Donald Trump Tariff Announcement LIVE Updates: China highlights trade benefits before Trump's new tariff announcement
Donald Trump Tariff Announcement LIVE Updates: US President Donald Trump is set to announce reciprocal tariffs against other countries today during an event at 4 pm in the Rose Garden of the White House, to free America from its dependence on foreign goods and deter countries from levying unfair duties on them....Read More
The tariffs which will be revealed on April 2, dubbed as ‘Liberation Day’ by Trump, will be effective immediately.
Ever since he took office for the second time, the US president has mentioned his intentions to tax global trade partners such as the European Union, India, South Korea, Brazil and others.
On April 2, the delayed 25 per cent import duties levied on Canada and Mexico, could also come into effect, after Donald Trump granted an extension to both the neighbouring countries.
Trump has also said that a 25 per cent tariff will apply April 2 onwards, on all imports from any country that buys oil or gas from Venezuela. He has also announced 25 per cent tariffs on auto imports, which will be effective from Thursday.
Key updates
- Israel has cancelled all its remaining tariffs on imports from the United States, ahead of Trump's announcement of tariffs on April 2.
- Those who make their products in America, will pay no tariffs, reported Reuters, citing White House sources.
- UK PM Keir Starmer promised that the UK would take a “calm, pragmatic approach” and not make a “knee-jerk reaction” to the tariffs Trump announced.
Donald Trump Tariff Announcement LIVE Updates: Tariffs amplifies risk of ocean shipping chaos
Donald Trump Tariff Announcement LIVE Updates: US President Donald Trump's new tariff plan has the ocean shipping industry on edge, reports Reuters.
"Importers don't know from one week to the next what their duty cost is going to be," said Kit Johnson, director of import compliance at John S. James Co., a U.S. customs broker and freight forwarder.
Italy's national industry lobby warns of massive industrial impact
Italy's national industry lobby Confindustria warned that Trump's tariffs will have a massive impact on the country's industries and urged Europe to negotiate with the US as a unified bloc to avoid further escalation.
“We will have to assess with great attention (the effects) of the tariffs that will be announced by Trump. There is a risk for Italy, our Research Centre is quantifying the impact, which will be massive,” the group's president Emanuele Orsini told daily La Stampa in an interview.
Vietnam deputy PM to visit US with key executives amid tariff threats
Vietnam's Deputy Prime Minister Ho Duc Phoc and executives from companies including Vietnam Airlines JSC and Vietjet Aviation JSC will travel to the United States this weekend as U.S. tariffs loom, Bloomberg News reported.
The two airlines are expected to meet officials from Boeing and some US banks, while Phoc is set to visit Washington.
Congress MP says PM Modi should ‘stand up to threats from America’
Congress MP Randeep Surjewala said Trump's threats to impose reciprocal tariffs are the biggest challenge of independent India facing the NDA government.
“America has given a deadline till this evening to reduce the tariffs on farmers' agricultural produce. America wants to sell American wheat and maize in India. What will happen to our farmers? We will support the government of India in protecting the rights of our farmers. The PM should show courage and conviction and stand up to threats from America,” he said.
Donald Trump Traffic Announcement LIVE UpdatesTrump's tariffs threaten UK's car industry, says research
Research from the Institute for Public Policy Research (IPPR) suggests that tariffs on car imports could put 25,000 UK jobs at risk and “completely destabilise the UK car manufacturing industry.”
Although a deal is unlikely before Trump's announcement, UK negotiators are reportedly working on an agreement with a focus on technology.
The deal is said to include possible changes to the digital services tax, which places a 2% levy on the revenues of several major US tech companies**, in exchange for an exemption from the tariffs.
UK ministers have refused to deny that changes to the digital services tax are being considered.
China highlights trade benefits before Trump's new tariff announcement
The ruling Chinese Communist Party’s official newspaper, the People’s Daily, highlighted US farmers and tech companies as beneficiaries of economic ties between the two superpowers.
The piece was credited to Zhong Sheng, a Chinese homonym for “Voice of China” often used to set out Beijing’s foreign policy views.
John Gong, a former consultant to China’s Commerce Ministry, told Bloomberg that the article appeared as Beijing’s last effort to avert Trump’s tariffs.
Congress MP moves notice to discuss US ‘reciprocal tariffs’
Congress MP Renuka Chowdhury moved a suspension of business notice in the Rajya Sabha to discuss the impact of upcoming US reciprocal tariffs, which are believed to impact India, too.
"That this House do suspend Zero Hour and relevant rules relating to Question Hour and other scheduled business to deliberate the impact of US Tariffs on India, which are slated to come into effect, beginning today i.e. April 2, 2025. The government's policy to counter the impact of these tariffs on the Indian Economy is undefined, directionless and clueless. A new US-based report, yesterday, criticised not just India's trade barriers but also some of its domestic policies like 'Make in India' and Aatmnirbhar Bharat, meant to encourage local manufacturing and supporting farmers," she wrote on the notice.
Thailand vows to cut US trade surplus amid tariff threats
Thailand has promised to reduce its trade surplus with the United States by importing more energy and food products. Officials estimate that if the US government raises tariffs by 11%, Thailand’s exports could suffer a loss of around $8 billion.
Prime Minister Paetongtarn Shinawatra’s government has prepared a plan to deal with the new tariffs, which are expected to be announced by President Donald Trump on Wednesday, said Vuttikrai Leewiraphan, permanent secretary at the Ministry of Commerce, during a briefing in Bangkok.
Thailand will take a “holistic approach” in trade talks to reduce the impact on its economy, he said.
Thailand’s trade surplus with the United States was $45 billion last year, according to the Office of the U.S. Trade Representative.
US preparing an across-the-board tariff, says report
A report by The Wall Street Journal said the US is preparing an option for an across-the-board tariff on a subset of nations that likely would not be as high as a 20% universal tariff option.
Gold prices continue to rise as investors seek safe haven
Gold prices continued to rise as global investors sought a safe haven amid economic uncertainties triggered by Trump's latest threat to levy “reciprocal tariffs.”
Spot gold was up 0.7% at $3,131.25 an ounce as of 0240 GMT. Bullion touched an all-time high of $3,148.88 on Tuesday.
U.S. gold futures rose 0.4% to $3,159.90.
“The main reason for these successive record highs has been safe-haven buying, and the geo-political uncertainty underpinning this shows no sign of letting up,” Philip Newman, managing director of Metals Focus, told Reuters.
Donald Trump Tariff News Live: Thailand may see hit of up to $8 bn from US tariffs, says official
Thailand could face a **$7 billion to $8 billion** loss due to potential U.S. tariffs if the U.S. government seeks to equalise duties between the two countries. However, it has a strategy in place for trade negotiations, senior officials said on Wednesday.
Thai semiconductor exports may be subjected to **25% tariffs** from the United States, according to **Vuttikrai Leewiraphan**, a senior official at the Ministry of Commerce, speaking ahead of U.S. President Donald Trump's expected announcement of new trade restrictions.
“Thailand collects tariffs of about 11% higher than the U.S. in agriculture and industry,” Vuttikrai said.
“So if we are hit with 11% more, we could see losses of about $7 billion to $8 billion.”
Bank of Japan says US tariffs will impact global growth, trade
Bank of Japan Governor Kazuo Ueda told Japan's parliament on Wednesday that Trump's latest “reciprocal tariffs” threat could have a huge impact on world trade and affect every country.
“The impact of U.S. tariff policy on the global economy is highly uncertain. But depending on the range and scale of U.S. tariffs, they could have a big impact on each country's trade activity,” Ueda said.
US planning 20% reciprocal tariffs on all countries, says report
The Washington Post reported that Trump's aides were contemplating a plan to raise duties on products by about 20% on goods from all countries. The expected revenue of $6 trillion from tariffs could be paid to the affected sectors as a rebate, the paper reported.
US official hints on conditional tariff reduction
US Treasury Secretary Scott Bessent told Republican lawmakers that the new announcement will represent a “cap” of the highest U.S. tariff level that countries will face and could be reduced if America's trade partners meet the administration's demands.
Australia PM vows to 'stand up for national interests' on US tariffs
Australian PM Anthony Albanese said his country will 'stand up for national interests' against Trump's recent plans to impose retaliatory tariffs on all US trade partners and not compromise on Australian regulations that are likely to be targeted by Washington.
Australia has a trade surplus with the United States, and a free trade agreement that allows duty-free entry for U.S. exports. Albanese has said his government won't retaliate against the Trump Administration with reciprocal tariffs.
China’s improving profits may help soften tariff impact on stocks
China Inc.’s outlook has brightened after a campaign to revive consumption delivered a strong earnings season, one that may offer local stocks a much-needed cushion as they brace for US tariffs, reported Bloomberg.
Fourth-quarter earnings reported by members of the MSCI China Index beat estimates by 5.1% on a weighted average basis, up from 1.8% in the prior quarter, according to data compiled by Bloomberg Intelligence.
Keir Starmer, Rachel Reeves to face questions on Trump's latest tariff plans
UK Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves will both face questions from MPs on Wednesday as Donald Trump prepares to announce major new tariffs that could derail their economic plans.
The ministers are still hopeful of securing a deal with the US that would provide some protection from the import taxes, but Starmer has acknowledged that “the likelihood is there will be tariffs” on UK exports.
Who are the ‘Dirty 15’ who Trump is likely to impose tariffs on?
US President Donald Trump is expected to announce tariffs on 15 per cent of the the country's trade partners, a group dubbed as the "Dirty 15" by Treasury Secretary Scott Bessent.
The likely list of countries includes China, the European Union, Mexico, Vietnam, Taiwan, Japan, South Korea, and Canada.
How will tariffs affect American consumers?
Ahead of Donald Trump announcing tariffs on US imports from other countries on April 2, dubbed ‘Liberation Day’, economists have stated that American consumers may suffer from increased prices, especially for food.
US consumers could see prices rise for food, from meat and dairy products to avocados and fresh fruits and vegetables, as a result of tariffs, reported Reuters.
Further, retaliatory tariffs from China, Canada and Mexico would also affect the agricultural market in the country.
Reciprocal tariffs during Trump's first term resulted in around $27 billion in lost US agricultural exports, including $25.7 billion in sales to China, according to Rabobank analysts quoted by Reuters.
‘Tariffs for the best interest of the American worker’ says White House press secretary
White House press secretary Karoline Leavitt on Tuesday spoke about the “unfair practices” by countries such as India, China, Brazil and others, which had prompted Donald Trump to impose tariffs, which will be announced on April 2.
"Wednesday, it will be Liberation Day in America, as President Trump has so proudly dubbed it," Leavitt said.
"The President will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. He's doing this in the best interest of the American worker," she added.
EU warns of counter-measures if harmful tariffs levied by Trump
European Union executive chief Ursula von der Leyen said on Tuesday, that though she would prefer to negotiate a solution, the EU had a "strong plan" in place to retaliate against tariffs announced by US President Donald Trump on April 2.
"We do not necessarily want to retaliate. But if it is necessary, we have a strong plan to retaliate and we will use it. Our objective is a negotiated solution. But of course, if need be, we will protect our interests, our people, and our companies," von der Leyen said in a speech to the European Parliament in Strasbourg, reported Reuters.
How does India plan to deal with Trump's tariffs?
As Donald Trump gears up to announce tariffs on imports from several trade partners, India has not announced counter-measures like several other countries and has expressed that the government is open to cutting tariffs on over half of US imports worth $23 billion, Reuters reported.
India has offered cuts on duties levied on imports of US farm products such as almonds and cranberries as a further concession to the Trump administration.
What are the tariffs Trump has imposed till now?
After beginning his second term in office, Donald Trump announced a 10 per cent tariff on all Chinese imports, which came into effect from March 4. In the same month, Trump also levied a 25 per cent tariff on steel and aluminium products.
In retaliation, China has also imposed a 15 per cent tariff on coal and liquified natural gas products from America, along with a 10 per cent duty on crude oil from the country as well.
Tariff on countries buying oil from Venezuela to take effect today
US president Donald Trump announced that a 25 per cent tariff on all imports from any country that buys oil or gas from Venezuela, including himself, will take effect on April 2, Wednesday.
'Made in America' products will face no tariffs
Those who make their products in America, will pay no tariffs, reported Reuters, citing White House sources. The statement comes ahead of Donald Trump formally announcing reciprocal tariffs on its trading partners on Wednesday at 4 pm EST.
UK prepares for US tariffs to hit economy
The United Kingdom's chancellor of the exchequer, Rachel Reeves told the cabinet that “the tariffs would have an impact on the UK, which has an open trading economy," as quoted by Bloomberg, on Tuesday.
PM Keir Starmer promised that the UK would take a “calm, pragmatic approach” and not make a “knee-jerk reaction” to the tariffs Trump announced.
Israel cancels all tariffs on US ahead of Liberation Day
Israel has cancelled all its remaining tariffs on imports from the United States, ahead of Trump's announcement of tariffs on April 2.
Israeli PM Netanyahu said, “The removal of tariffs on American goods is another step to open the market to competition, to diversify the economy, and to lower the cost of living.”
When will Trump's tariffs take effect in different countries?
White House spokesperson Karoline Leavitt confirmed that Donald Trump's reciprocal tariffs would take effect immediately on Liberation Day, April 2 across all countries.
A 25 per cent tariff on auto imports will take effect on April 3.
Donald Trump Tariff News Live: Trump to announce import duties for all countries today
Donald Trump is set to announce reciprocal tariffs for “all countries” today at 4 pm during an event at the Rose Garden in the White House.
Trump has promised to issue tariffs on US imports to combat unfair duties levied by other countries and deter dependence on foreign goods.
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