Trade War Live Updates: China, EU hit back at US tariffs, Trump says ‘be cool’
Trade war live updates: China and EU on Wednesday retaliated to President Donald Trump sweeping reciprocal tariffs.
Trade War Live Updates: US President Donald Trump’s sweeping reciprocal tariffs have set off a massive trade war, with tensions escalating each passing day. Nations like China and European Union have hit back at Trump tariffs by imposing retaliatory levies on American goods. Beijing on Wednesday hit back at Trump’s 104 per cent tariff on China and announced the imposition of 84 per cent retaliatory levies on US goods. Earlier, China had announced a 34 per cent additional tariff on US, which it now upped to 84 per cent….Read More
Following on China’s trail, the European Union approved tariffs to hit around €21 billion ($23.2 billion) of American goods in response to the 25 per cent duties Trump levied on EU’s steel and aluminium exports.
EU’s tariffs will reportedly target politically sensitive American states and will include products such as soybeans from Louisiana, as well as diamonds, agricultural products, poultry, and motorcycles.
With the escalating fears of recession and further trade war, Trump took to his Truth Social network and urged people to “BE COOL!” He wrote,”Everything is going to work out well. The USA will be bigger and better than ever before!”
Meanwhile, Wall Street opened at a mix on Wednesday as retaliation from China rattled the global markets once again. The S&P was 0.3 per cent higher in morning trade after having seen a low trend at the start of trading.
The Dow Jones Industrial Average was down 34 points as of 10:15 am (ET) and the Nasdaq composite was 1.1 per cent higher.
Global trade war | Key Points
Donald Trump announced sweeping reciprocal tariffs on countries across the globe last week, with levies ranging from 10 per cent to 49 per cent. His move rattled global markets and sparked the start of a massive tariff and trade war.Trump’s 26 per cent tariff on India came into effect on Wednesday, with authorities in New Delhi assessing the impact of the US levies.The trade war between China and US has triggered fears among people as the two have hit each other with additional and retaliatory tariffs. After Trump’s announcement, China first hit US with 34 per cent levy, prompting America to impose 104 per cent additional tariff on Beijing. This now has resulted in China increasing the 34 per cent retaliatory tariff to 84 per cent.The European Union has also announced the approval of tariffs to hit around $23.2 billion of US goods in response to the 25 per cent duties on its steel and aluminium exports.As China and EU struck US with tariffs, the stock market showed a mixed reaction. However, Donald Trump took to Truth Social and asked them to be calm. He also told Americans that “THIS IS A GREAT TIME TO BUY!”Earlier in the day, President Trump claimed that world leaders were “dying to make a deal” with the US and would do anything to secure a pact on tariffs. He said they are saying, “Please, please sir, make a deal. I’ll do anything sir.”
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Apr 9, 2025 9:52 PM IST
EU follows in on China’s footsteps, targets €21 billion worth goods with tariffs
After China, the European Union approved tariffs to hit around €21 billion ($23.2 billion) of US goods in retaliation for the 25 percent duties President Donald Trump imposed last month on the bloc’s steel and aluminum exports.
The tariffs will target politically sensitive American states and include products such as soybeans from Louisiana, home to House Speaker Mike Johnson, as well as diamonds, agricultural products, poultry, and motorcycles.
Apr 9, 2025 9:44 PM IST
US reacts to China’s 84% retaliatory tariff, says Beijing should come to table
Shortly after China announced 84 per cent retaliatory tariffs on American goods, US Treasury Secretary Scott Bessent told Fox Business Network that Beijing’s levy is “unfortunate”.
Bessent suggested that China “should not try to devalue their way out of” the tariff war, urging Beijing to come to the table for talks.
Instead, he said, China needs to punish those exporting fentanyl precursors to the US, an issue which has been long raised by American President Donald Trump.
Apr 9, 2025 9:32 PM IST
Trade War Live Updates: China hits back at Trump with 84% retaliatory tariff on US goods
China on Wednesday hit back at Donald Trump’s 104 per cent tariffs with its own additional tariffs of 84 per cent, up from the previously announced 34 per cent, on American goods.
The move came in the backdrop of rising tensions between Beijing and Washington over Trump’s reciprocal tariffs.
Last week, after Trump’s announcement, China had imposed a 34 per cent retaliatory tariff on US goods. However, the US President’s move to impose 104 per cent tariffs on China has prompted the latter to up its tariff rate, taking it to 84 per cent.
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Apr 9, 2025 9:29 PM IST
Donald Trump’s reciprocal tariffs triggered fears of a “trade war”. The US president imposed levies on imports from several countries, including Canada, Mexico, China, India, Vietnam, Cambodia, etc.
A trade war is an economic conflict between two nations that erupts when one country responds to another’s perceived unfair trade practices by imposing restrictions, such a tariffs, on imports.
Similar to issuing sanctions against a country, a trade war engages economic means to protest against a country or at times protect their own domestic goods from foreign competition.
However, it is possible that issuing high tariffs on imports could backfire on a country’s citizens who would have to pay higher prices for goods.
Apr 9, 2025 9:20 PM IST
Trade War Live Updates: Trump tariffs continue rising fears of global trade war, recession
US President Donald Trump last week announced sweeping reciprocal tariffs on countries across the globe, ranging from 10 per cent to 49 per cent. A levy of 26 per cent was also imposed on India.
The tariffs imposed by Trump rattled global markets, resulting in the crash of stock markets worldwide.
China, in particular, has been at loggerheads with the US over the levies.
