Trump tariffs live updates: China retaliates with 34% tariff as Trump digs in, vows to 'never change' policies

Key Points

  • President Trump's tariff announcement led to a significant market downturn, with the Dow Jones Industrial Average plunging over 2,000 points and entering correction territory.
  • China announced retaliatory tariffs of 34% on US goods starting April 10, escalating fears of a global trade war.
  • The Trump administration is imposing a baseline 10% tariff on all countries starting Saturday, with higher rates for specific countries from April 9.
  • Trump remains firm on his tariff policies, claiming they give the US "great power to negotiate" and hinting at potential deals if countries offer "phenomenal" terms.
  • The market reaction has led to delays in IPOs and M&A activities, with companies like Nintendo and StubHub pausing their plans due to market volatility.

Summary

President Trump's recent tariff announcements have triggered a significant market downturn, with the Dow Jones Industrial Average dropping over 2,000 points and entering correction territory. The escalation of trade tensions, particularly with China's announcement of retaliatory tariffs, has raised concerns about a potential global trade war. Trump's administration is set to impose a baseline 10% tariff on all countries starting Saturday, with higher rates for specific countries from April 9. Despite the market turmoil, Trump remains steadfast, suggesting that the tariffs provide leverage for negotiations and hinting at potential deals if countries offer favorable terms. The market reaction has not only affected stock prices but also led to delays in IPOs and mergers and acquisitions, with companies like Nintendo and StubHub pausing their plans due to the uncertainty. The broader economic implications include higher costs for consumers, potential unemployment, and a slowdown in economic growth, as warned by experts and reflected in the market's response.

yahoo
April 4, 2025
Stocks
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