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

The reciprocal tariffs announced by US President Donald Trump, which includes a 10% base tariff on almost all US imports and reciprocal tariffs on sixty countries, saw the US markets plunging with S&P 500 down 6 percent and Dow down 2,231.

In response to the US duties, China hit back with 34% tariff on US goods starting April 10, adding to the worries of American businesses and traders. While the US maintains that the tariffs will eventually be better for American economy, concerns over inflation and unstable economy as a result of the tariffs surfaced. Several experts believe that the American consumers might have to bear the brunt of the tariffs as it could lead to higher price of imported goods.

Japanese Prime Minister Shigeru Ishiba referred to tariffs as a “national crisis” as their markets panicked. Vietnam said it was ready to negotiate with the US as it urged to put to the tariffs on hold, following which, President Donald Trump said that Vietnam is willing to eliminate tariffs on US.

US President Donald Trump on Friday said that big businesses weren't afraid of his tariff measures as they know they are 'here to stay'.

US President Donald Trump on Friday spoke with To Lam, the General Secretary of the Communist Party of Vietnam, and said that during the conversation, Lam expressed Vietnam's willingness to reduce its tariffs to zero if an agreement could be reached with the United States.

Sharing a post on the social media platform Truth Social, Trump wrote, "Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the US."

The S&P 500 lost 6 percent after China matched US President Donald Trump’s big raise in tariffs announced earlier this week. The move increased the stakes in a trade war that could end with a recession that hurts everyone.

The drop closed the worst week for the S&P 500 since March 2020, when the pandemic ripped through the global economy. The Dow Jones Industrial Average plunged 2,231 points, or 5.5%, and the Nasdaq composite tumbled 5.8% to pull more than 20% below its record set in December, Associated Press reported.

Increased global trade tariffs will hurt the most vulnerable and poor people, the UN's trade and development agency said Friday after US President Donald Trump's measures sparked global alarm.

The ensuing trade turbulence "hurts the vulnerable and the poor," said UNCTAD Secretary-General Rebeca Grynspan in a statement, AFP repoted.

"Trade must not become another source of instability. It should serve development and global growth," the statement added

Dow dropped by 2,000 points as the market plunged deeper after China retaliated against the tariffs announced by US President Donald Trump.

Ukraine President Zelensky isn't bothered about the new tariff measures announced by US President Donald Trump. He said that the tariffs weren't ‘a problem’ for Ukraine due to ‘small level of trade’ between both the countries, Reuters reported.

President Donald Trump said that Vietnamese leader To Lam is willing to eliminate tariffs to avoid punishing new US duties imposed on the Southeast Asian nation’s imports, Bloomberg reported.

A barrage of tariffs unleashed by US President Donald Trump has sparked a discussion among NATO members on whether the move breaches the military alliance’s treaty, Bloomberg reported.

“I think he got the point,” Eide told Norwegian broadcaster NRK. “And quite a few Europeans agreed.”

The tariffs introduced by President Donald Trump have increased the risk of higher unemployment and will likely cause higher inflation and slower growth, Federal Reserve Chair Jerome Powell said Friday.

"It is now becoming clear that the tariff increases will be significantly larger than expected," Powell told an event in Virginia in prepared remarks.

Vietnam has asked the Trump administration to put on hold its planned 46% tariff on imported Vietnamese products for up to three months to enable further negotiations to take place, Bloomberg reported.

Congressman John Moolenaar, who chairs the House Select Committee on China, released a statement endorsing President Trump's declaration of new tariffs aimed at Chinese imports, based on a report from the Select Committee on the CCP (SCCCP).

"For far too long, the Chinese Communist Party has exploited America's generosity, stolen our intellectual property, and undermined our workers," said Chairman Moolenaar, as quoted by SCCCP in a report.

US President Donald Trump said his economic policies “will never change,” as his sweeping tariffs continued to wreak havoc on the global economy, Bloomberg reported.

The comments come one day after the president indicated he would be willing to reduce his duties if other nations offered him something “phenomenal.”

Trump tariffs announcement LIVE: Oil prices sank 8% on Friday, nearing their lowest levels since the 2021 COVID-19 pandemic, amid rising global trade tensions. The sharp drop followed China’s decision to impose 34% tariffs on all US goods starting April 10, a retaliatory move in response to President Donald Trump’s recent wave of steep import levies. With countries worldwide preparing to respond to Trump's historic tariff hikes, global financial markets have taken a hit.

Trump tariffs announcement LIVE: China is set to impose a 34% tariff on all US imports beginning April 10, Xinhua News Agency reported.

The decision follows US President Donald Trump’s recent announcement of matching 34% tariffs on Chinese goods, escalating the ongoing trade tensions.

Trump tariffs announcement LIVE: Vietnam’s stock market dropped to its lowest point since mid-November, as continued US tariffs extended the market’s decline for a second straight day.

The VN Index fell as much as 5.8% during trading hours, before settling 1.6% lower by market close. Major companies like PetroVietnam Gas and Masan Group contributed significantly to the benchmark's drop.

On Thursday, the index hit its 7% daily loss limit following the US imposing one of the steepest tariff rates in the region—46% on Vietnam.

“Stock prices are under pressures of both margin call activities by local brokers and panic sentiment of retail investors,” said Nguyen Anh Duc, head of institutional brokerage and investment advisory at SBB Securities Corp. “They are facing a huge loss in a short window, and many are running away just to avoid further losses.”

Trump tariffs announcement LIVE: Volkswagen AG is planning to add the new import fees to the sticker prices of its vehicles shipped into the US. This comes after US President Donald Trump announced 25% tariffs on automobile imports into the US, which Volkswagen's cars now come under, according to a Bloomberg report.

Trump tariffs announcement LIVE: Spain's Economy Minister, Carlos Cuerpo, warned on Friday that the series of tariffs announced by US President Donald Trump could negatively impact Spain's GDP by several tenths of a percentage point, Reuters reported.

While Spain's direct exposure to the US is lower than other EU countries, Cuerpo noted that slower global trade could have an indirect effect on Spain's economy.

In response, Spain unveiled a financial aid package worth 14.1 billion euros ($15.55 billion) on Thursday. The package offers loans and direct support to businesses affected by the new US tariffs, making it one of the few major economies to provide such a solution. Spain still expects its GDP to grow by 2.6% this year.

Trump tariffs announcement LIVE: President Donald Trump provided an optimistic outlook following a sharp stock market decline on Thursday due to his tariff announcement, stating, “I think it’s going very well.”

He added, “The markets are going to boom, the stock is going to boom, the country is going to boom,” as he left the White House for a flight to one of his Florida golf clubs.

On Thursday, the Dow Jones Industrial Average plummeted over 1,600 points, leading a global selloff after Trump's announcement of tariffs on a wide range of imports. This sparked a market shock not seen since the COVID-19 pandemic.

Trump’s tariff plan, revealed on Wednesday, included a minimum 10% tax on imports, with higher rates for goods from countries like China and the European Union.

Although the market turmoil was significant, Trump shrugged it off, calling it expected. When asked about the stock market’s steepest drop in years, he likened the US economy to a sick patient in need of surgery.

Trump tariffs announcement LIVE: Japanese Prime Minister Shigeru Ishiba referred to U.S. tariffs as a “national crisis” ahead of an unusual meeting with opposition leaders to discuss a unified response, Bloomberg reported.

This came as stocks fell for the second consecutive day and the worsening economic outlook led to lower bond yields.

The shockwave from US President Donald Trump’s announcement of a 24% tariff on Japanese imports also prompted Bank of Japan Governor Kazuo Ueda and his deputy to reassure the public as economists lowered their growth forecasts.

“This is a situation that should be called a national crisis,” Ishiba stated in parliament, adding that the government was evaluating potential countermeasures. “We would like to consider what is most effective, such as retaliatory tariffs or going through the World Trade Organization,” he said.

Trump tariffs announcement LIVE: Japanese stocks plunged on Friday, hitting their lowest levels since last August, as mounting fears of a global recession following U.S. President Donald Trump's sweeping new tariffs rattled investors, Reuters reported.

By 0420 GMT, the Nikkei had dropped 3.6% to 33,474.56 and was headed for a near 10% weekly decline — its sharpest in five years.

The broader Topix index slid 4.6% to 2,448.94, eyeing an 11% weekly loss. If these declines persist, both indexes will mark their steepest weekly drops since March 2020.

The market rout followed Trump’s announcement on Wednesday of the most aggressive U.S. trade barriers in over a century, prompting investors to flee to safe-haven assets like the yen. The strengthening yen further weighed on Japanese stocks, especially exporters.

Japanese Prime Minister Shigeru Ishiba called the reciprocal tariffs announced by United States President Donald Trump a "national crisis", reported AFP. The levies of 24 percent on Japanese imports "can be called a national crisis and the government is doing its best with all parties," Ishiba said in the Parliament.

US President Donald Trump said he would consider easing the reciprocal tariffs he announced if countries offer him something "phenomenal". He also said that the reciprocal tariffs have given the US an edge on the negotiating table.

“The tariffs give us great power to negotiate...every country has called us,” Trump was quoted as saying by Bloomberg. When asked if he would considering relenting, Trump said it “depends” on what the countries are offering. “If somebody said that we’re going to give you something that’s so phenomenal, as long as they’re giving us something that’s good,” he said.

After being hit by 46% reciprocal tariffs by the United States, Vietnam has urged the Trump administration halt the imposition of the order and engage in negotiations, reported Bloomberg. The request was made in a diplomatic note by Vietnam's trade ministry soon after President Donald Trump made the announcement. The ministry has also sought a a phone call between the trade representatives of the two countries as soon as possible.

A small retail stationery business in Florida has sued US President Donald Trump over the reciprocal tariffs he imposed on China on April 2, claiming that it would suffer "severe" harm because of it, reported Bloomberg. The Pensacola-based Simplified, who has sued the President, depends on China to import products it sells. Being forced to pay extra to import products from China would inflict “competitive injury in the form of higher costs, competitive disadvantage and lost profits," according to the complainant.

“He would be empowered to declare a national emergency based on some long-running national problem, then impose tariffs purportedly in the name of that emergency — thus sidestepping the detailed constraints Congress has placed on the tariff authority it has granted,” the complaint said.