Trump tariffs live updates: China retaliates with 34% tariff as markets suffer from fallout

Key Points

  • President Trump has downplayed the market impact of his tariff shift, but markets continued to spiral downward on Friday due to global economic fears.
  • China announced retaliatory measures against the US, including a 34% tariff on US goods starting April 10.
  • The Trump administration is imposing a baseline 10% tariff on all countries, with higher rates for countries deemed as "bad actors."
  • The US stock market experienced its worst sell-off since 2020, with tech stocks like Apple and Nvidia losing significant market value.
  • Automakers like Volkswagen, Ford, and GM are adjusting their strategies in response to the new tariffs, with some considering production shifts to the US.

Summary

President Trump's recent tariff announcements have sent shockwaves through global markets, with the US stock market experiencing its most significant sell-off since 2020. Despite Trump's attempts to downplay the impact, the markets continued to decline as fears of a global economic downturn grew. China responded with its own set of retaliatory tariffs, imposing a 34% duty on US goods starting April 10, escalating the ongoing trade war. The Trump administration's strategy includes a baseline 10% tariff on all countries, with higher rates for nations considered to have unfair trade practices. This has led to a broad market reaction, with tech giants like Apple and Nvidia losing over $800 billion in market cap. Automakers are also feeling the pressure, with companies like Volkswagen, Ford, and GM making strategic adjustments, including potential production shifts to the US to mitigate the impact of the tariffs. The situation has raised concerns about stagflation and increased the risk of a US recession, as noted by Wall Street analysts.

yahoo
April 4, 2025
Stocks
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