Trump Tariff Impact: Wall Street’s major indexes surged on Wednesday after US President Donald Trump announced a 90-day suspension of reciprocal and 10% tariffs, effective immediately. However, Trump clarified that the pause did not apply to China, stating that he would instead increase tariffs on Chinese exports to 125% following Beijing’s announcement of new retaliatory measures.
As of 01:26 pm EST, the Dow Jones Industrial Average had jumped 2,169.93 points or 5.76%, to 39,801.82. The S&P 500 climbed 321.89 points or 6.46%, reaching 5,304.66, while the Nasdaq Composite soared 1,229.20 points or 8.04%, to 16,497.11.
What has happened so far: China announced it will raise tariffs on US goods to 84% starting Thursday, a sharp increase from the previously announced 34%. The move is in response to President Donald Trump’s reciprocal tariff measures that recently took effect. Earlier today, US President Donald Trump‘s new ‘reciprocal’ tariffs came into effect against many countries, including the 27% on India and 104% on China. Meanwhile, China released a White Paper on US trade, state media Xinhua said. China said that it would take proper measures in response to Trump’s increasing tariffs on Chinese products. The report also said that trade disagreements between two large economies are normal, and that China is ready to talk with the US to fix the problems.
Tariff negotiations with other countries
The Trump administration is focusing on making trade deals with Japan and South Korea, according to Kevin Hassett, head of the White House National Economic Council, reported CNN. Trump said he had a good phone call with South Korea’s acting president and mentioned that they already have the basics of a deal in place. Italian Prime Minister Giorgia Meloni is also expected to meet with Trump next week, a source said, reported CNN.
Meanwhile, the European Union has told the US it is ready to talk about buying more natural gas, according to the EU’s executive branch.
Trump Tariff Live Updates: China’s strong retaliation to Trump’s tariff threat
China’s Commerce Ministry has given a staunch reaction to Trump’s 50% tariff threat. They criticised the move as “a mistake on top of a mistake” and described the tariffs as unfair and an example of unilateral bullying. The ministry stated that this escalation of tariffs highlights the “blackmailing” tactics of the US and made it clear that China would not accept such actions. Highlighting the fact that a trade war benefits no one, the ministry called on the US to abandon its aggressive stance and engage in proper negotiations based on mutual respect.
Trump Tariff Live Updates: Trump moving forward despite concerns from allies
The global economy hangs in balance as Trump’s tariffs are set to kick in on April 9. While, some countries that have been viewed as the biggest offenders are rushing to make peace with the White House to avoid further damage, others, especially China is being resilient and responding with retaliation.
According to BBC, despite concerns from some of his allies in Congress and on Wall Street, Trump is moving forward with the tariffs. When asked on Sunday how much of a market drop he would accept before changing his approach, Trump angrily dismissed the question as “stupid.”
Trump Tariff Live Updates: Hello and Welcome to our live blog!
SInce the time US President Donald Trump announced a range of tariffs, some of them have either bent the knee or have launched a trade war with counter-tariffs. The share market in India crashed on Monday while the US market kept fluctuating in volatility. A lot has been going on and if you are looking to track everything related to Trump tariffs, then welcome to our live blog! Here we will bring to you all tariff related news, global leaders’ reactions, counter-tariff threats, and all about the stock market. Stay tuned!