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Trump Slaps 40% Tariffs on Myanmar, Laos in Crackdown on 14 Nations

July 8, 2025, 4:46 am

US President Donald Trump on Monday imposed a new set of tariffs on 14 nations, the highest duty of 40 per cent being imposed on Myanmar and the Lao People’s Democratic Republic. The new trade policy will become effective from August 1.

The tariffs were explained in formal letters addressed to the leaders of the nations and posted by Trump on his Truth Social site. The letters are a component of what he called “a wave of letters” that he said were being released to America’s trading partners.

Trump Warns Against Retaliation

In each letter, Trump warned against retaliatory measures, writing, “If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by will be added onto the tariffs that we charge.”

He also stated that the tariffs were “needed to reverse the decades of tariff and non-tariff measures and trade barriers” that had led to “unprecedented trade deficits with the United States.”

“The deficit is a major threat to our economy and indeed our national security,” the US President added.

Tariff Issued by Trump Shakes-Up Sparks Global Uncertainty

As Trump’s crusade to reform US trade policy continues to reveal itself, companies, markets, and policymakers are confronted with increasing uncertainty. Constant changes to tariffs are rendering it hard to schedule production. Inventory. Hiring. And inflation.

Japan and South Korea were the initial two nations included in Trump’s most recent tariff statement. Both were slapped with a 25 percent tariff under the new trade policy.

White House press secretary Karoline Leavitt, when asked why President Donald Trump had chosen to target Japan and South Korea first, said it was “the president’s prerogative.”

“Those are the countries he chose,” she added.

Trade Agreements in Progress

She further added that the Trump administration is “close” to finalising agreements with several other trading partners and that Trump “wants to ensure these are the best deals possible.”

Full List of Affected Countries and Tariff Rates

Bangladesh: 35%
Bosnia and Herzegovina: 30%
Cambodia: 36%
Indonesia: 32%
Japan: 25%
Kazakhstan: 25%
Lao People’s Democratic Republic: 40%
Malaysia: 25%
Myanmar: 40%
Republic of Serbia: 35%
Republic of Tunisia: 25%
South Africa: 30%
South Korea: 25%
Thailand: 36%

Trump Refuses to Extend Tariff Pause as India Seeks Relief

June 30, 2025, 1:01 pm

President Donald Trump confirmed that he will not extend the 90-day pause on global tariffs beyond July 9. This decision adds urgency to the ongoing India-US trade negotiations in Washington.

India Extends Stay to Finalize Deal

Although trade talks between the two nations were originally scheduled to end on June 27, Indian officials extended their visit by a day. They hope to reach an interim deal before the tariff deadline, Bloomberg reported.

India Demands Full Tariff Exemption

India is asking for complete exemption from the 26% reciprocal tariff that the US had announced on April 2. The US had paused this tariff temporarily, but a 10% base tariff still remains in place. If talks fail by July 8, India could face new tariff pressure.

Trump Warns of New Tariffs

In an interview with Fox News, Trump said, “I don’t think I’ll need to [extend the pause]. I could, no big deal.” He added that countries will soon receive letters about the new tariffs. “We’ll look at how a country treats us — are they good, are they not so good — some countries we don’t care, we’ll just send a high number out.”

He explained those letters would say, “Congratulations, we’re allowing you to shop in the United States of America, you’re going to pay a 25 per cent tariff, or a 35 per cent or a 50 per cent or 10 per cent.”

US Focuses on Market Access

The US wants India to open its markets further, especially in agriculture, dairy, and energy. Washington also wants India to lower tariffs on products like soybeans, corn, ethanol, wheat, and apples—goods that the US once sold in large volumes to China.

The US is also urging India to allow genetically modified (GM) crops, but India has refused, citing risks to farmers and food security.

India Pushes Back on US Demands

India has made it clear that it won’t sign a deal unless the US addresses two major concerns:

Zero-duty access for Indian exports like textiles, leather goods, pharmaceuticals, engineering items, and auto parts
Protection against future US tariffs

Additionally, India is unwilling to reduce duties in agriculture and dairy—two areas considered politically and economically sensitive.

US Unwilling to Offer Zero Tariffs

While American negotiators have shown interest in a deal, they informed India that zero-duty access is not possible right now. However, discussions remain active.

Why This Deal Matters

India wants to protect its domestic sectors while entering the US consumer market, which is the largest globally. On the other hand, the US wants to boost exports, cut its trade deficit, and deepen ties with India, especially as tensions with China grow.

Trump Remains Optimistic

Despite sticking to the tariff deadline, Trump expressed confidence in a possible deal with India. Last week, he said a trade pact with India is “a very big” deal and likely to happen soon.

Court Rejects Trump Team’s India-Pak Ceasefire Tariff Defence

May 29, 2025, 12:10 pm

A US federal trade court has ruled against Donald Trump’s effort to impose blanket tariffs, dismissing the administration’s claim that tariffs were needed to help bring a ceasefire between India and Pakistan.

The New York Court of International Trade held that Trump had gone beyond his statutory powers when he imposed new tariffs, including a 26% tariff on Indian imports. A three-judge panel said, “The court does not pass upon the wisdom or likely effectiveness of the President’s use of tariffs as leverage.”

The government had argued that the 10 May 2025 India-Pakistan ceasefire was the outcome of strategic American trade proposals. The court, however, did not buy that explanation and shut down the tariff proposal.

Tariffs Presented as Foreign Policy Tool

In a 23 May court submission, U.S. Secretary of Commerce Howard W. Lutnick supported Trump’s exercise of emergency authority under the International Emergency Economic Powers Act (IEEPA) as “a powerful foreign policy tool.” He contended that constricting presidential power under IEEPA had far-reaching implications, saying it would affect all strategic applications of economic leverage.

Lutnick cautioned that, “a negative ruling that limits presidential authority in this instance would cause India and Pakistan to doubt the legitimacy of President Trump’s proposal, endangering the safety of a whole region and the lives of millions.” He further pointed out that Trump’s approach forced China to the negotiating table, accusing Beijing of being responsible for drug trade and the loss of American jobs.

India Rejects U.S. Role in Ceasefire

Indian officials, however, strongly dismissed claims that the United States helped broker the May 10 ceasefire. They clarified that the halt in fighting resulted from direct communication between the military leadership of both countries.

According to India, the confrontation began on 7 May following the deadly Pahalgam terror attack that killed 26 people. In response, India launched Operation Sindoor, targeting nine terror camps in Pakistan and Pakistan-occupied Kashmir.

The court battle goes back to 2 April, when Trump introduced fresh tariffs, which included a 10% charge on most imports and even higher tariffs on imports from China and the European Union. He referred to the plan as “Liberation Day” and went on to suspend some of the stricter measures in hopes of pursuing trade agreements.

The legal action was brought by attorneys general from 12 Democrat states, who referred to the tariff action as “unlawful and arbitrary.” The court decision now threatens to be a major blow for the former administration’s effort to associate aggressive trade policy with global peacemaking.

BRICS Hits Out at Trump’s Tariff Surge, Warns of Economic Fallout

April 30, 2025, 2:49 am

BRICS countries’ foreign ministers, such as China and Russia, on Tuesday criticized the “revival of trade protectionism” at the Rio de Janeiro summit dominated by President Donald Trump’s tariff rampage.

Brazilian Foreign Minister Mauro Vieira, whose country is presiding over BRICS in its rotating presidency, told the 11-member bloc it reaffirmed its “strong rejection” of protectionism, stopping short of a direct reference to Donald Trump.

Trump’s Tariff Onslaught Sparks Global Alarm

Since coming back to the White House in January, the American leader has imposed a blanket 10 percent tariff on dozens of nations but China is subjected to up to 145 percent duties on most goods.

Beijing retaliated with tariffs of 125 percent on American imports. The trade conflict between the two largest economies has alarmed global markets and drawn sharp criticism from international partners. While Washington defends its stance as a move to protect domestic manufacturing and jobs, other world powers view it as a blow to multilateral trade rules and economic cooperation.

BRICS Emerges as Voice Against Western Economic Pressure

Brazil, Russia, India, and China created the BRICS group in 2009, later adding Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, South Africa, and the United Arab Emirates. It now serves as a principal arena where non-Western powers conduct debate.

Together, BRICS represents a significant portion of global GDP and population, and the bloc has increasingly positioned itself as a counterweight to Western-led institutions such as the G7 and the IMF.

Foreign ministers who met in Rio three months prior to a summit of leaders did not make a joint declaration but Vieira reported there was “absolute consensus” regarding the topic of “trade conflicts and tariffs.”

The unity on trade among BRICS members signals a growing resolve to challenge what they see as unfair global economic practices and revive momentum for fairer, more inclusive trade norms.

US Treasury Secretary Calls China Trade War ‘Unsustainable’

April 23, 2025, 2:11 am

US Treasury Secretary Scott Bessent on Tuesday said that the ongoing tariff war against China is unsustainable, saying that a ‘de-escalation’ in the trade war between the two nations is expected in the near future.

At an exclusive speech in Washington for JPMorgan Chase, Bessent warned that negotiations between the US and China were yet to officially begin.

The Trump administration last week introduced a blanket new tariff of up to 245 per cent on Chinese imports, sparking a fierce intensification of the trade war between the US and China. The move was outlined in a fact sheet made public by the White House.

US Tariff on China

“China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions,” the White House said.

This tariff rate consists of a 125 per cent reciprocal tariff, a 20 per cent tariff to respond to fentanyl crisis, and Section 301 tariffs on certain products, 7.5 per cent to 100 per cent.

China’s Response and Market Impact

China, in turn, retaliated against Trump’s tariffs with a 125 per cent tariff on US goods and stated that Washington’s imposition of “abnormally high tariffs on China seriously violates international and economic trade rules.”

The broad Trump tariffs against various countries have caused the stock market to fall down and interest rates on US debt to rise as investors’ fear of decelerating economic growth continued to hang over it.

Outlook for De-escalation and a Future Agreement

“I do say China is going to be a slog in terms of the negotiations,” The Associated Press quoted Bessent as saying. “Neither side thinks the status quo is sustainable,” he added.

He also said that a de-escalation of the trade war between the world’s two largest economies will come in the very near future. He said at the JPMorgan Chase event that a comprehensive deal between China and the US could happen in two to three years.

Little after Bessent’s comments, US shares bounced back, the S&P index rising as high as 2.9 percent, a report by Bloomberg noted.

Potential Trade Deal with China

The Donald Trump administration so far has held talks with representatives of Japan, India, South Korea, the European Union, Canada and Mexico, among other countries, to discuss the US tariffs.

Though there is a possibility of negotiations regarding his comprehensive reciprocal tariffs, the US president has not made any public indications that he will eliminate his starting-point 10 per cent tariff.

White House press secretary Karoline Leavitt explained to the press that Trump had informed her “we’re doing very well” about a “potential trade deal with China.”

On Monday, China warned other nations against negotiating trade agreements with the US that might hurt Beijing. The Chinese commerce ministry stated in a release, “China firmly opposes any party reaching a deal at the expense of China’s interests.”

Financial Markets and the Fed Factor

Leavitt has stated that until now the Trump administration has seen 18 bids from other nations for their own respective trade agreements with Washington, adding that “everyone involved wants to see a trade deal happen.”

The tensions within the financial markets have also been greatly heightened due to Trump’s urging the Federal Reserve to lower its benchmark interest rate and his declaration that he could remove Fed Chair Jerome Powell if he were to desire so.

Leavitt wrote that Donald Trump thinks the Fed is holding back by keeping rates constant as it waits for the effects of tariffs “in the name of politics, rather in the name of what’s best for the American economy.”

Moreover, a Politico report also mentioned that the White House was on the verge of making an announcement about a high-level agreement with both Japan and India. Although, these are anticipated to significantly indicate a willingness to negotiate on particular issues pending detailed design.

Trump Raises China Tariff to 125%, Imposes 90-Day Pause and 10% Reciprocal Tariff Cut

April 9, 2025, 11:45 pm

Washington, D.C. – In a strong statement aimed at addressing what he called China’s “lack of respect” for global trade markets, Donald Trump has announced an immediate increase in tariffs on Chinese imports, raising the rate to 125%.

Trump’s post, shared via his official social media account, emphasized that the days of “ripping off the USA and other countries” are over. He said the new tariff measure is meant to force China to realize that such actions are “no longer sustainable or acceptable.”

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump declared.

Global Talks Underway

Trump also acknowledged that over 75 countries have reached out to the United States, requesting negotiations on trade-related topics such as:

Tariffs
Trade Barriers
Currency Manipulation
Non-Monetary Tariffs

These discussions are being handled by the U.S. Departments of Commerce, Treasury, and the USTR (United States Trade Representative).

Temporary Relief: 90-Day Pause

As a gesture of goodwill and recognizing global cooperation, Trump announced a 90-day pause on further trade actions. Additionally, he authorized a 10% reduction in reciprocal tariffs during this period, effective immediately.

“These countries have not retaliated in any way, shape, or form… I have authorized a 90-day PAUSE and a substantially lowered Reciprocal Tariff during this period,” he said.

What This Means

The tariff hike may strain U.S.-China trade ties further.
A 90-day window could allow space for diplomatic negotiations.
The temporary reciprocal tariff cut could be a signal of potential compromise.

Trump’s statement closes with a note of urgency and finality:

“Thank you for your attention to this matter!”

This development is expected to impact global trade dynamics significantly in the days to come.

Indian Market Crash: ₹20 Lakh Crore Vanishes in 10 Seconds After Trump Drops Tariff Bomb

April 7, 2025, 12:13 pm

Indian equity markets crashed to a 10-month low on Monday morning, shaken by the blanket tariffs announced by US President Donald Trump. In the minutes after the opening bell, the Sensex plummeted by 3,939.68 points to hit 71,425.01, while Nifty dropped 1,160.8 points to close at 21,743.65. The sudden crash erased more than Rs 20 lakh crore of investor wealth, mirroring the panic in markets following Trump’s hardline trade approach.

The Sensex, which consists of the largest 30 firms listed on the Bombay Stock Exchange (BSE), recovered slightly but was still more than 2,700 points behind at 10 am. Nifty, meanwhile, hovered just above 22,000. The rupee also felt the heat, opening 30 paise lower at 85.74 against the US currency.

Trump’s Tariff Bombshell Jolts Markets

The market volatility is a result of a fresh round of tariffs imposed by President Trump. These levies on individual countries are meant to retaliate against what Trump refers to as “unfair” trade practices. Tariffs now go up to 50%, with India being hit with a 26% rate plus a global floor duty of 10%. These actions have unsettled the global investor community and caused shockwaves in Asian and emerging markets.

In a defiant remark to the press, Trump had no apology for the market upheaval. “sometimes, you have to take medicines to fix up things,” he said, justifying the tariffs as needed to revive American industries.

#WATCH | As the US stock markets tumbled after the imposition of retaliatory tariffs, US President Donald Trump says, “…I don’t want anything to go down. But, sometimes, you have to take medicines to fix up things.”

(Source – US Network Pool via Reuters) pic.twitter.com/kzeliFsu7r

— ANI (@ANI) April 7, 2025

Experts Warn of Economic Fallout

Market analysts think the fallout is not so much about domestic factors and more about India’s vulnerability to worldwide portfolio flows. They are calling for immediate financial reforms to shield the country from the domino effect of a global economic meltdown.

India will be in the firing line, not because of homegrown issues but as a connected link in the cross-country portfolio flows. India will require a fiscal, monetary, and reform package to shield the home economy from this worldwide economic winter that is set to fasten,” said Ajay Bagga, one of the popular market pundits, to ANI.

SEBI-registered analyst Sunil Gurjar explained that the Nifty50 has already crossed its first support level and is moving towards the second, which is a point of concern in terms of a drawdown trend.

Asian Equities Hit Hardest

Asian markets suffered the most from the initial panic. China’s benchmark indices dropped more than 4%, while Hong Kong’s Hang Seng index crashed over 10%. Japan’s Nikkei plummeted over 8% in early trading and closed 6.5% down. Taiwan’s key index collapsed by almost 10%, while Singapore’s fell over 8%.

China has already retaliated with a 34% retaliatory tariff, aggravating tensions between the world’s two biggest economies.

Wall Street Prepares for a Punch

New York Stock Exchange futures indicate a dismal morning when US markets resume. Wall Street is anticipated to reflect the Asian market debacle, further fueling apprehensions of a pending global downturn.

“The market is free-falling again, breaking through floors. Trump’s people aren’t blinking. The tariffs are being viewed as a victory lap, not a bargaining chip,” wrote Stephen Innes of SPI Asset Management.

As panic mounts, investors and governments worldwide are racing to gauge the long-term consequences of an all-out trade war. For India, this international tempest represents a stern test of its economic resilience against external shocks.

Japan, Taiwan Markets Hit Circuit Breakers Amid Trump Tariff Chaos

April 7, 2025, 11:20 am

Asian stock markets plummeted sharply Monday (April 7) as market sell-off related to US President Donald Trump’s “reciprocal” tariffs persisted. Japanese and Taiwanese exchange operators were forced to temporarily suspend trading to halt panic selling as investors bet the growing threat of recession could prompt US interest rates to be reduced as soon as May.

Japan Triggers Circuit Breaker Amid Sharp Decline

In Japan, the “circuit breaker” system suspended trading for 10 minutes when the widely traded Nikkei 225 futures contract was about to decline more than 8 per cent. The circuit breaker was triggered at 8:45 am Tokyo time on the Nikkei 225 and on several other contracts, The Wall Street Journal report said. It closed 10 minutes later, with no influence on the spot trading-direct trading and selling of shares on Tokyo Stock Exchange.

Nikkei 225 Down 6.5%, Rebounds from Near 9% Fall

During morning trade on Monday in Japan, the Nikkei 225 was down a jaw-dropping 6.5 percent, rebounding from having fallen just shy of 9 per cent earlier.

Taiwan Stock Exchange Follows Suit with 10% Plunge

Taiwanese stock traders also triggered a circuit breaker after suffering a sharp drop of almost 10 per cent on Monday. The head of Taiwan’s stock exchange signaled that additional stabilization measures would be taken if necessary to counteract the market volatility.

Holiday Ends in Chaos as Taiex Sinks 9.8%

Taiex, the Taiwan Stock Exchange’s weighted index, fell 9.8 percent at the open, as trading returned after a long weekend. Markets in Taiwan were shut Thursday and Friday for a holiday, as trillions of dollars were erased from global stock value and nations rushed to contain the effects of Trump’s levies.

Taiwan Imposes Short Selling Ban to Calm Markets

This is Taiwan’s lowest point on its benchmark index in more than a year. Expecting chaos, Taiwan’s top financial regulator on Sunday temporarily restricted short selling — a wager that shares will decline — in an attempt to calm the market when trading reopened on Monday.

Tariffs Hit Despite Pledges, Major Firms Affected

The restrictions will remain until Friday, the Financial Supervisory Commission said in a statement.

Taipei had attempted to dodge Trump’s promised tariffs by vowing greater US investment and purchases of US energy, but still got slapped with a 32 percent duty on its imports except for semiconductor chips.

Stocks of major Taiwanese firms, including chipmaker Taiwan Semiconductor Manufacturing Company and electronics leader Foxconn, fell by near 10 per cent.

Broader Asian Markets Join in Sell-Off

Other markets, such as Asia’s Hong Kong and Singapore, also saw a blood bath. Singapore stocks fell 8.5 percent, while South Korea’s Kospi fell 4.8 percent. Hong Kong stocks fell more than nine percent. The Hang Seng Index fell 9.28 percent, or 2,119.76 points, to 20,730.05, while in mainland China the Shanghai Composite Index fell 4.21 percent, or 140.84 points, to 3,201.17.

Australian blue chips, a local benchmark index of the nation’s top 200 listed companies, also fell 6 per cent after the markets opened on Monday minutes after trading began. Stocks on the Taiwan stock exchange broke a circuit there as shares dived 9.8 per cent at the open.

Indian stocks also opened sharply lower on Monday. The Nifty 50 fell 5 per cent to 21,758.4 during pre-open trade as of 09:08 am IST, and the BSE Sensex dipped 5.29 per cent to 71,379.89.

Widespread Losses Across Sectors and Indices

All the 13 major sectors fell. The broader small-caps and mid-caps lost 10 per cent and 7.3 per cent, respectively.

This followed the US market failing to show any sign of recovery, with New York Stock Exchange’s main boards futures contracts plummeting sharply Sunday, indicating further agony for battered Wall Street stocks when Monday’s markets open. Benchmark S&P 500 futures plunged 4.31 per cent in turbulent trading, while Nasdaq futures plummeted 5.45 per cent, continuing last week’s losses.

Circuit breakers are an exchange feature on the stock market that suspend trading on exchanges if markets decline suddenly. The regulation was conceived amid the “Black Monday” 1987 stock-market crash. The purpose behind the action is to suspend fear selling and avert a deeper stock-market free fall. The halts are used in more than one tiers.

In the US, trading would be suspended for 15 minutes if the S&P 500 falls by 7 per cent or 13 per cent. Trading would close for the remainder of the day if it fell 20 per cent.

Donald Trump Has Reached “Peak Indifference,” Says White House Official

April 5, 2025, 11:13 am

United States President Donald Trump has undertaken to lead the cause of reforming international trade in the interests of the US, a purported step towards which was the announcement on April 2 of reciprocal tariffs.

President Unfazed by Criticism Amid Market Reactions and Economic Fallout

The tariffs have left the US markets in shock, which are currently witnessing their worst crash post-Covid pandemic. The global economies are also crashing, causing threat of possible recession and trade war.

The US President, though, appears adamant not to yield to criticism against him. This is the same strategy he allegedly employed while taking the draconian tariff decision.

White House Insider: Donald Trump Has ‘Stopped Caring’

A White House official informed the Washington Post that President Donald Trump has hit “the high point of just not giving a f— anymore”. Writing in an article that reports back on Trump’s ‘Liberation Day’ retaliatory tariffs announcement behind the scenes, the Post reported quoting a White House official close to Trump’s line of thinking, saying, “Bad news stories? Doesn’t give a f—. He’s going to do what he’s going to do.”. He’s going to do what he said he was going to do on the campaign trail.”

Quite Unlike 1st Term of Donald Trump

Donald Trump significantly surrounded himself with alleged yes-men who displayed minimal to no opposition to his tariff proposals, the report by the Washington Post reads. This did not happen during Trump’s first term.

First Term Advisors Curbed Tariff Push

Trump’s closest advisors in his first term, including then director of the National Economic Council Gary Cohn and then treasury secretary Steven Mnuchin, succeeded in curbing the US President’s aggressive tariff stance.

Loyalty-First Approach in Second Term

The report quoted a senior White House official as saying, “In the first term, everyone thought they were president.”

But Trump encountered virtually no opposition this time in implementing his trade and tariff remake. The senior government officials who assisted Trump in developing policies regarding the new tariffs brought many options before him, but the luxury of the final approval rested with the President.

“In their recruiting process, they made sure it would only be people who were totally Trumpers, because in the first administration, there was a lot of trouble with people quitting, writing bad books, things like that…The people now have been confirmed as true Trumpers” said Wilbur Ross, commerce secretary of Trump’s first term, told the Washington Post.

Trump’s Tariffs Trigger $208 Billion Wealth Crash — Billionaires Take the Blow

April 5, 2025, 2:58 am

In one of the steepest declines in global wealth, the world’s richest 500 billionaires lost a whopping $208 billion combined after U.S. President Donald Trump announced sweeping tariffs on April 2. The announcement, termed the “Liberation Day” announcement, sent markets into sharp turmoil, Bloomberg reported.

The Bloomberg Billionaires Index had its fourth-largest one-day decline ever — and the worst since the height of the COVID-19 market meltdown. Of particular note, the largest losses were among U.S. billionaires.

Zuckerberg, Bezos, Musk Lead Wealth Slide

Among the worst affected was Meta CEO Mark Zuckerberg, whose personal fortune fell by $17.9 billion — the biggest one-day drop on the list. Amazon’s Jeff Bezos came in second, losing $15.9 billion after Amazon shares plummeted 9%, their biggest drop since April 2022.

Elon Musk, also a close Trump adviser, lost $11 billion in individual wealth when Tesla shares dipped 5.5%.

Other top U.S. billionaires also saw sharp declines:

Michael Dell lost $9.53 billion
Oracle’s Larry Ellison dropped $8.1 billion
Nvidia’s Jensen Huang fell by $7.36 billion
Google co-founders Larry Page and Sergey Brin lost $4.79 billion and $4.46 billion, respectively
Thomas Peterffy shed $4.06 billion

Global Billionaires Also Affected

The economic shocks went beyond the U.S. Chinese entrepreneur Zhang Congyuan, chairman of Huali Industrial Group, lost $1.2 billion — approximately 13% of his net assets. Bernard Arnault, chairman of French luxury behemoth LVMH, sustained a $6 billion blow to his wealth. Shopify’s CEO Tobi Lutke witnessed an 17% drop in riches, amounting to a $1.5 billion loss.

Tariff Move Jolts Global Markets

On April 2, President Trump unveiled new import tariffs of at least 10% on the majority of goods entering the U.S. The rates would be even higher for 60 countries or economic blocs with huge trade deficits with the U.S. The protectionist move sent shockwaves through world financial markets, cutting stock values and billionaire wealth in its wake.

White House Tweaks 14 Tariff Rates After ‘Liberation Day’

April 4, 2025, 12:42 pm

Over a dozen nations targeted for US retaliatory tariffs spent the initial day of President Donald Trump’s tariff implementation not just preparing for the economic impact but in uncertainty as to what rates they would have to endure.

Discrepancy in Tariff Rates Raises Concerns

A White House annex of future reciprocal rates of tariffs differed initially for at least 14 economies from the figures on charts shown when Donald Trump rolled out his “Liberation Day” tariffs in the Rose Garden, based on a Bloomberg analysis of data released. In all instances, they were a full percentage point higher.

White House Revises Annex Tariff Rates

On Thursday, the White House reduced the annex rates to levels lower than the originally-released first figures appearing in the graphs Trump had presented.

Implementation Timeline and Policy Details

That is significant because, under the executive order instituting Trump’s policy of reciprocal tariffs, all US trading partners begin on a world 10% tariff on April 5. Four days thereafter, only those on the annex would see their rates raised to the levels contained in that document.

Country-Specific Tariff Adjustments

In the annex document, India’s rate was initially stated at 27%, as opposed to the 26% indicated earlier by Trump, before subsequently being reduced to 26%. South Korea was at 25% in the charts, then 26% in the annex, and is now 25% again. Others with changing rates were Botswana, Cameroon, Malawi, Nicaragua, Norway, Pakistan, the Philippines, Serbia, South Africa, Thailand, Vanuatu, and the Falkland Islands.

Annex Document Determines Final Tariff Rates

The figures in the annex implementation document are the rates that will be effective, a White House official explained.

Omissions of Territories Add to Confusion

Also, some overseas territories and possessions of major countries – initially included in the White House’s charts with tariff lines other than their parent countries don’t appear anywhere in the annex.

Reunion, an Indian Ocean island between Madagascar and Mauritius that’s a French overseas territory, was marked at 37% on Trump’s reciprocal tariff tables but not on the official annex. Saint Pierre and Miquelon, a French archipelago off Canada, and Norfolk Island, an Australian island two hours’ flying time from Brisbane, were also omitted from the tariffs annex. France, as an EU member, is subject to a 20% mutual tariff, whereas Australia is at the world minimum of 10%.

Trump’s Brief Stage Exit Before Signing Tariff Sparks Online Buzz | Watch

April 3, 2025, 12:44 pm

A recent video of US President Donald Trump walking offstage before being escorted back to sign executive orders on reciprocal tariffs has gone viral, stoking online chatter and political jabs. The moment occurred on April 2 during a Rose Garden ceremony commemorating ‘Liberation Day,’ when Trump announced a national economic emergency and rolled out a broad tariff plan.

Trump’s Brief Exit Draws Comparisons to Biden

At the event, Trump declared a minimum 10% tariff on all countries that trade with the United States, with increased rates for countries deemed the “worst offenders.” But what went viral on social media was a moment when the president seemed to exit the stage too early, before aides steered him back to finish signing the executive orders.

Trump leaves the stage but is guided back to sign the executive orders pic.twitter.com/vhpxNNLBMa

— Acyn (@Acyn) April 2, 2025

The clip went viral in no time, with people comparing the incident to earlier gaffes by former President Joe Biden. One X (formerly Twitter) user commented, “Trump having his first Biden moment was not on my bingo card for 2025.” Another user, who posted the video on X, used the caption, “Donald Trump has to be herded back on stage to sign executive orders on his disastrous tariffs after he wandered away. MAGA would be screeching if this were Biden.”

Internet Responses: Sarcasm and Conjecture

Social media users did not hesitate to post their responses. Some interpreted the clip as innocuous, while others implied it was symptomatic of greater issues. One user joked, “Does he even know where he’s going?”

The moment’s virality highlights the ongoing scrutiny of Trump’s public outings, particularly in the wake of the intense scrutiny placed on Biden’s similar gaffes throughout his presidency.

The Tariff Plan: Economic Sovereignty or Trade War

Though the web was abuzz with Trump’s temporary stage exit, his most important announcement was his combative new tariff policy. Goods from such trading partners as the European Union and China will be hit with higher tariffs, which Trump presented as a retaliatory necessity for years of what he said were unfair trade practices. “It’s our declaration of economic independence,” he declared.

As the video spread, critics and supporters alike argued whether or not the incident was a simple mistake or more. Either way, it’s certainly added fuel to the discussion of Trump’s contentious tariff policy and his administration as a whole.

Russia Vanishes from Trump’s Tariffs List—Coincidence or Favoritism?

April 3, 2025, 12:31 pm

After weeks of anticipation, US President Donald Trump on Wednesday unveiled his plan for reciprocal tariffs, imposing a baseline 10% tax on nearly all imported goods. Countries deemed “worst offenders” face even higher levies, fueling fears of a global trade war that could drive inflation and stall economic growth in the US and worldwide.

Addressing the White House Rose Garden, Trump, 78, waved a chart showing the broad additional duties imposed on leading US trading partners, such as China, India, Japan, and the European Union. Yet, one obvious omission from the tariff list was Russia.

Why Russia Was Exempt?

Russia’s exclusion from Trump’s list of tariffs caught many by surprise, particularly because the US continues to have trade with Moscow. Asked about Russia’s omission, White House spokesperson Karoline Leavitt said in a statement to Axios that Russia was omitted because current US sanctions already “preclude any meaningful trade.”

Yet, the US has more trade with Russia than with some smaller countries such as Mauritius or Brunei, both of which were slapped with tariffs. Even Ukraine, which is at war with Russia, has a 10% retaliatory tariff.

Trump-Putin Relations: Tough Talk, But Exemptions Remain

Trump’s move to exempt Russia comes in contrast to his recent harsh criticism of Russian President Vladimir Putin. Trump was just last week fuming at Russia’s continued invasion of Ukraine and even threatened further sanctions on Russian oil.

“There will be a 25% tariff on oil and other products sold in the United States, secondary tariffs,” Trump said. He threatened that the new tariffs would go into effect within a month unless Russia complied with a ceasefire.

Even as he publicly raged, Trump has pursued diplomatic options with Moscow to bring the war in Ukraine to an end, perhaps the reason for the exemption.

Who Else Dodged Trump’s Tariffs Blow?

Other countries sanctioned by the US, including Belarus, Cuba, and North Korea, also managed to escape Trump’s tariff strategy. Iran and Syria, however, were not so lucky and were hit with extra tariffs of 10% and 40%, respectively.

The big US trading partners Canada and Mexico were also exempted from the new tariffs. But Trump’s earlier 25% tariffs on imports from these nations, as well as lower tariffs for Canadian energy, will continue to be imposed.

China Takes the Brunt

China, which was already facing a 20% tariff for being accused of participating in unlawful fentanyl supply chains, was dealt a further blow with an extra 34% tariff. This takes the overall duty on Chinese goods to a whopping 54%, further worsening US- China trade relations.

As the new tariffs kick in, the world holds its breath for increased tensions and possible economic fallout, with major US allies and competitors watching Trump’s next step with bated breath.

Higher Car Prices Ahead? Trump Slaps 25% Tariff On Auto Imports

March 27, 2025, 7:38 am

On Wednesday, former President Donald Trump announced a 25% tariff on auto imports, a move he claims will boost domestic manufacturing and generate $100 billion annually. Trump emphasized that the policy, set to take effect on April 3, is “permanent” and will eliminate what he calls a “ridiculous” supply chain that spans across the United States, Canada, and Mexico.

Economic Impact and Consumer Concerns

Experts warn that the tariff could lead to significantly higher vehicle prices, reduced consumer choices, and economic strain, particularly on middle-class buyers. Economist Mary Lovely from the Peterson Institute for International Economics noted that the added costs would make new vehicles less affordable, forcing many to keep aging cars.

Currently, the average price of a new car stands at approximately $49,000. With the full cost of tariffs passed onto consumers, prices could surge by as much as $12,500 per vehicle.

Impact on the Auto Industry

The United States imported nearly 8 million cars and light trucks in the past year, valued at $244 billion, with Mexico, Japan, and South Korea among the top suppliers. Additionally, over $197 billion worth of auto parts were sourced mainly from Mexico, Canada, and China.

While the Trump administration asserts that the tariffs will encourage automakers to shift production to the United States, restructuring supply chains is a complex and time-consuming process. Industry analysts predict that job losses and increased manufacturing costs could occur before any benefits materialize.

Stock Market and Global Reactions

Following Trump’s announcement, major automakers saw varied stock movements. General Motors’ shares dropped by nearly 3%, Stellantis (owner of Jeep and Chrysler) declined by 3.6%, while Ford experienced a slight uptick. Investors remain cautious about the long-term effects of the policy on profitability.

Leaders from Canada and the European Union criticized the tariffs, warning of potential economic disruptions. Canadian Prime Minister Mark Carney pledged to protect Canadian businesses, while EU officials warned of damage to consumers and trade relations.

Retaliation Risks and Trade Tensions

The tariffs risk triggering a global trade war, with other nations considering countermeasures. The European Union has already threatened a 50% tariff on U.S. spirits, prompting Trump to respond with the possibility of a 200% tax on European alcohol.

Proposed Tax Deduction Plan

To offset the expected rise in vehicle prices, Trump proposed a tax deduction plan that would allow buyers to deduct auto loan interest from their federal income taxes—but only for vehicles made in the U.S.

Long-Term Trade Implications

Trump’s broader economic policy includes tariffs on steel, aluminum, computer chips, and energy products. Economists caution that these measures may drive inflation and limit consumer choices. The coming months will reveal whether this tariff strengthens the U.S. auto industry or leads to more economic instability.

Trump Slaps 25% Tariff on EU Imports, Europe Pledges Immediate Response

February 27, 2025, 1:51 pm

The European Commission has promised to respond “firmly and immediately” to what it refers to as “unjustified barriers to free and fair trade” following the announcement of a 25% tariff on European Union imports by U.S. President Donald Trump.

“The EU will react firmly and immediately against unjustified barriers to free and fair trade, including when tariffs are used to challenge legal and non-discriminatory policies,” a Commission spokesperson said on Wednesday.

The spokesperson added, “The EU will always protect European businesses, workers, and consumers from unjustified tariffs.”

Trump Confirms Tariff Decision

During a cabinet meeting, Trump confirmed that his administration had finalized the tariff plan. “We have made a decision, and we’ll be announcing it very soon, and it’ll be 25%, generally speaking, and that’ll be on cars, and all of the things,” Trump said.

Donald Trump additionally disparaged the EU as being established “in order to screw the United States.”

EU Deenfcs Benefits of Free Market to US

In answer to Trump’s statement, the European Commission focused on the benefits to the US from the EU economy. “The European Union is the world’s largest free market. And it has been a boon for the United States,” said the European Commission spokesman.

The spokesperson emphasized that the EU’s single market has promoted trade, reduced costs to U.S. exporters, and aligned rules between 27 countries, making it extremely profitable for U.S. investments in Europe.

“the EU has facilitated trade, reduced costs for U.S. exporters, and harmonized standards and regulations across 27 countries,” said the spokesperson. This new trade conflict is concerning tensions between the U.S. and the EU, with each side gearing up for possible countermeasures.