Lammy, but was backed by leader of the opposition, Kemi Badenoch, who said: “countries should be able to control their borders.”
  5. Listen to the full episode here.
  8. Protesters gathered in cities across the US on Saturday to denounce President Donald Trump – the largest nationwide show of opposition since he took office in January.
  9. Thousands of people turned out in Boston, Chicago, Los Angeles, New York and Washington DC, among other cities.
  10. “We’re coming together here because there’s so many of us, so many people, are being harmed by the consequences of the callous, corrupt and chaotic Trump administration,” protest organiser Rahna Epting says.
  11. You can listen to more voices on the ground here:
  12. Media caption,
  13. Thousands rally across the US in anti-Trump protests
  16. Image source, Reuters
  17. As our reporter traveling with Donald Trump has told us, the president has spent his weekend in Florida, where he participated in a golf tournament.
  18. In his first public communication of the day on Sunday, Trump has just posted a video to his Truth Social platform offering a glimpse of those golf plans.
  19. The seven-second clip shows the president swinging his club to send a golf ball soaring amid windy conditions and cloudy skies, as someone in the background shouts “Shot!”
  20. The video came minutes after the president also posted recaps of multiple advisors’ and allies’ appearances on the Sunday political talk shows defending the administration’s tariff plans.
  21. He also posted a video from Fox News in which the hosts hit out at vandalism against Elon Musk’s Tesla dealerships, which the Department of Justice recently said would be prosecuted as domestic terrorism.
  22. According to the pool reporters with the president, the White House has called a “lid” – meaning we shouldn’t expect to hear more from Trump for the day.
  25. Image source, Reuters
  26. The EU stands ready to defend its interests through proportionate counter-measures if necessary, says European Commission President Ursula von der Leyen, according to a read out of a phone call with UK PM Keir Starmer.
  27. During the call, she reaffirmed the EU’s commitment to engaging in negotiations with the US, and expressed her “deep concern” over Trump’s tariffs.
  28. According to a separate readout from Downing Street, Starmer spoke to German Chancellor Olaf Scholz and leader of the German Christian Democratic Union party Friedrich Merz, in addition to Von der Leyen.
  29. Starmer reiterated to them his disappointment over the tariffs, and “stressed he will continue to act in the UK’s national interest”, it says.
  32. Earlier we brought you a timeline of President Donald Trump’s actions on tariffs since his return to the White House in January.
  33. Now, let’s take a look at what’s happened since his self-proclaimed “liberation day” on 2 April, when he announced a swathe of fresh tariffs:
  • 3 April: Canada’s Prime Minister Mark Carney says he will match the 25% levies on carmakers with a tariff on US-made vehicles that don’t comply with an existing North American free trade agreement
  • 4 April: China announces it will impose a 34% tariff on all US imports, beginning 10 April. The stock market in the US saw its worst week since 2020 while the FTSE 100 in the UK plunged almost 5% – its steepest fall in five years
  • 5 April: The US begins collecting a 10% “baseline” tariff on all imports as Trump tells Americans to “hang tough” after the market turmoil. UK Prime Minister Keir Starmer says he’s ready to step in to “shelter British business from the storm”
  • 6 April: Indonesia and Taiwan say they won’t impose retaliatory tariffs while Israeli President Benjamin Netanyahu travels to Washington to meet Trump on Monday
  3. Image source, Getty Images
  4. A top trade adviser to Donald Trump has urged Americans “not to panic” and to “sit tight” until the market “find[s] its bottom”.
  5. After this, Peter Navarro tells Fox News, there will be the “biggest boom in the stock market we’ve ever seen”.
  • Some context: All three major stock indexes in the US plunged more than 5% on Friday, with the S&P 500 dropping almost 6%, capping the worst week for the US stock market since 2020
  3. Image source, EPA
  4. Former US Treasury secretary Larry Summers says higher inflation is “almost inevitable” under Donald Trump’s new trade order.
  5. “This is the biggest self-inflicted wound we’ve put on our economy in history,” he tells ABC News.
  6. He projects that the loss to the US economy as a result of the tariffs would be comparable to oil prices doubling, adding: “We’ve never seen anything like this before.”
  7. Summers says: “There’s no one, virtually, who doesn’t work for the president who thinks this is a good idea.”
  10. Image source, EPA
  11. US Agricultural Secretary Brooke Rollins is also talking tariffs today and she tells CNN that “markets are adjusting” to the tariffs imposed by US President Donald Trump.
  12. Her comments follow a sharp drop on Friday, when all three major US stock indexes fell more than 5%, marking the worst week for the US stock market since 2020.
  13. “We knew there would be uncertainty,” she says. “The markets are adjusting any time you’ve got a strong leader who’s looking at the long term.”
  14. Rollins adds: “We’ve got 50 countries that are burning the phone lines into the White House up.
  15. “Right now, we’re two business days into this new American order, so I think we have a lot to be determined.”
  18. Howard Lutnick is next asked during his interview with CBS News – the BBC’s US partner – if the 10% “baseline” tariff on all countries is permanent.
  19. Lutnick does not answer the question directly, saying Trump will “protect the companies that invest here”.
  20. Pressed again on this point, Lutnik says “they are definitely going to stay in place for days and weeks”, adding that the president “needs to reset global trade”.
  23. Image source, PA Media
  24. More now from the CBS News interview with US Commerce Secretary Howard Lutnick.
  25. He’s asked why two tiny, remote Antarctic islands populated mostly by penguins and seals are among the obscure places targeted by the Trump administration’s new tariffs.
  26. Lutnick denies that artificial intelligence (AI) was used to generate the tariffs plan, instead arguing that it was to close any “loopholes” for countries such as China to “ship through”.
  27. Heard and McDonald Islands – a territory which sits 4,000km (2,485 miles) south-west of Australia – are only accessible via a seven-day boat trip from Perth, and haven’t been visited by humans in almost a decade.

Page 2

  2. Image source, Getty Images
  3. Image caption,
  4. Netanyahu last visited Trump at the White House in February
  5. As we reported earlier, Israeli Prime Minister Benjamin Netanyahu is travelling to Washington DC to meet Donald Trump for talks on tariffs and other matters.
  6. Speaking to reporters as he boarded the plane, Netanyahu says he is “the first international leader that is meeting with Trump” since the new tariffs were introduced.
  7. He says this shows their “personal connection and the connection between our countries that is so essential in this time”.
  10. It’s almost 08:30 now in Washington DC.
  11. If you’re in the US and just waking up – or tuning in from anywhere else – here’s a look at the key lines from the day so far:
  • World leaders are weighing how to respond to the tariffs announced by Donald Trump last week, which unsettled the markets
  • So far, only a few countries like China and Canada have announced retaliation measures
  • Others are trying to negotiate, with Taiwan and Indonesia saying they won’t hit back, and Israel‘s Benjamin Netanyahu is heading to Washington for talks
  • As a reminder, a 10% “baseline” tariff on most countries came into force on Saturday, though some countries are also facing additional levies on imports – we’ve crunched the numbers here
  • UK Prime Minister Keir Starmer says he’s ready to use industrial policy to “shelter British business from the storm”
  • Yesterday, protesters across the US – and around the world – took part in anti-Trump rallies, many voicing anger over the president’s new trade policies
  1. We’ll keep bringing you live updates throughout the day – stay with us.
  4. Image source, Reuters
  5. Taiwan has joined the group of countries saying they won’t impose retaliatory tariffs on the US, President Lai Ching-te has announced.
  6. But Taipei will remove trade barriers, gradually boost its investments in the US and “deepen” industrial cooperation with the White House, Lai tells a meeting of executives at his residence.
  7. Just to recap, Donald Trump imposed a 32% levy on exports from Taiwan – higher than the 10% “baseline” tariff placed on all countries.
  10. British business owners have also been sharing their concerns with Laura Kuenssberg.
  11. Lynn Calder, boss of carmaker INEOS Automotive, says “everyone is going to hurt from this”.
  12. “As a small, growing brand, the US is so important to us – over 60% of our sales at the moment,” she adds.
  13. Steve Rigby, co-chief executive of tech firm Rigby Group, shares Calder’s worries about the impact of tariffs on UK businesses.
  14. “The concern for all of us right now – we’ve all seen the capital markets moving very, very actively in the last two days – is do we face a recession,” he says.
  15. But Rigby says the UK government is “playing exactly the game that they should play right now” by not taking any retaliatory action.
  18. Jennifer Meierhans
  19. Business reporter
  20. Media caption,
  21. “The most important thing is to remove the tariffs,” says Kemi Badenoch
  22. Also appearing on Sunday with Laura Kuenssberg was Conservative leader Kemi Badenoch.
  23. “The retaliatory tariffs (in the US) will make people in our country poorer,” she says on the show. “There is a place for tariffs, we did use them, but right now what they will do is make life more expensive for British consumers.”
  24. “The tariffs are going to be destructive for our businesses,” she adds.
  27. Jennifer Meierhans
  28. Business reporter
  30. Here’s more from Treasury minister Darren Jones.
  31. Speaking on the BBC’s Sunday with Laura Kuenssberg programme, he is asked: “Do you think that actually the globalisation as we’ve known it for decades is now over – that era where we can all get cheap fast fashion or cheap TVs and cheap cars because globalisation works in that way – do you think that’s done?”
  32. Jones replies: “Yeah, it’s ended. Globalisation, as we’ve known it for the last number of decades, has come to an end.
  33. “That’s why we need Britain to be strong and resilient, also build out our relationships with our allies and partners around the world.”
  34. He says this is why the government needs to invest in the domestic economy, support UK businesses and public services, and make sure there are well-skilled workers to fill jobs.
  37. Jennifer Meierhans
  38. Business reporter
  39. Earlier, Chief Secretary to the Treasury Darren Jones is asked on the BBC whether the UK government believes it can scrap the 10% tariff on its exports to the US.
  40. He doesn’t answer the question directly, but tells the Sunday with Laura Kuenssberg programme: “We’ve been clear that we are disappointed by the tariffs.”
  41. He says the government is focused on negotiating a trade deal with the US to “identify the points of friction and be able to lift those to improve trade”.
  44. Image source, Reuters
  45. If you scan across Donald Trump’s tariff chart, you’ll see that the value in the second column equals roughly half of the number in the first column for most countries. There’s a reason for that.
  46. The two columns represent:
  47. Tariffs that countries supposedly charge the US
  48. Tariffs the US will impose on other countries
  49. Initially, it was assumed that the figures were based on existing tariffs plus other trade barriers (like regulations and licensing rules) which make trade harder.
  50. But, the White House has now published its official methodology, and it turns out there is a simple equation behind it
  51. The calculations are based on a country’s goods trade deficit with the US. In other words, how much more the US imports than it exports. This number is then divided by the total value of imports from that country.
  52. Let’s use China as an example: The US buys more goods from China than it sells to them – there is a goods deficit of $295bn and the total amount of goods it buys from China is $440bn.
  53. Then, we find the percentage difference between those two numbers, which = 67% – that’s the number which appears in the first column of Trump’s chart.
  54. And to work out column two – the tariff the US wishes to impose – you simply divide that number by two.
  55. So in China’s case, the result is 34, and there you have the tariff.
  3. Image source, EPA-EFE/REX/Shutterstock
  4. The Indonesian government says it won’t retaliate against Donald Trump’s tariffs, after the US president announced an additional 32% levy on its exports on Wednesday.
  5. In a statement, chief economic minister Airlangga Hartarto says Jakarta will pursue negotiations to find a solution.
  6. It comes after some countries, including the UK, chose not to announce reciprocal tariffs on the US.
  7. Others, like China – one of the countries hit hardest by Trump’s tariffs – have announced counter-measures.
  10. BBC Persian
  11. Iran is one of several countries facing a 10% US import tariff under measures brought in by the Trump administration.
  12. But because of the limited trade between Iran and the US, the impact is expected to be minimal.
  13. Since the 1979 revolution, trade between the two countries has shrunk. In 2024, total trade is estimated at just $100m (£78m).
  14. Iranian exports – mostly niche food items – barely topped $170,000, while US exports, mainly medicines and farm products, reached around $94m.
  15. It’s still unclear if countries that import oil and fuel from the US will respond with their own tariffs. But with long-standing sanctions on Iranian oil exports, Tehran is unlikely to gain.
  16. Ironically, isolation may shield Iran from shocks, although it also blocks new opportunities.
  17. Image source, EPA-EFE/REX/Shutterstock
  18. Image caption,
  19. An Iranian painter repaints an anti-US murals in Tehran, Iran
  22. Steven Rosenberg
  23. Moscow correspondent
  24. President Trump hit more than 180 countries with tariffs. But not Russia.
  25. The pro-Kremlin Izvestia newspaper interpreted that as “an important signal of some kind of normalisation of relations [with America].”
  26. It wouldn’t be the first. Since Donald Trump returned to the White House, he’s made it clear he’s ready to repair US-Russian ties.
  27. There have been Trump-Putin phone calls and high-level US-Russia negotiations, both on Ukraine and on diplomatic ties between Moscow and Washington.
  28. There’s also talk about potential economic co-operation between the two countries.
  29. However, in recent days there have been very different signals coming from the White House suggesting that President Trump has been growing impatient with Moscow and now suspects that Russia is dragging its heels over ending the war in Ukraine.
  30. Image source, EPA-EFE/REX/Shutterstock
  33. Onur Erem
  34. BBC News Turkish
  35. Turkey is one of the countries only facing the 10% baseline tariff, so there hasn’t been much panic there.
  36. The Turkish stock exchange fell by about 1% on Friday – much less than the drops seen on the FTSE or Nasdaq.
  37. A 10% tariff can hurt some exports in Turkey, but not in a major way. In fact, it might even open up opportunities for Turkish firms to compete in the US market, as other countries, including some in Asia, are facing higher tariffs.
  38. Turkey’s top exports to the US include metals, machinery, carpets, vehicles and electronics. With higher tariffs hitting other countries, US firms may look to Turkey instead.
  39. Image source, EPA-EFE/REX/Shutterstock
  42. Trump’s 10% tariff on most imports to the US came into effect yesterday, with higher rates for countries labelled the “worst offenders” due from 9 April.
  43. Here’s how others are responding:
  44. Retaliation
  • Canada’s Prime Minister Mark Carney has vowed to retaliate soon “with purpose and with force”. Carney also said Canada would match the US’s previously announced auto tariffs, with 25% levies on all US-imported vehicles that are not compliant with the North American free trade deal
  • China, facing a total 54% tariff, says it will impose an extra 34% on US goods from 10 April
  1. Negotiation
  • On Friday, Trump said he had a “very productive call” with To Lam, head of Vietnam’s Communist Party, over tariffs. The US plans to hit Vietnam with 46% tariffs from 9 April
  • Israel’s Prime Minister Benjamin Netanyahu will meet Trump at the White House on Monday
  1. Financial support
  • Taiwan has announced T$88bn ($2.67bn; £2.1bn) in support for affected businesses, as it faces a new 32% tariff rate
  • Spain will offer €14.1bn ($15.66bn; £11.9bn) in loans and aid
  1. Read more on how other countries have responded to Trump’s tariffs here
  4. Image source, Getty Images
  5. Israeli Prime Minister Benjamin Netanyahu is set to travel to the White House to discuss tariffs and other issues with US President Donald Trump, his office said., external
  6. The meeting, scheduled for Monday, comes after the Trump administration imposed 17% tariffs on Israeli exports to the US, despite Israel lifting tariffs on imports from the US ahead of the Trump announcement.
  7. Netanyahu will be the first leader to meet with Trump after the US imposed global tariffs.
  8. Israeli exporters hope Netanyahu can negotiate to get Trump to lower or possibly remove tariffs.
  11. Image source, Getty Images
  12. Birmingham-based coffee machine maker Fracino, which exports around the world, says the 10% UK tariffs should only have a “minimal impact” on the business.
  13. Peter Atmore, head of global sales and marketing, points to the recent weakening of the dollar against the pound. If that trend continues, he says the tariffs could be “fairly easily negated”.
  14. He also says their main competition in the US comes from European manufacturers, who face a 20% tariff, while Chinese firms are hit with 54%. That means rival products are likely to become much more expensive.
  15. But there could be consequences at home.
  16. “I guess our biggest concern and threat is that these countries will dump products destined for the US market into the UK at ‘clearance’ prices and damage our well-established home market,” he says.
  17. Atmore says the government must “manage rapid support and protection very robustly” if it wants to support British manufacturers.
  20. Laura Kuenssberg
  21. Presenter, Sunday with Laura Kuenssberg
  22. Image source, Getty Images
  23. The UK’s Prime Minister Sir Keir Starmer is spending another dramatic weekend working the phones from the peace of his country pad, Chequers.
  24. So far, the other calls that could really matter, from US negotiators, have not yet resumed.
  25. Trump dangled a possible trade deal that might exempt the UK from some of the costs from tariffs during the pair’s chummy White House press conference in February.
  26. There have been significant negotiations since then by a team of around 20, led out of No 10 by Michael Ellam, the Treasury and banking veteran, and the PM’s business adviser Varun Chandra alongside the business secretary.
  27. Those talks included ideas about the UK watering down rules on electric vehicles, possible changes to a tax on tech companies (“space to talk about it”, one minister says) and changes to online safety rules (“not happening”, says a government source).
  28. But as the US government prepared for its announcements on Wednesday, talks about a deal ground to a halt.
  31. Faisal Islam
  32. Economics editor
  33. Image source, Getty Images
  34. President Donald Trump has built another wall, and he thinks everyone else is going to pay for it.
  35. But his decision to impose sweeping tariffs of at least 10% on almost every product that enters the US is essentially a wall designed to keep work and jobs within it, rather than immigrants out.
  36. The height of this wall needs to be put in historical context.
  37. What occurred this week was not just the US starting a global trade war, or sparking a rout in stock markets. It was the world’s hyper power firmly turning its back on the globalisation process it had championed, and from which it handsomely profited in recent decades.
  38. And in so doing, using the equation that underpinned his grand tariff reveal on the Rose Garden’s lawns, the White House also turned its back on some fundamentals of both conventional economics and diplomacy.
  3. Elon Musk might be hoping for a “zero-tariff situation”, but the reality is the EU is set to face a new 20% US tariff from 9 April.
  4. A 10% “baseline” tariff on all US imports came into effect yesterday, but the EU is one of several countries and territories that will be hit with extra, custom tariffs.
  5. White House officials describe these as specific “reciprocal” tariffs on what it calls the “worst offenders”.
  6. This includes countries charge higher tariffs on US goods, impose “non-tariff” barriers to US trade or have otherwise acted in ways, the White House feels, undermine American economic goals.
  7. Here’s a list of the total tariffs some countries are facing:
  11. Thousands of protesters across the US took to the streets yesterday in the biggest nationwide show of opposition since Donald Trump returned to office in January.
  12. They voiced a range of concerns about his agenda, with some carrying signs calling for an end to tariffs.
  13. Image source, Reuters
  14. Image caption,
  15. A large crowd gathers beneath a floating balloon caricaturing Trump in Los Angeles
  16. Image source, Reuters
  17. Image caption,
  18. Protesters packed New York’s Fifth Avenue
  19. Image source, Reuters
  20. Image caption,
  21. Protests were also held in Atlanta, Georgia
  22. Image source, Reuters
  23. Image caption,
  24. And many gathered at the Washington Monument in the US capital
  26. Image caption,
  27. Protests are also taking place outside the US, with this crowd gathering in London’s Trafalgar Square
  30. Image source, Reuters
  31. Elon Musk, one of Trump’s closest advisers, has said he hoped for a “zero-tariff situation” between the US and Europe.
  32. “I hope it is agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation, effectively creating a free-trade zone between Europe and North America,” he said on Saturday in a live discussion with Italy’s hard-line deputy prime minister Matteo Salvini.
  33. “And more freedom for people to move between Europe and North America, if they wish,” he continued, adding, “that has certainly been my advice to the president”.
  34. It appeared to be Musk’s first remarks about the tariff rollout.
  35. He also criticised Europe for its “stifling” regulations, saying they made it a bad place to start a new business.

Page 3

Welcome to our live coverage as we continue to follow the fallout from Trump’s announcement of a wave of global tariffs.

Writing in the Sunday Telegraph, external, UK Prime Minister Keir Starmer says he is prepared to use industrial policy to “shelter British business from the storm”.

This comes as companies rush to respond to new tariffs, including luxury car maker Jaguar Land Rover (JLR), which has confirmed it will pause shipments to the US after the White House introduced a 25% tariff on all car imports.

Meanwhile, the US president struck a defiant tone, telling Americans to “hang tough” in the face of tariff pain, adding: “The end result will be historic.”

But his comments did little to calm the crowds of protesters, who’ve gathered in cities across the US in the biggest nationwide show of opposition since the president took office in January.

We’ll keep bringing you all the latest updates and reaction throughout the day.

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