Trump tariffs announcement highlights: US President says ‘big business not worried’

Spain's economy minister said that the country considers Donald Trump's sweeping reciprocal tariffs to be "unfair and unjustified", adding that they "want to reach a negotiated solution with the US on tariffs".

Now facing 54 per cent tariffs on exports to the US, the world's No 2 economy China has vowed countermeasures, as did the European Union - Washington's friends and foes united in criticism of measures they fear will deal a devastating blow to global trade.

(via Reuters)

The United Kingdom's business minister, after US president Donald Trump's tariffs announcements, said that his country will "not rethink our fiscal rules" because of the levies imposed by the US.

"US remains a friend after tariffs," the minister added.

German finance minister told BBC radio that the discussions over trade negotiations are still going on despite the sweeping tariffs imposed by US president Donald Trump.

He clarified that "no one closed door on trade negotiations with the US".

German economy minister, as cited by Reuters, said that the global tariffs levied by US President Donald Trump will be "inflation day rather than liberation day" for American consumers.

A French government spokeswoman on Thursday said that France will, along with Europe, respond to the sweeping tariffs imposed by US President Donald Trump. She reaffirmed that they could "target digital services" in reciprocal measures.

"We are ready in this trade war," the spokeswoman added.

Norway's prime minister Jonas Gahr Stoere told the public broadcaster NRK on Thursday that the country will seek to negotiate with the US over the sweeping reciprocal tariffs imposed by President Donald Trump.

A 15 per cent tariff will be levied on goods imported to the US from Norway.

"This is bad news, it is very serious," Stoere told NRK, adding that, "There is an opening for negotiations here, the Americans say, and we will use that in every possible way that we can."

Union MoS Finance Pankaj Chaudhary reacted to the 26 per cent reciprocal tariff levied on India by the United States and told reporters that the government is analyse its implications. He further said that, “For (Donald) Trump, it's US first, and for (Prime Minister Narendra) Modi ji, it's India first."

Vietnam's state media reported that prime minister Pham Minh Chinh said on Thursday that the country's economic growth target of at least 8 per cent this year will remain unchanged.

Vietnam's prime minister Phạm Minh Chính has said that his government will set up a task force to deal with the tariffs imposed by US president Donald Trump.

Officials close to the development regarding the assessing of the impact of Trump's tariffs on India said that New Delhi's reaction to this "will be measured, calibrated and professional unlike some countries that threaten American imports".

India will not rush to reduce import duties on American goods despite retaliatory tariffs from Washington, HT had reported on Thursday quoting two officials aware of the matter.

“India will avoid any knee-jerk reaction, especially at a time when the two countries are negotiating a mutually beneficial bilateral trade agreement (BTA),” one of the two officials said.

As top commerce ministry officials and key government experts are assessing the impact of Donald Trump's tariffs at the Prime Minister's Office (PMO), people close to the development said that India is expected to get competitive edge over key competitors in the US, including China, Bangladesh, and Vietnam on labour intensive sectors.

Asian markets took a tumble after US President Donald Trump announced the sweeping reciprocal tariffs on Wednesday.

Tokyo's Nikkei 225 index dipped more than 3.4 per cent, while Kospi in South Korea dropped 1.8 per cent.

In Australia, the S&P/ASX 200 also went down 1.8 per cent.

French president Emmanuel Macron will on Thursday meet with representatives of the sectors that have been "impacted by the tariff measures" announced by US president Donald Trump, his office said.

US President Donald Trump's tariffs were "highly unreasonable" and the government planned "serious negotiations" with Washington, Taipei said Thursday.

"The Executive Yuan found the decision highly unreasonable and deeply regretted it, and will initiate serious negotiations with the United States," cabinet spokeswoman Michelle Lee said.

Trump announced sweeping new tariffs overnight that included a 32 percent levy on Taiwan.

Semiconductor chips, a sector that Taiwan dominates and has been a source of friction between Washington and Taipei, were excluded from the levies.

But, analysts warned that tariffs on components would have a knock-on effect for the critical chip industry.

Indian stock markets kicked off Thursday on a sour note, mirroring a global downturn sparked by Donald Trump's latest tariff announcement. Investors reacted negatively, causing key indices to plummet at the opening bell. The benchmark BSE Sensex took a hit, dropping over 800 points to open at 75,811.12, a 1.05% decline. The NSE Nifty 50 index followed suit, falling 182.05 points to open at 23,150.30, down 0.78%.

Market experts point to Trump's reciprocal tariff announcement as the culprit behind the stock market slump. Investors are fleeing to safer assets like gold, exacerbating the equity sell-off. This isn't the first time Trump's policies have impacted the Indian stock market; his tariff plans have been a recurring concern for investors.

The European Union, the US’s largest trading partner, vowed to retaliate after President Donald Trump announced sweeping tariffs against the bloc in his bid to dismantle the global trading system.

Trump, speaking from the White House on Wednesday, announced a 20% tariff on EU imports, which will take effect April 9. He repeated his assertion that the 27 member states “rip us off” and called it “pathetic.” He unveiled different duties for certain countries, including a rate well above 50% for China.

“President Trump’s announcement is a major blow to the world economy,” European Commission President Ursula von der Leyen said in a video address Thursday. “We’re preparing for further countermeasures to protect our interests and businesses if negotiations fail.”

Automotive Component Manufacturers Association of India on Thursday said that it hopes the ongoing bilateral talks between New Delhi and Washington will help mitigate the impacts of president Donald Trump's tariffs orders and lead to a balanced resolution that benefits both the economies.

ACMA President and Chairperson and Managing Director (CMD) Subros Ltd Shradha Suri Marwah said autos and auto parts and steel and aluminium articles, already subject to Section 232 tariffs at 25 per cent, announced earlier in Trump's order on March 26, 2025, are not covered in the latest order, a PTI report said.

European Commission president Ursula von der Leyen described the new Trump tariffs as a major blow to the global economy and said that the EU was prepared to respond with countermeasures in case of failed negotiations.

In a statement, she said, We are already finalising the first package of countermeasures in response to tariffs on steel. And we're now preparing for further countermeasures to protect our interests and our businesses if negotiations fail."

Japan's trade minister on Thursday said he told his US counterpart that the new sweeping tariffs, including a 24 per cent levy on Japanese imports were "extremely regrettable".

"I have conveyed that the unilateral tariff measures taken by the United States are extremely regrettable, and I have again strongly urged (Washington) not to apply them to Japan," Yoji Muto, trade and industry minister, told reporters.

The Indian commerce ministry is analysing the impact of the 26 per cent reciprocal tariffs imposed by the US on New Delhi, a senior government official said on Thursday.

According to the official, the universal 10 per cent tariffs will come into effect on all imports into the US from April 5 and the remaining 16 per cent from April 10.

The official also noted that there is a provision that if a country would address the concerns of the US, the Trump administration can consider reducing the duties against the nation.

"It is a mixed bag and not a setback for India," the official said on the Trump tariffs.

The White House criticised India for imposing "its own uniquely burdensome" testing and certification requirements in sectors like chemicals, telecom products, and medical devices, which it claimed make it "difficult or costly" for American companies to sell their products in the country.

In a fact sheet released after President Donald Trump announced broad reciprocal tariffs on nations that tax US goods, the White House said that non-tariff barriers—designed to limit imports and protect domestic industries—also prevent US manufacturers from accessing global markets.

Citing India as an example, the White House said, "India imposes its own uniquely burdensome and/or duplicative testing and certification requirements in sectors such as chemicals, telecom products, and medical devices that make it difficult or costly for American companies to sell their products in India. If these barriers were removed, it is estimated that US exports would increase by at least USD 5.3 billion annually.”

According to a Wall Street Journal report, Volkswagen will introduce an "import fee" on vehicles affected by the 25 per cent tariffs imposed by the US.

The German automaker has reportedly temporarily paused rail shipments of vehicles from Mexico and will hold at port cars arriving by ship from Europe.

China on Thursday said it "firmly opposes" the new tariffs imposed by US President Donald Trump as part of his April 2 'Liberation Day' sweep.

Beijing vowed to act with "countermeasures to safeguard its own rights and interests".

In a statement, the Chinese commerce ministry said that the US tariffs did not comply with international trade rules and seriously harm the legitimate rights and interests of the relevant parties.

Thailand prime minister Paetongtarn Shinawatra said that his country has a "strong plan" to handle the sweeping global tariffs imposed by US President Donald Trump on Wednesday, hoping to negotiate a reduction.

He said that the Thai government would take necessary steps to prevent the impact of the 36 per cent levy announced by Trump as part of its global reciprocal tariffs.