Trump tariffs live updates: 10% tariff begins, Musk calls for US-Europe 'zero-tariff situation'

Key Points

  • US customs officials began collecting a new 10% tariff on imports from many countries on Saturday morning, following President Trump's 'Liberation Day' tariff announcement.
  • Elon Musk called for a 'zero-tariff situation' between the US and Europe, advocating for a free-trade zone between the two regions.
  • The tariff policy is described as the "single biggest trade action of our lifetime" by trade lawyer Kelly Ann Shaw, indicating a significant shift in global trade dynamics.
  • Various countries, including Canada and China, have responded with retaliatory tariffs, while companies are adjusting by raising prices.
  • The policy has led to market volatility, with the US stock market experiencing its worst week since 2020, and experts questioning the underlying logic of the tariffs.

Summary

The article discusses the implementation of a new 10% tariff on imports from numerous countries by American customs officials, following President Trump's announcement of a 'Liberation Day' tariff policy. This policy, described as the most significant trade action in recent history, has caused a seismic shift in global trade relations. Countries like Australia, Britain, and Saudi Arabia were among the first to be affected by the tariffs. Elon Musk has publicly advocated for a zero-tariff situation between the US and Europe, aiming for a free-trade zone. The policy has led to immediate market reactions, with the US stock market experiencing its worst week since 2020. In response, some countries have imposed retaliatory tariffs, and companies are adjusting by increasing prices. The article also highlights the potential economic implications, with experts questioning the policy's logic and its potential to spur a domestic manufacturing boom or lead to economic hardship for American consumers and investors.

yahoo
April 5, 2025
Stocks
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