China on Monday (Apr 7) commented on the reciprocal tariffs announced by US President Donald Trump and said that the US was aiming for "hegemony in the name of reciprocity" through its massive tariffs programme.
"The US is seeking hegemony in the name of reciprocity, sacrificing the legitimate interests of all countries to serve its own selfish interests, and prioritising the US over international rules," foreign ministry spokesman Lin Jian said, adding, "This is typical unilateralism, protectionism and economic bullying."
Read More | <a href="https://www.wionews.com/world/donald-trump-says-tiktok-deal-was-close-claims-china-changed-because-of-tariffs-8933715" rel="dofollow">Donald Trump says 'TikTok deal was close', claims 'China changed because of tariffs'</a> Donald Trump imposed 54 per cent tariffs on Chinese goods and in response, China imposed a retaliatory 34% tariff on all imports from the United States. Additionally,&nbsp;China&rsquo;s commerce ministry also said that it would impose more restrictions on the export of rare earths, which are used in hi-tech manufacturing such as batteries and electric vehicles. In its first reaction to the tariffs, China&rsquo;s State Council Tariff Commission said, "This practice of the US is not in line with international trade rules, seriously undermines China&rsquo;s legitimate rights and interests, and is a typical unilateral bullying practice."&nbsp;
Read More | <a href="https://www.wionews.com/world/trump-says-sometimes-you-have-to-take-medicine-to-fix-something-as-markets-tumble-8933574" rel="dofollow">Trump says 'sometimes you have to take medicine to fix something' as markets tumble</a>
As the Chinese imposed retaliatory tariffs, Trump responded on Truth Social and said: "CHINA PLAYED IT WRONG, THEY PANICKED &ndash; THE ONE THING THEY CANNOT AFFORD TO DO!"
A report in The Guardian quoted Wang Wen, the dean of Renmin University of China&rsquo;s Chongyang Institute for Financial Studies who said, "China will never give in to Trump, but it does not exclude cooperation with the United States at the level of mutual respect and win-win cooperation. China knows that cooperation is not sought, but fought for." Wang alos added that China&rsquo;s response was &ldquo;restrained&rdquo; and limited to trade measures.
Read More | <a href="https://www.wionews.com/opinions/opinion-why-trumps-tariffs-are-scaring-the-world-like-1987-8934335" rel="dofollow">Why Trump&rsquo;s tariffs are scaring the world like 1987</a>
<h2 data-type="paragraph" class="emotion-k3zb6l-Paragraph e1e4oisd0">Trump's tariff announcements led to market slump</h2>
Trump&rsquo;s announcement on Wednesday (Apr 2) led to a plunge in world financial markets and fuelled fears of a global recession. Despite massive dips in American as well as global markets, Trump defended his tariff strategy and said that the dips showcased that the "medicine" of his trade tariff strategy was working.
"Sometimes you have to take medicine to fix something," Trump told reporters aboard Air Force One as he returned to Washington from a weekend of golfing in Florida, adding that trade partners are "coming to the table" and "want to talk."
Read More | <a href="https://www.wionews.com/autonews/china-assures-us-firms-of-protected-rights-amidst-trade-tensions-8934575" rel="dofollow">China assures US firms of protected rights amidst trade tensions</a>
(With inputs from agencies)

World | China on Monday (Apr 7) said that the US was aiming for "hegemony in the name of reciprocity" through its massive tariffs programme by US President Donald Trump

China on Monday (Apr 7) commented on the reciprocal tariffs announced by US President Donald Trump and said that the US was aiming for "hegemony in the name of reciprocity" through its massive tariffs programme. "The US is seeking hegemony in the name of reciprocity, sacrificing the legitimate interests of all countries to serve its own selfish interests, and prioritising the US over international rules," foreign ministry spokesman Lin Jian said, adding, "This is typical unilateralism, protectionism and economic bullying." Read More | Donald Trump says 'TikTok deal was close', claims 'China changed because of tariffs' Donald Trump imposed 54 per cent tariffs on Chinese goods and in response, China imposed a retaliatory 34% tariff on all imports from the United States. Additionally, China’s commerce ministry also said that it would impose more restrictions on the export of rare earths, which are used in hi-tech manufacturing such as batteries and electric vehicles. In its first reaction to the tariffs, China’s State Council Tariff Commission said, "This practice of the US is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice." Read More | Trump says 'sometimes you have to take medicine to fix something' as markets tumble As the Chinese imposed retaliatory tariffs, Trump responded on Truth Social and said: "CHINA PLAYED IT WRONG, THEY PANICKED – THE ONE THING THEY CANNOT AFFORD TO DO!" A report in The Guardian quoted Wang Wen, the dean of Renmin University of China’s Chongyang Institute for Financial Studies who said, "China will never give in to Trump, but it does not exclude cooperation with the United States at the level of mutual respect and win-win cooperation. China knows that cooperation is not sought, but fought for." Wang alos added that China’s response was “restrained” and limited to trade measures. Read More | Why Trump’s tariffs are scaring the world like 1987 Trump's tariff announcements led to market slump Trump’s announcement on Wednesday (Apr 2) led to a plunge in world financial markets and fuelled fears of a global recession. Despite massive dips in American as well as global markets, Trump defended his tariff strategy and said that the dips showcased that the "medicine" of his trade tariff strategy was working. "Sometimes you have to take medicine to fix something," Trump told reporters aboard Air Force One as he returned to Washington from a weekend of golfing in Florida, adding that trade partners are "coming to the table" and "want to talk." Read More | China assures US firms of protected rights amidst trade tensions (With inputs from agencies)

China on tariffs: 'US seeking hegemony in the name of reciprocity in trade war'

United States President Donald Trump said that the deal on TikTok was pretty close. However, he noted that China changed its mind due to tariffs. Speaking to reporters aboard Air Force One, Trump stated that China would have approved the deal in 15 minutes if he had given a cut in tariffs.
When asked about a report that there was about to be a deal on TikTok but China changed its mind, Trump responded, "The report is that we had a deal, pretty much for Tiktok, not a deal, but pretty close, and then China changed the deal because of tariffs. If I gave a little cut in tariffs, they'd approve that deal in 15 minutes, which shows you the power of tariffs."
Read More | <a href="https://www.wionews.com/world/measles-outbreak-in-us-another-child-dies-in-west-texas-8933630" rel="dofollow">Measles outbreak in US: Third death reported as unvaccinated child dies in West Texas</a>
Last week, Trump announced that China would face a 34 per cent tariff. Following Trump's announcement, China announced it would impose reciprocal 34 percent tariffs on all imports from the US on April 10, CNN reported. Donald Trump on Friday said that his administration had been working on a deal to "save TikTok" and that he would sign an executive order to keep the app operational for an additional 75 days.
Sharing a post on his social media platform Truth Social, Trump wrote, "My administration has been working very hard on a deal to SAVE TIKTOK, and we have made tremendous progress. The deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days."
Read More |&nbsp;<a href="https://www.wionews.com/world/trump-says-sometimes-you-have-to-take-medicine-to-fix-something-as-markets-tumble-8933574" rel="dofollow noopener" target="_blank">Trump says 'sometimes you have to take medicine to fix something' as markets tumble</a>
Trump expressed hope that discussions with China would continue in "good faith," acknowledging that China was displeased with the US reciprocal tariffs. He defended these tariffs as essential for ensuring fair and balanced trade between the two countries. Trump emphasised that the goal was to prevent TikTok from "going dark." "We hope to continue working in good faith with China, who I understand are not very happy about our reciprocal tariffs (Necessary for fair and balanced trade between China and the USA!). This proves that tariffs are the most powerful economic tool and very important to our national security! We do not want TikTok to "go dark." We look forward to working with TikTok and China to close the deal. Thank you for your attention to this matter," he further said in a post on Truth Social.
Read More |&nbsp;<a href="https://www.wionews.com/world/who-warns-reduced-aid-could-have-pandemic-like-effect-leading-to-pregnancy-deaths-8933556" rel="dofollow noopener" target="_blank">WHO warns reduced aid could have 'pandemic-like effect' leading to pregnancy deaths</a>
According to a CNN report, Trump's announcement came just one day before the ban was set to go into effect, after Trump delayed it by an initial 75 days when he took office in January. Last year, former US President Joe Biden enacted a law mandating that TikTok's parent company, ByteDance, based in China, sell off the app or face a ban in the US due to national security concerns.
While the law was initially scheduled to take effect in January, Trump announced he would postpone its enforcement in an effort to negotiate an agreement that would keep the app "alive." A ByteDance spokesperson said the TikTok parent company "has been in discussion with the US government regarding a potential solution for TikTok US." In a statement, a ByteDance spokesperson said, "An agreement has not been executed. There are key matters to be resolved. Any agreement will be subject to approval under Chinese law."&nbsp;
Read More | <a href="https://www.wionews.com/world/tiktok-ban-us-donald-trump-china-8927302" rel="dofollow">TikTok stays, for now: Trump 'saves' TikTok from 'going dark' in US, offers to 'work with' China to close a deal</a>
Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

World | US President Donald Trump said that the deal on TikTok was pretty close. However, he noted that China changed its mind due to reciprocal tariffs.

United States President Donald Trump said that the deal on TikTok was pretty close. However, he noted that China changed its mind due to tariffs. Speaking to reporters aboard Air Force One, Trump stated that China would have approved the deal in 15 minutes if he had given a cut in tariffs. When asked about a report that there was about to be a deal on TikTok but China changed its mind, Trump responded, "The report is that we had a deal, pretty much for Tiktok, not a deal, but pretty close, and then China changed the deal because of tariffs. If I gave a little cut in tariffs, they'd approve that deal in 15 minutes, which shows you the power of tariffs." Read More | Measles outbreak in US: Third death reported as unvaccinated child dies in West Texas Last week, Trump announced that China would face a 34 per cent tariff. Following Trump's announcement, China announced it would impose reciprocal 34 percent tariffs on all imports from the US on April 10, CNN reported. Donald Trump on Friday said that his administration had been working on a deal to "save TikTok" and that he would sign an executive order to keep the app operational for an additional 75 days. Sharing a post on his social media platform Truth Social, Trump wrote, "My administration has been working very hard on a deal to SAVE TIKTOK, and we have made tremendous progress. The deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days." Read More | Trump says 'sometimes you have to take medicine to fix something' as markets tumble Trump expressed hope that discussions with China would continue in "good faith," acknowledging that China was displeased with the US reciprocal tariffs. He defended these tariffs as essential for ensuring fair and balanced trade between the two countries. Trump emphasised that the goal was to prevent TikTok from "going dark." "We hope to continue working in good faith with China, who I understand are not very happy about our reciprocal tariffs (Necessary for fair and balanced trade between China and the USA!). This proves that tariffs are the most powerful economic tool and very important to our national security! We do not want TikTok to "go dark." We look forward to working with TikTok and China to close the deal. Thank you for your attention to this matter," he further said in a post on Truth Social. Read More | WHO warns reduced aid could have 'pandemic-like effect' leading to pregnancy deaths According to a CNN report, Trump's announcement came just one day before the ban was set to go into effect, after Trump delayed it by an initial 75 days when he took office in January. Last year, former US President Joe Biden enacted a law mandating that TikTok's parent company, ByteDance, based in China, sell off the app or face a ban in the US due to national security concerns. While the law was initially scheduled to take effect in January, Trump announced he would postpone its enforcement in an effort to negotiate an agreement that would keep the app "alive." A ByteDance spokesperson said the TikTok parent company "has been in discussion with the US government regarding a potential solution for TikTok US." In a statement, a ByteDance spokesperson said, "An agreement has not been executed. There are key matters to be resolved. Any agreement will be subject to approval under Chinese law." Read More | TikTok stays, for now: Trump 'saves' TikTok from 'going dark' in US, offers to 'work with' China to close a deal Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Donald Trump says 'TikTok deal was close', claims 'China changed because of tariffs'

Days after US President Donald Trump imposed reciprocal tariffs on all countries including Pakistan, Pakistani Finance Minister Muhammad Aurangzeb held a press conference and said that a "good crisis" should not be "wasted". He also informed that Pakistani Prime Minister Shehbaz Sharif has set up two committees to tackle the economic implications of the new tariffs.&nbsp;
Read More |&nbsp;<a href="https://www.wionews.com/world/senior-us-official-heads-to-pakistan-with-focus-on-critical-minerals-deal-8930388" rel="dofollow">Senior US official heads to Pakistan with focus on critical minerals deal</a>
"You should never let a good crisis go to waste," Aurangzeb said and explained that while the situation created immediate challenges, it also would open doors for negotiation and long-term engagement. "We want to make sure that we, in terms of our representations, put forward how we see it in the medium to long term as a win-win situation for both Pakistan and the US," Aurangzeb said.
As per a report by&nbsp;PTI, a senior delegation from Islamabad is expected to visit Washington before April 9, to present what officials describe as a &ldquo;structured, mutually beneficial&rdquo; proposal to the Trump administration.
Read More |&nbsp;<a href="https://www.wionews.com/world/birmingham-is-filled-with-litter-whats-bin-strike-why-its-happening-8928367" rel="dofollow noopener" target="_blank">Birmingham is filled with trash: what is 'bin strike', why is it happening</a>
Aurangzeb in the press conference added that the government intended to formulate and present a well-structured package to the US administration. He also said that the two bodies set up by the Pakistani PM include a steering committee chaired by the finance minister and comprising ministers, prominent business leaders, secretaries, and academics, while the second was a working group led by the secretary of commerce. He was confident that recommendations would soon be submitted to the PM Shehbaz Sharif for approval.&nbsp;
Read More | <a href="https://www.wionews.com/world/canadian-pm-mark-carney-visits-temple-on-ram-navami-with-aim-to-woo-hindu-voters-8933509" rel="dofollow">Canadian PM Mark Carney visits temple on Ram Navami with aim to woo Hindu voters</a>
<h2>Trump's tariff on Pakistan</h2>
The Trump administration has imposed a staggering 29 per cent tariff on imports from Pakistan.&nbsp; According to the State Bank of Pakistan, total exports to the US during the fiscal year 2023-24 amounted to USD 5.44 billion. As per a report in Pakistani newspaper&nbsp;Dawn, in the first seven months of FY 2024-25, Pakistan exported $3.6 billion worth of goods to the US &mdash; accounting for 19% of its total exports &mdash; with textiles and apparel comprising 79 per cent ($2.8 billion) of that figure.
As per reports, if Trump&rsquo;s proposed tariffs are enforced, Pakistan&rsquo;s $6 billion export market to the US could face a severe blow. It will also threaten jobs, margins, and overall competitiveness.
Read More |&nbsp;<a href="https://www.wionews.com/world/spain-scraps-golden-visa-programme-after-12-years-whats-behind-the-move-8924232" rel="dofollow noopener" target="_blank">Spain scraps golden visa programme after 12 years, what's behind the move</a>
(With inputs from agencies)

World | Days after US President Trump imposed reciprocal tariffs on Pakistan, Pakistani Finance Minister Muhammad Aurangzeb said that a "good crisis" should not be wasted

Days after US President Donald Trump imposed reciprocal tariffs on all countries including Pakistan, Pakistani Finance Minister Muhammad Aurangzeb held a press conference and said that a "good crisis" should not be "wasted". He also informed that Pakistani Prime Minister Shehbaz Sharif has set up two committees to tackle the economic implications of the new tariffs. Read More | Senior US official heads to Pakistan with focus on critical minerals deal "You should never let a good crisis go to waste," Aurangzeb said and explained that while the situation created immediate challenges, it also would open doors for negotiation and long-term engagement. "We want to make sure that we, in terms of our representations, put forward how we see it in the medium to long term as a win-win situation for both Pakistan and the US," Aurangzeb said. As per a report by PTI, a senior delegation from Islamabad is expected to visit Washington before April 9, to present what officials describe as a “structured, mutually beneficial” proposal to the Trump administration. Read More | Birmingham is filled with trash: what is 'bin strike', why is it happening Aurangzeb in the press conference added that the government intended to formulate and present a well-structured package to the US administration. He also said that the two bodies set up by the Pakistani PM include a steering committee chaired by the finance minister and comprising ministers, prominent business leaders, secretaries, and academics, while the second was a working group led by the secretary of commerce. He was confident that recommendations would soon be submitted to the PM Shehbaz Sharif for approval. Read More | Canadian PM Mark Carney visits temple on Ram Navami with aim to woo Hindu voters Trump's tariff on Pakistan The Trump administration has imposed a staggering 29 per cent tariff on imports from Pakistan. According to the State Bank of Pakistan, total exports to the US during the fiscal year 2023-24 amounted to USD 5.44 billion. As per a report in Pakistani newspaper Dawn, in the first seven months of FY 2024-25, Pakistan exported $3.6 billion worth of goods to the US — accounting for 19% of its total exports — with textiles and apparel comprising 79 per cent ($2.8 billion) of that figure. As per reports, if Trump’s proposed tariffs are enforced, Pakistan’s $6 billion export market to the US could face a severe blow. It will also threaten jobs, margins, and overall competitiveness. Read More | Spain scraps golden visa programme after 12 years, what's behind the move (With inputs from agencies)

Pakistan hopes to strengthen ties after Trump imposes 29 per cent tariffs: 'Never let crisis go waste'

US President Donald Trump's sweeping tariffs have triggered a global backlash, with countries like China imposing steep retaliatory duties and filing complaints with the WTO. European leaders call for tariff reductions, while Tesla's Elon Musk supports zero-tariff trade with Europe. Meanwhile, trade disruptions force automakers like Jaguar to halt US exports, shaking global markets.

Global trade tensions rise as countries counter Trump’s sweeping tariffs

US President <a href="https://www.wionews.com/donald-trump" rel="dofollow noopener" target="_blank">Donald Trump&rsquo;s</a> sweeping new tariffs are facing fresh criticism, not just for their impact but for the&nbsp;very math behind them. Economists at the American Enterprise Institute (AEI), a right-leaning think tank, say the formula the Trump administration used to calculate the tariffs is fundamentally flawed.
Trump triggered global chaos last week after unveiling a 10% &ldquo;baseline&rdquo; tariff on nearly all imports, alongside much higher rates for around 60 countries, some exceeding 40%. He claimed these &ldquo;reciprocal&rdquo; tariffs reflected how those countries tax US goods. But according to AEI, the figures don&rsquo;t add up.
Also read: <a href="https://www.wionews.com/world/china-ai-donald-trump-us-treasury-secretary-scott-bessent-deepseek-us-stock-market-reciprocal-tariffs-8930105" rel="dofollow noopener" target="_blank">&lsquo;Blame China&rsquo;s AI, not Trump&rsquo;: US Treasury Secretary claims DeepSeek responsible for tanking stock market,&nbsp;not&nbsp;tariffs</a>
<h2>&ldquo;It&rsquo;s based on an error&rdquo;</h2>
In a report released Friday titled &ldquo;President Trump's Tariff Formula Makes No Economic Sense. It's Also Based on an Error,&rdquo; AEI&rsquo;s Kevin Corinth and Stan Veuger criticised both the logic and execution of the tariff plan.
They argue that Trump&rsquo;s formula, a simplified calculation based on dividing the US trade deficit with a country by that country&rsquo;s exports to America, is misleading. &ldquo;Even if you accept the logic of the formula, it inflates foreign tariffs by four times,&rdquo; they wrote.
They also point out that trade deficits aren't just caused by tariffs. Factors like capital flows, supply chains, and geography all play a role. &ldquo;A trade deficit with a given country is not determined only by tariffs and non-tariff trade barriers,&rdquo; the authors said.
Also read: <a href="https://www.wionews.com/world/elon-musk-wants-zero-tariff-situation-between-us-eu-after-tesla-loses-billions-amid-trumps-tariff-war-8932266" rel="dofollow noopener" target="_blank">'Free trade zone': Elon Musk wants 'zero tariff situation' between US, EU after Tesla loses BILLIONS amid Trump's tariff war</a>
<h2>Miscalculation explained</h2>
The White House later confirmed the tariff numbers were based on a basic model with just two variables. To soften the blow, Trump said he halved the resulting figure to be &ldquo;kind.&rdquo;
But the AEI economists say the administration's mistake lies in confusing how tariffs affect retail prices versus import prices. The formula used an elasticity value (how much prices respond to tariffs) of 0.25 when it should&rsquo;ve been closer to one.
&ldquo;The elasticity of import prices with respect to tariffs should be about one (actually 0.945), not 0.25,&rdquo; the report says, citing the original study Trump&rsquo;s team referred to. That small misstep, AEI warns, throws off the entire calculation.
Also read: <a href="https://www.wionews.com/world/end-of-globalisation-uk-pm-keir-starmers-big-announcement-as-trumps-disastrous-tariffs-shake-markets-8931966" rel="dofollow noopener" target="_blank">'End of globalisation'? UK PM Keir Starmer's BIG announcement as Trump's disastrous tariffs shake markets</a>
<h2>Tariffs spark market turmoil</h2>
Despite warnings, Trump remains firm. &ldquo;There may be some disruption,&rdquo; he admitted, &ldquo;but tariffs will ultimately benefit the US economy.&rdquo; Wall Street, however, isn't convinced. The Dow Jones dropped more than 1,600 points on Thursday, followed by a 2,200-point crash on Friday, its worst two-day loss ever.
Some trade partners are already responding with countermeasures, while others are seeking negotiations to ease the pressure.
Trump insists that his trade strategy will pay off in the long term. &ldquo;The markets will boom,&rdquo; he said, standing by his controversial formula.
(With inputs from agencies)

World: A report released Friday titled “President Trump's Tariff Formula Makes No Economic Sense. It's Also Based on an Error,” AEI’s Kevin Corinth and Stan Veuger criticised both the logic and execution of the tariff plan.

US President Donald Trump’s sweeping new tariffs are facing fresh criticism, not just for their impact but for the very math behind them. Economists at the American Enterprise Institute (AEI), a right-leaning think tank, say the formula the Trump administration used to calculate the tariffs is fundamentally flawed. Trump triggered global chaos last week after unveiling a 10% “baseline” tariff on nearly all imports, alongside much higher rates for around 60 countries, some exceeding 40%. He claimed these “reciprocal” tariffs reflected how those countries tax US goods. But according to AEI, the figures don’t add up. Also read: ‘Blame China’s AI, not Trump’: US Treasury Secretary claims DeepSeek responsible for tanking stock market, not tariffs “It’s based on an error” In a report released Friday titled “President Trump's Tariff Formula Makes No Economic Sense. It's Also Based on an Error,” AEI’s Kevin Corinth and Stan Veuger criticised both the logic and execution of the tariff plan. They argue that Trump’s formula, a simplified calculation based on dividing the US trade deficit with a country by that country’s exports to America, is misleading. “Even if you accept the logic of the formula, it inflates foreign tariffs by four times,” they wrote. They also point out that trade deficits aren't just caused by tariffs. Factors like capital flows, supply chains, and geography all play a role. “A trade deficit with a given country is not determined only by tariffs and non-tariff trade barriers,” the authors said. Also read: 'Free trade zone': Elon Musk wants 'zero tariff situation' between US, EU after Tesla loses BILLIONS amid Trump's tariff war Miscalculation explained The White House later confirmed the tariff numbers were based on a basic model with just two variables. To soften the blow, Trump said he halved the resulting figure to be “kind.” But the AEI economists say the administration's mistake lies in confusing how tariffs affect retail prices versus import prices. The formula used an elasticity value (how much prices respond to tariffs) of 0.25 when it should’ve been closer to one. “The elasticity of import prices with respect to tariffs should be about one (actually 0.945), not 0.25,” the report says, citing the original study Trump’s team referred to. That small misstep, AEI warns, throws off the entire calculation. Also read: 'End of globalisation'? UK PM Keir Starmer's BIG announcement as Trump's disastrous tariffs shake markets Tariffs spark market turmoil Despite warnings, Trump remains firm. “There may be some disruption,” he admitted, “but tariffs will ultimately benefit the US economy.” Wall Street, however, isn't convinced. The Dow Jones dropped more than 1,600 points on Thursday, followed by a 2,200-point crash on Friday, its worst two-day loss ever. Some trade partners are already responding with countermeasures, while others are seeking negotiations to ease the pressure. Trump insists that his trade strategy will pay off in the long term. “The markets will boom,” he said, standing by his controversial formula. (With inputs from agencies)

'Makes no economic sense': Trump’s tariff math is 'based on an error' and it could cost the US economy dearly - Here's how

US President Donald Trump’s tariffs have officially taken effect, triggering sharp responses from across the globe. While Maduro vows retaliation, China slaps a 34% tax on all US imports. Canada and Mexico dodge the latest wave, and Elon Musk reportedly loses $18 billion in Tesla stock value. As the trade war escalates, world leaders warn of its growing consequences.

Trump's tariffs cost Elon Musk $18 billion Tesla stock

US Treasury Secretary Scott Bessent is looking to leave the Trump administration following the US president's massive tariff rollout, which damaged his "credibility", claimed US media MSNBC host Stephanie Ruhle.&nbsp;
During her presence on MSNBC's Morning Joe, Ruhle said Bessent is looking for an exit door to try to get himself to the Fed.&nbsp;
&ldquo;Some [sources] have said to me, he&rsquo;s looking for an exit door to try to get himself to the Fed because, in the last few days, he&rsquo;s really hurting his own credibility and history in the markets,&rdquo; she said.&nbsp;
Trump slapped a universal 10% tariff on all US imports as well as reciprocal tariffs on 180 countries.&nbsp;
Also read: <a href="https://www.wionews.com/world/trump-might-go-back-on-tariffs-on-vietnam-heres-why-8929795">Trump might go back on tariffs on Vietnam, here's why</a>
<h2>'Absurd tariff math'</h2>
Ruhle suggested that Bessent, who built his $521 million fortune managing massive hedge funds, can&rsquo;t stomach Trump&rsquo;s &ldquo;absurd tariff math".&nbsp;
Some of the critics have also slammed Trump's tariffs as a "kindergarten-level understanding&rdquo; of international trade."
Trump is "not listening" to his treasury secretary, "the odd man out" in the president's inner circle, according to Ruhle's sources.&nbsp;
Also read: <a href="https://www.wionews.com/world/donald-trump-china-tariffs-trade-war-8929697">'China has been hit much harder': Trump downplays Beijing's retaliatory tariffs but admits trade war 'won&rsquo;t be easy'</a>
&ldquo;[Bessent] actually understands how the markets work and, what&rsquo;s happening right now, is only going to hurt markets," she said.&nbsp;
Meanwhile, Bessent called the use of sweeping tariffs &ldquo;maximalist&rdquo; positions in October 2024 when he was an economic adviser in Trump&rsquo;s campaign.
&ldquo;It&rsquo;s escalate to de-escalate,&rdquo; Bessent told the Financial Times at the time. He further warned countries not to retaliate.
Also read: <a href="https://www.wionews.com/world/netanyahu-to-meet-trump-in-washington-this-week-first-foreign-leader-to-discuss-tariffs-in-person-8929092">Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person</a>
&ldquo;Sit back, take it in, let&rsquo;s see how it goes. Because if you retaliate, there will be escalation. If you don&rsquo;t retaliate, this is the high-water mark,&rdquo; he said on Wednesday.
Trump after announcing tariffs told the crowd that &ldquo;April 2, 2025, will forever be remembered as the day American industry was reborn,&rdquo; insisting that for decades, the US had been &ldquo;looted, pillaged, raped, and plundered&rdquo; by foreign nations.
Also read: <a href="https://www.wionews.com/world/not-just-taxes-its-a-safety-net-why-india-has-sky-high-tariffs-8929246">'Not just taxes, it&rsquo;s a safety net': Why India has sky-high tariffs?</a>
(With inputs from agencies)

World: Ruhle suggested that Scott Bessent, who built his $521 million fortune managing massive hedge funds, can’t stomach Trump’s “absurd tariff math".

US Treasury Secretary Scott Bessent is looking to leave the Trump administration following the US president's massive tariff rollout, which damaged his "credibility", claimed US media MSNBC host Stephanie Ruhle. During her presence on MSNBC's Morning Joe, Ruhle said Bessent is looking for an exit door to try to get himself to the Fed. “Some [sources] have said to me, he’s looking for an exit door to try to get himself to the Fed because, in the last few days, he’s really hurting his own credibility and history in the markets,” she said. Trump slapped a universal 10% tariff on all US imports as well as reciprocal tariffs on 180 countries. Also read: Trump might go back on tariffs on Vietnam, here's why 'Absurd tariff math' Ruhle suggested that Bessent, who built his $521 million fortune managing massive hedge funds, can’t stomach Trump’s “absurd tariff math". Some of the critics have also slammed Trump's tariffs as a "kindergarten-level understanding” of international trade." Trump is "not listening" to his treasury secretary, "the odd man out" in the president's inner circle, according to Ruhle's sources. Also read: 'China has been hit much harder': Trump downplays Beijing's retaliatory tariffs but admits trade war 'won’t be easy' “[Bessent] actually understands how the markets work and, what’s happening right now, is only going to hurt markets," she said. Meanwhile, Bessent called the use of sweeping tariffs “maximalist” positions in October 2024 when he was an economic adviser in Trump’s campaign. “It’s escalate to de-escalate,” Bessent told the Financial Times at the time. He further warned countries not to retaliate. Also read: Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person “Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation. If you don’t retaliate, this is the high-water mark,” he said on Wednesday. Trump after announcing tariffs told the crowd that “April 2, 2025, will forever be remembered as the day American industry was reborn,” insisting that for decades, the US had been “looted, pillaged, raped, and plundered” by foreign nations. Also read: 'Not just taxes, it’s a safety net': Why India has sky-high tariffs? (With inputs from agencies)

'Can’t stomach Trump’s absurd tariff math': US treasury secretary 'looking for exit door' after tariffs ruin his credibility

Trump's controversial new tariffs take effect from midnight, marking a fresh chapter in the ongoing trade tensions. While Trump promises "historic results," global leaders are reacting with caution. Canada calls the move "tough but an opportunity," Mexico relies on its trade deal shield, and Venezuela vows retaliation.

Trump's midnight tariffs spark global reaction and warning

US President <a href="https://www.wionews.com/world/sent-in-error-trump-administration-accidentally-tells-ukrainian-refugees-to-leave-us-in-email-blunder-8928424" rel="dofollow noopener" target="_blank">Donald Trump</a> on Saturday downplayed the effect of China's retaliatory tariffs, saying that "China has been hit much harder than the USA."
Taking on Truth Social on Saturday, the US President said, "China has been hit much harder than the USA, not even close. They, and many other nations, have treated us unsustainably badly."&nbsp;
"We have been the dumb and helpless 'whipping post,' but not any longer. We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN," Trump said.
Also read: <a href="https://www.wionews.com/world/netanyahu-to-meet-trump-in-washington-this-week-first-foreign-leader-to-discuss-tariffs-in-person-8929092">Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person</a>
Trump also seemed to backflip from his earlier claim that the US doesn't need to worry about the impact of 'tarrifs', saying, "HANG TOUGH, it won&rsquo;t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!"
<h2>China imposes tariffs on the United States</h2>
Beijing on Friday (April 04), announced steep retaliatory tariffs on American goods in response to President Donald Trump&rsquo;s sweeping trade measures.
Starting April 10, China will impose 34% tariffs on all imports from the United States. In a strongly worded statement, China&rsquo;s State Council Tariff Commission described the move as a direct response to what it called Washington&rsquo;s aggressive and unfair trade actions.
Also read: <a href="https://www.wionews.com/world/trump-in-touch-with-india-and-two-other-nations-to-negotiate-trade-deals-that-could-revise-tariffs-report-8927592">Trump in touch with India and two other nations to negotiate trade deals that could revise tariffs: Report</a>
&ldquo;This practice of the US is not in line with international trade rules, seriously undermines China&rsquo;s legitimate rights and interests, and is a typical unilateral bullying practice,&rdquo; the Commission said.
Trump quickly reacted on Truth Social, accusing China of misjudging the situation.
&ldquo;CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!&rdquo; he wrote, slamming Beijing&rsquo;s decision to retaliate.
(With inputs from agencies)

World: Taking on Truth Social on Saturday, the US President said, "China has been hit much harder than the USA, not even close. They, and many other nations, have treated us unsustainably badly."

US President Donald Trump on Saturday downplayed the effect of China's retaliatory tariffs, saying that "China has been hit much harder than the USA." Taking on Truth Social on Saturday, the US President said, "China has been hit much harder than the USA, not even close. They, and many other nations, have treated us unsustainably badly." "We have been the dumb and helpless 'whipping post,' but not any longer. We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN," Trump said. Also read: Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person Trump also seemed to backflip from his earlier claim that the US doesn't need to worry about the impact of 'tarrifs', saying, "HANG TOUGH, it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!" China imposes tariffs on the United States Beijing on Friday (April 04), announced steep retaliatory tariffs on American goods in response to President Donald Trump’s sweeping trade measures. Starting April 10, China will impose 34% tariffs on all imports from the United States. In a strongly worded statement, China’s State Council Tariff Commission described the move as a direct response to what it called Washington’s aggressive and unfair trade actions. Also read: Trump in touch with India and two other nations to negotiate trade deals that could revise tariffs: Report “This practice of the US is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” the Commission said. Trump quickly reacted on Truth Social, accusing China of misjudging the situation. “CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!” he wrote, slamming Beijing’s decision to retaliate. (With inputs from agencies)

'China has been hit much harder': Trump downplays Beijing's retaliatory tariffs but admits trade war 'won’t be easy'

'Tariffs' has become THE BUZZWORD of the year so far, with US President Donald Trump using it without hesitation since the onset of his second term and even before. 
India&rsquo;s reputation as the world&rsquo;s &ldquo;tariff king&rdquo; isn&rsquo;t going away anytime soon. With duties like 50% on apples, corn, and motorcycles, and 100% on coffee, raisins, and walnuts, it&rsquo;s no wonder the US President gave India an honourable mention in&nbsp;so many of his speeches about tariffs. But behind these steep import taxes lies a bigger story: One of protection, politics, and a push for self-reliance.
Also read: <a href="https://www.wionews.com/opinions/trump-reciprocal-tariffs-india-pm-modi-8919189" rel="dofollow noopener" target="_blank">Trump&rsquo;s reciprocal tariffs hit &lsquo;tariff king&rsquo; India: Could they cost PM Modi his next term?</a>
<h2>Not just taxes: It&rsquo;s a safety net</h2>
India&rsquo;s love for tariffs isn&rsquo;t just about blocking foreign goods; it&rsquo;s about shielding its own. For decades, the country has used high import duties to protect its local industries, especially agriculture and manufacturing, from being crushed by cheaper international competition.
Take dairy, for instance. With tariffs reaching up to 60%, Indian farmers get a fighting chance against big global dairy exporters. Companies like Amul argue that slashing duties would destroy livelihoods. The same logic applies to other farm goods like meat and processed foods. Drop the tariffs, and the market could be flooded with cut-price imports, leaving small-scale producers in the dust.
Also read: <a href="https://www.wionews.com/world/vietnam-first-to-fall-in-face-off-trump-tariffs-will-other-countries-follow-8926949" rel="dofollow noopener" target="_blank">Vietnam first to fall in face of Trump tariffs. Will other countries follow?</a>
<h2>Cash cow for the government</h2>
Tariffs also keep India&rsquo;s treasury full. In the 2026 financial year alone, the government expects to rake in ₹2,40,000 crore from customs duties. Lower tariffs might win a few friends abroad, but they&rsquo;d also punch a hole in public revenue, and that&rsquo;s a tough sell at home.
What&rsquo;s more, if India cuts tariffs for one country, trade rules often mean others get the same deal. That&rsquo;s a chain reaction the government isn&rsquo;t in a hurry to trigger.
Also read: <a href="https://www.wionews.com/world/vietnam-first-to-fall-in-face-off-trump-tariffs-will-other-countries-follow-8926949" rel="dofollow noopener" target="_blank">Vietnam first to fall in face of Trump tariffs. Will other countries follow?</a>
<h2>Aatmanirbhar Bharat: Self-reliance over global deals</h2>
Then there&rsquo;s Prime Minister Narendra Modi&rsquo;s flagship vision of Aatmanirbhar Bharat, or Self-Reliant India. Under this plan, tariffs are being used as a tool to boost local manufacturing, particularly in sectors like electronics and solar energy.
For Indian businesses, this strategy is a win. Fewer global players at the table means less competition. It&rsquo;s a protectionist playbook, yes, but one that aligns with both political messaging and economic goals.
<h2>So, why won&rsquo;t India budge?</h2>
To outsiders, India&rsquo;s high tariffs might seem like a barrier to free trade. But at home, they&rsquo;re seen as requirement for protecting jobs, feeding government revenue, and supporting an ambitious domestic agenda.
Also read: <a href="https://www.wionews.com/world/pentagon-donald-trump-us-weapon-production-reciprocal-tariffs-f-35-jet-nato-8927034" rel="dofollow noopener" target="_blank">'Pentagon will pay': Did Trump shoot US weapon production in foot with reciprocal tariffs? F-35, NATO partnerships&nbsp;at&nbsp;risk</a>

World: India’s love for tariffs isn’t just about blocking foreign goods; it’s about shielding its own.

'Tariffs' has become THE BUZZWORD of the year so far, with US President Donald Trump using it without hesitation since the onset of his second term and even before. India’s reputation as the world’s “tariff king” isn’t going away anytime soon. With duties like 50% on apples, corn, and motorcycles, and 100% on coffee, raisins, and walnuts, it’s no wonder the US President gave India an honourable mention in so many of his speeches about tariffs. But behind these steep import taxes lies a bigger story: One of protection, politics, and a push for self-reliance. Also read: Trump’s reciprocal tariffs hit ‘tariff king’ India: Could they cost PM Modi his next term? Not just taxes: It’s a safety net India’s love for tariffs isn’t just about blocking foreign goods; it’s about shielding its own. For decades, the country has used high import duties to protect its local industries, especially agriculture and manufacturing, from being crushed by cheaper international competition. Take dairy, for instance. With tariffs reaching up to 60%, Indian farmers get a fighting chance against big global dairy exporters. Companies like Amul argue that slashing duties would destroy livelihoods. The same logic applies to other farm goods like meat and processed foods. Drop the tariffs, and the market could be flooded with cut-price imports, leaving small-scale producers in the dust. Also read: Vietnam first to fall in face of Trump tariffs. Will other countries follow? Cash cow for the government Tariffs also keep India’s treasury full. In the 2026 financial year alone, the government expects to rake in ₹2,40,000 crore from customs duties. Lower tariffs might win a few friends abroad, but they’d also punch a hole in public revenue, and that’s a tough sell at home. What’s more, if India cuts tariffs for one country, trade rules often mean others get the same deal. That’s a chain reaction the government isn’t in a hurry to trigger. Also read: Vietnam first to fall in face of Trump tariffs. Will other countries follow? Aatmanirbhar Bharat: Self-reliance over global deals Then there’s Prime Minister Narendra Modi’s flagship vision of Aatmanirbhar Bharat, or Self-Reliant India. Under this plan, tariffs are being used as a tool to boost local manufacturing, particularly in sectors like electronics and solar energy. For Indian businesses, this strategy is a win. Fewer global players at the table means less competition. It’s a protectionist playbook, yes, but one that aligns with both political messaging and economic goals. So, why won’t India budge? To outsiders, India’s high tariffs might seem like a barrier to free trade. But at home, they’re seen as requirement for protecting jobs, feeding government revenue, and supporting an ambitious domestic agenda. Also read: 'Pentagon will pay': Did Trump shoot US weapon production in foot with reciprocal tariffs? F-35, NATO partnerships at risk

'Not just taxes, it’s a safety net': Why India has sky-high tariffs?

Israeli Prime Minister Benjamin Netanyahu will meet US President Donald Trump this week in Washington, an Israeli official told the Kan public broadcaster.&nbsp;
According to the officials, the two leaders are expected to discuss sweeping reciprocal tariffs.&nbsp;
However, Netanyahu's office has not confirmed the visit yet. However, three Israeli officials confirmed it to Reuters.&nbsp;
Also read: <a href="https://www.wionews.com/world/israel-kills-hamas-commander-in-lebanon-strike-expands-ground-offensive-in-gaza-8925247">Israel kills Hamas 'commander' in Lebanon strike, expands ground offensive in Gaza</a>
It will mark Netanyahu's fourth trip to the US since the war began in Gaza, and his second since Trump took office in January.&nbsp;
It would also make Netanyahu, the first foreign leader to negotiate the sweeping tariffs in person with Trump.&nbsp;
Trump on April 2, his "Liberation Day", announced sweeping "reciprocal tariffs" on several nations. The US president imposed a 17% tariff on Israel.&nbsp;
Also read: <a href="https://www.wionews.com/world/trump-in-touch-with-india-and-two-other-nations-to-negotiate-trade-deals-that-could-revise-tariffs-report-8927592">Trump in touch with India and two other nations to negotiate trade deals that could revise tariffs: Report</a>
The 17% rate Trump set for Israel was based on the significant U.S. bilateral trade deficit.
While Trump called these tariffs &ldquo;reciprocal,&rdquo; he admitted they&rsquo;re only about half of what other countries charge the US.
"We will charge them approximately half of what they are and have been charging us," he said.
&ldquo;I could have done that, yes, but it would have been tough for a lot of countries. We didn&rsquo;t want to do that,&rdquo; he added.
Also read: <a href="https://www.wionews.com/world/vietnam-first-to-fall-in-face-off-trump-tariffs-will-other-countries-follow-8926949">Vietnam first to fall in face of Trump tariffs. Will other countries follow?</a>
Instead of going full force, Trump said his approach is more "kind reciprocal," a softer hit that still sends a message. It's like giving other nations a taste of their own medicine, just not the full dose.
Moreover, Trump and Netanyahu are also expected to discuss the Iran nuclear crisis and the war in Gaza.&nbsp;
Trump suggested Netanyahu come to the White House, without setting a clear date. Several hours later, Trump told reporters on Air Force One that Netanyahu would be visiting Washington soon, "maybe even next week."
Also read: <a href="https://www.wionews.com/world/what-is-qatargate-netanyahu-questioned-as-two-top-aides-arrested-as-probe-deepens-8911346">What is Qatargate? Netanyahu questioned, two top aides arrested as probe deepens</a>
(With inputs from agencies)

World: It will mark Israeli PM Netanyahu's fourth trip to the US since the war began in Gaza, and his second since Trump took office in January.

Israeli Prime Minister Benjamin Netanyahu will meet US President Donald Trump this week in Washington, an Israeli official told the Kan public broadcaster. According to the officials, the two leaders are expected to discuss sweeping reciprocal tariffs. However, Netanyahu's office has not confirmed the visit yet. However, three Israeli officials confirmed it to Reuters. Also read: Israel kills Hamas 'commander' in Lebanon strike, expands ground offensive in Gaza It will mark Netanyahu's fourth trip to the US since the war began in Gaza, and his second since Trump took office in January. It would also make Netanyahu, the first foreign leader to negotiate the sweeping tariffs in person with Trump. Trump on April 2, his "Liberation Day", announced sweeping "reciprocal tariffs" on several nations. The US president imposed a 17% tariff on Israel. Also read: Trump in touch with India and two other nations to negotiate trade deals that could revise tariffs: Report The 17% rate Trump set for Israel was based on the significant U.S. bilateral trade deficit. While Trump called these tariffs “reciprocal,” he admitted they’re only about half of what other countries charge the US. "We will charge them approximately half of what they are and have been charging us," he said. “I could have done that, yes, but it would have been tough for a lot of countries. We didn’t want to do that,” he added. Also read: Vietnam first to fall in face of Trump tariffs. Will other countries follow? Instead of going full force, Trump said his approach is more "kind reciprocal," a softer hit that still sends a message. It's like giving other nations a taste of their own medicine, just not the full dose. Moreover, Trump and Netanyahu are also expected to discuss the Iran nuclear crisis and the war in Gaza. Trump suggested Netanyahu come to the White House, without setting a clear date. Several hours later, Trump told reporters on Air Force One that Netanyahu would be visiting Washington soon, "maybe even next week." Also read: What is Qatargate? Netanyahu questioned, two top aides arrested as probe deepens (With inputs from agencies)

Netanyahu to meet Trump in Washington this week, first foreign leader to discuss tariffs in person

President Trump said he will lower tariffs if countries could offer something "Phenomenal" in return.

Despite a stock market crash, Trump was optimistic that economic uncertainty would eventually pass.

India, Vietnam, Israel in talks to avert Trump tariffs: Reports

In the most significant escalation of the trade war between the US, And China, Beijing imposed retaliatory tariffs of 34 percent on US Imports on Friday.

This move has stoked worries of a recession and caused a worldwide stock market crash.

China-US trade conflict escalates

The tariff man has shown his hands.

President Trump's tariffs have provoked world condemnation and fears of recession and a surge in inflation globally and not just in the US

From jobs to exports: Who wins and who loses

US President Donald Trump on Friday (April 4) slammed China for imposing "retaliatory tariffs" on US goods, saying that they "PANICKED and PLAYED IT WRONG".&nbsp;
Trump continued to hit back at China and said that China did the one thing that they cannot afford to do.&nbsp;
"CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!," the US president said in a post on Truth Social.&nbsp;
Also read: <a href="https://www.wionews.com/world/china-hits-back-at-us-with-34-tariffs-on-american-goods-from-april-10-donald-trump-xi-jinping-beijing-reciprocal-tariffs-8925713">'Typical unilateral bullying practice': China hits back at US with 34% tariffs on American goods from April 10</a>
<iframe width="600" height="" style="max-width: 100%; border: 0;" src="https://truthsocial.com/@realDonaldTrump/114279915827492021/embed" class="truthsocial-embed" allowfullscreen="allowfullscreen"></iframe>
<script src="https://truthsocial.com/embed.js" async="async"></script>

China on Friday (April 4) imposed 34% tariffs on all goods imported from the US starting on April 10, calling it a "typical unilateral bullying practice", adding that it undermines China's legitimate rights and interests.
&ldquo;This practice of the US is not in line with international trade rules, seriously undermines China&rsquo;s legitimate rights and interests, and is a typical unilateral bullying practice,&rdquo; China&rsquo;s State Council Tariff Commission said in a statement announcing its retaliatory tariffs.
Also read: <a href="https://www.wionews.com/world/trumps-tariffs-billionaires-lost-208-billion-elon-musk-mark-zuckerberg-jeff-bezos-biggest-losers-full-list-here-8926461">Trump tariffs after-effect: Billionaires lost combined $208 billion; Musk, Zuckerberg biggest losers. FULL LIST HERE</a>
Beijing also announced controls on exports of medium and heavy rare earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, to the US from April 4 onwards.
Moreover, China&rsquo;s Ministry of Commerce said it was adding 11 American companies to its list of "unreliable entities", essentially barring them from doing business in China or with Chinese companies.&nbsp;
Also read: <a href="https://www.wionews.com/world/donald-trump-ousts-nsa-director-nsa-chief-tim-haugh-laura-loomer-8926023">&lsquo;Makes us less safe': Trump ousts NSA chief Tim Haugh for 'no reason' after Loomer meeting amid 'loyalty purge'</a>
"The purpose of the Chinese government's implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests and to fulfill international obligations such as non-proliferation," China's commerce ministry said in a statement.
China retaliated after the US imposed 34% "reciprocal tariffs" on Beijing on its "Liberation Day", while admitting they&rsquo;re only about half of what other countries charge the US.
"We will charge them approximately half of what they are and have been charging us," he said.
Also read: <a href="https://www.wionews.com/world/donald-trump-ukraine-marco-rubio-putin-russia-ceasefire-8926410">'Trump not interested in delay tactic on Ukraine': Rubio warns Putin, says Russia must &lsquo;decide if it&rsquo;s serious about peace&rsquo;</a>
(With inputs from agencies)

World: China imposed 34% tariffs on all goods imported from the US, calling it a "typical unilateral bullying practice", saying it undermines China's legitimate rights.

US President Donald Trump on Friday (April 4) slammed China for imposing "retaliatory tariffs" on US goods, saying that they "PANICKED and PLAYED IT WRONG". Trump continued to hit back at China and said that China did the one thing that they cannot afford to do. "CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!," the US president said in a post on Truth Social. Also read: 'Typical unilateral bullying practice': China hits back at US with 34% tariffs on American goods from April 10 China on Friday (April 4) imposed 34% tariffs on all goods imported from the US starting on April 10, calling it a "typical unilateral bullying practice", adding that it undermines China's legitimate rights and interests. “This practice of the US is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” China’s State Council Tariff Commission said in a statement announcing its retaliatory tariffs. Also read: Trump tariffs after-effect: Billionaires lost combined $208 billion; Musk, Zuckerberg biggest losers. FULL LIST HERE Beijing also announced controls on exports of medium and heavy rare earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium, to the US from April 4 onwards. Moreover, China’s Ministry of Commerce said it was adding 11 American companies to its list of "unreliable entities", essentially barring them from doing business in China or with Chinese companies. Also read: ‘Makes us less safe': Trump ousts NSA chief Tim Haugh for 'no reason' after Loomer meeting amid 'loyalty purge' "The purpose of the Chinese government's implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests and to fulfill international obligations such as non-proliferation," China's commerce ministry said in a statement. China retaliated after the US imposed 34% "reciprocal tariffs" on Beijing on its "Liberation Day", while admitting they’re only about half of what other countries charge the US. "We will charge them approximately half of what they are and have been charging us," he said. Also read: 'Trump not interested in delay tactic on Ukraine': Rubio warns Putin, says Russia must ‘decide if it’s serious about peace’ (With inputs from agencies)

'CHINA PANICKED': Trump slams Beijing for imposing tariffs on US goods, says they 'PLAYED IT WRONG'

President Donald Trump's sweeping new tariffs have triggered worldwide condemnation and sparked fears of a global recession. As key U.S. trading partners brace for economic impact, prices are expected to rise and factory hubs in Asia face major disruption. This video explains who will be hit the hardest, what’s behind Trump’s tariff strategy, and how it could reshape global trade.

Trump Tariffs: Tariffs could raise US import duties to 22. 5%, hit prices

Asian stocks started Friday with deep losses as investors braced for further pain across global markets after Wall Street's $2.5 trillion rout. President Donald Trump touted Wednesday as a landmark in U.S. history, saying his tariffs would "make America wealthy again." Instead, the steepest levies in a century sparked a rapid selloff in risk assets, culminating Thursday with a 4.8 percent rout in the S&P 500.

Donald Trump tariffs: Trump unperturbed; calls market reaction as short-term pain

Tensions rise as the US objects to Europe's push to prioritize local weapon manufacturers over American-made arms. While Senator Marco Rubio insists the US isn't abandoning Europe, questions remain about where European nations will source their military equipment.

Amid tariff war, where will Europe buy its weapons from?

The Liberation Day reciprocal tariffs have hit all major American trading partners. His plan will set a 10% baseline tariff across the board, with further tariffs for about 60 countries he deems the worst offenders. Watch in for more details!

Trump tariffs: Higher 20% rate for EU impacts several industries

President Trump said he will lower tariffs if countries could offer something "phenomenal" in return. Despite a stock market crash, Trump was optimistic that economic uncertainty would eventually pass.

Trump wants 'phenomenal' offers to cut tariffs

Donald Trump's Liberation Day tariffs have led to turmoil in the global financial markets. About $2.5 trillion was wiped off Wall Street, and share prices in other financial centers across the globe also suffered.

$2.5 trillion wiped as Trump's tariffs shake US markets

Tariff shock waves tear through markets in US, Asia, and Europe

The US has slapped 26% reciprocal tariffs on Indian exports, escalating trade tensions between the two nations. The White House claims India's non-tariff barriers hurt American businesses, while experts say this move pressures India to accelerate trade talks. Watch this report to know more!

India gains edge as Trump tariffs threaten jobs in Bangladesh, Sri Lanka

In a move that blindsided allies and rivals alike, President Donald Trump has fired the first shots in a sweeping new trade war, imposing brutal tariffs that threaten to upend global markets. As economic alliances fracture, the world braces for a new era of uncertainty.

Trump's world war: Worst US tariffs in 100 years

Canada Prime Minister Mark Carney on Thursday (April 3) announced to respond to Trump's auto tariffs by imposing 25% tariffs on American cars.&nbsp;
He said that Canada is "matching the US approach with 25 per cent tariffs on all vehicles imported from the United States that are not compliant with CUSMA, our North American free trade agreement.&rdquo;
&ldquo;Our tariffs will not affect auto parts because we know the benefits of our integrated production system,&rdquo; Carney said, adding &ldquo;They will not affect vehicle content from Mexico.&rdquo;
He said all vehicles imported from the U.S. that are not compliant with CUSMA (which sets out North American content rules, not solely U.S.-made content rules) will be hit with matching counter-tariffs.
Also read: <a href="https://www.wionews.com/world/did-donald-trump-spare-canada-and-mexico-from-the-latest-round-of-tariffs-white-house-reveals-truth-8920512">Did Donald Trump really spare Canada and Mexico from latest round of tariffs? White House reveals truth</a>
<h2>'3600 workers laid off'</h2>
Calling the impact of US tariffs "monumental", Carney said that the threats are "unjustified, unwarranted and in our judgment misguided."&nbsp;
He deplored the immediate impacts on auto plants here: 3,600 workers in Windsor who are now out of work.
Also read: <a href="https://www.wionews.com/world/americans-want-their-state-to-join-canada-new-poll-reveals-amid-trumps-continuous-warning-to-annex-ottawa-8901897">Americans want their state to join Canada? New poll reveals amid Trump's continuous warning to annex Ottawa</a>
<h2>'Relationship is over'</h2>
Carney said that while yesterday's baseline universal tariff did not specifically target Canada, it has upended the system of global trade that Canada has relied on since the end of WWII.&nbsp;
He said, "old relationship of steadily deepening integration with the United States &hellip; is over.&rdquo;
He called it &ldquo;a tragedy but it is also the new reality,&rdquo; and said Canada has to respond with purpose and force, reprising many of the points he&rsquo;s made since the election campaign launched.
Also read: <a href="https://www.wionews.com/world/donald-trump-tariffs-hit-nearly-every-country-us-stock-market-plunge-8922437">Trump declares &lsquo;OPERATION IS OVER&rsquo; as tariffs hit nearly every country; claims &lsquo;PATIENT IS HEALING&rsquo; while stocks plunge</a>
He further described his announcement as &ldquo;carefully calibrated.&rdquo;
Moreover, Canada is rolling out these counter-tariffs &ldquo;reluctantly&rdquo; but notes Trump&rsquo;s other threats against pharmaceuticals, semiconductor chips, lumber and agricultural sectors.&nbsp;
Also read: <a href="https://www.wionews.com/autonews/canada-vows-retaliatory-trade-actions-against-us-auto-tariffs-8900699">Canada vows retaliatory trade actions against US auto tariffs</a>
(With inputs from agencies)

World: Canada is "matching the US approach with 25 per cent tariffs on all vehicles imported from the United States that are not compliant with CUSMA.”

Canada Prime Minister Mark Carney on Thursday (April 3) announced to respond to Trump's auto tariffs by imposing 25% tariffs on American cars. He said that Canada is "matching the US approach with 25 per cent tariffs on all vehicles imported from the United States that are not compliant with CUSMA, our North American free trade agreement.” “Our tariffs will not affect auto parts because we know the benefits of our integrated production system,” Carney said, adding “They will not affect vehicle content from Mexico.” He said all vehicles imported from the U.S. that are not compliant with CUSMA (which sets out North American content rules, not solely U.S.-made content rules) will be hit with matching counter-tariffs. Also read: Did Donald Trump really spare Canada and Mexico from latest round of tariffs? White House reveals truth '3600 workers laid off' Calling the impact of US tariffs "monumental", Carney said that the threats are "unjustified, unwarranted and in our judgment misguided." He deplored the immediate impacts on auto plants here: 3,600 workers in Windsor who are now out of work. Also read: Americans want their state to join Canada? New poll reveals amid Trump's continuous warning to annex Ottawa 'Relationship is over' Carney said that while yesterday's baseline universal tariff did not specifically target Canada, it has upended the system of global trade that Canada has relied on since the end of WWII. He said, "old relationship of steadily deepening integration with the United States … is over.” He called it “a tragedy but it is also the new reality,” and said Canada has to respond with purpose and force, reprising many of the points he’s made since the election campaign launched. Also read: Trump declares ‘OPERATION IS OVER’ as tariffs hit nearly every country; claims ‘PATIENT IS HEALING’ while stocks plunge He further described his announcement as “carefully calibrated.” Moreover, Canada is rolling out these counter-tariffs “reluctantly” but notes Trump’s other threats against pharmaceuticals, semiconductor chips, lumber and agricultural sectors. Also read: Canada vows retaliatory trade actions against US auto tariffs (With inputs from agencies)

'Old relationship is over': Canada hits US with 25% tariffs on American-made cars; over 3000 autoworkers laid off

US President <a href="https://www.wionews.com/donald-trump" rel="dofollow noopener" target="_blank">Donald Trump</a> announced on Thursday (April 03) morning that his sweeping tariffs against nearly every country were now in force, declaring&nbsp;that "the operation is over!" But the US financial markets did not share his optimism, with stock futures plunging.
<h2>Trump claims the US economy will emerge stronger</h2>
Taking to Truth Social, Trump posted in all caps, "THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!"
Despite his confidence, the S&amp;P 500 stock futures dropped by over 3.5%, and the Dow Jones was set to open nearly 1,300 points lower.
<h2>Tariffs hit nearly every US trading partner</h2>
As part of his so-called "<a href="https://www.wionews.com/world/want-to-avoid-trumps-reciprocal-tariffs-trump-himself-has-a-simple-solution-for-world-leaders-8919111">Liberation Day</a>" on Wednesday, Trump introduced a baseline 10% tariff on all imports, with higher customised rates for specific countries. The only exceptions were nations already under sanctions and those previously hit with tariffs.
Speaking from the White House Rose Garden, Trump argued that the US had long been subject to unfair trade practices, claiming that America had been &ldquo;looted, pillaged, raped, and plundered&rdquo; by foreign nations. He insisted that his tariffs would restore American industry, ushering in a "<a href="https://www.wionews.com/world/donald-trump-to-sign-executive-order-on-reciprocal-tariffs-to-usher-in-golden-age-of-america-8919067">golden age of America</a>."
<h2>Some tariffs go as high as 50%</h2>
Under the new rules:
<ul>
<li>A 10% tax applies to all imported goods</li>
<li>Some nations face tariffs as high as 50%</li>
<li>Canada and Mexico remain exempt (as they have already been subject to 25% tariffs since Trump's return to office)</li>
</ul>
Also read: <a href="https://www.wionews.com/world/trumps-new-tariffs-hit-ukraine-but-not-russia-heres-why-8921422">Trump&rsquo;s new tariffs hit Ukraine, penguins, and almost every country, but not Russia. Here&rsquo;s why</a>
Trump has justified these tariffs as a means to boost American manufacturing and make global trade "fairer." But the move has caused chaos worldwide, with multiple nations threatening retaliation and urging the US to return to the negotiating table.
(With inputs from agencies)

Taking to Truth Social, Trump posted in all caps, "THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!" World

US President Donald Trump announced on Thursday (April 03) morning that his sweeping tariffs against nearly every country were now in force, declaring that "the operation is over!" But the US financial markets did not share his optimism, with stock futures plunging. Trump claims the US economy will emerge stronger Taking to Truth Social, Trump posted in all caps, "THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!" Despite his confidence, the S&P 500 stock futures dropped by over 3.5%, and the Dow Jones was set to open nearly 1,300 points lower. Tariffs hit nearly every US trading partner As part of his so-called "Liberation Day" on Wednesday, Trump introduced a baseline 10% tariff on all imports, with higher customised rates for specific countries. The only exceptions were nations already under sanctions and those previously hit with tariffs. Speaking from the White House Rose Garden, Trump argued that the US had long been subject to unfair trade practices, claiming that America had been “looted, pillaged, raped, and plundered” by foreign nations. He insisted that his tariffs would restore American industry, ushering in a "golden age of America." Some tariffs go as high as 50% Under the new rules: A 10% tax applies to all imported goods Some nations face tariffs as high as 50% Canada and Mexico remain exempt (as they have already been subject to 25% tariffs since Trump's return to office) Also read: Trump’s new tariffs hit Ukraine, penguins, and almost every country, but not Russia. Here’s why Trump has justified these tariffs as a means to boost American manufacturing and make global trade "fairer." But the move has caused chaos worldwide, with multiple nations threatening retaliation and urging the US to return to the negotiating table. (With inputs from agencies)

Trump declares ‘OPERATION IS OVER’ as tariffs hit nearly every country; claims ‘PATIENT IS HEALING’ while stocks plunge

US President Donald Trump has unveiled a raft of punishing tariffs ranging from a minimum of 10% to as high as 49%, targeting countries around the world. The US president said he will impose a 10% universal tariff on all imported foreign goods in addition to reciprocal tariffs on a few dozen countries.

Trump tariffs: US President hits India with 26% reciprocal tariff—how will it work?

President Trump has announced a 10% universal tariff, affecting even uninhabited territories like Heard and McDonald Islands, Cocos Islands, and the Comoros. Meanwhile, imports from the Falkland Islands and Myanmar face steep duties of 41% and 44%, respectively. Watch this to know more!

Trump tariffs: Trump imposes tariffs on uninhabited islands near Antarctica

Tariff has become a "hot topic" this week as US President Donald Trump announced sweeping "reciprocal tariffs" on several nations on the Liberation Day (Tuesday).&nbsp;
The US president said that 10% baseline tariff on all nations, and higher rates for individual countries will boost the US economy and protect jobs.&nbsp;
Initially, the word "tariff" was first brought up by Trump last month, when he released a memorandum announcing his intention to impose &ldquo;reciprocal tariffs&rdquo; under the Fair and Reciprocal Plan 1 (FRP).&nbsp;
Since then, it has indeed become Trump's favourite word, along with "deportation" of course.&nbsp;
Also read: <a href="https://www.wionews.com/world/trumps-new-tariffs-hit-ukraine-but-not-russia-heres-why-8921422">Trump&rsquo;s new tariffs hit Ukraine, penguins, and almost every country, but not Russia. Here&rsquo;s why</a>
<h2>What does tariff mean 'literally'?&nbsp;</h2>
The roots of the word 'tariff' lie in the Arabic meaning "information, notification, explanation, a making known&rdquo; and was derived from Arabic &ldquo;to notify, make known&rdquo;.
The early appearance of the word appeared in a Sicilian document from 1338. The word is also borne in the title of a Venetian merchant guide written around 1345, according to a report by South China Morning Post.&nbsp;
It was later borrowed into English, in the world's earliest documentation was in William Garrard&rsquo;s 1591 manual The Art of War. Advising on the logistical organisation of battalions, the author recommended: &ldquo;So that helping your memorie with certain Tablei or Tariffas made of purpose to know the numbers of the souldiers that are to enter into ranke.&rdquo;
Also read: <a href="https://www.wionews.com/india-news/what-is-indian-government-plan-to-counter-trump-26-percent-tariffs-step-one-carefully-examining-the-impact-8921190">Indian government&rsquo;s big plan to counter Trump&rsquo;s 26 per cent tariffs? Step one: &lsquo;Carefully examining&rsquo; the impact</a>
Here, with the "tariffas", Garrard meant arithmetical tables or statements, a kind of cheat sheet, in this case for calculating troops arrays.&nbsp;
However, today, with the globalisation, it has a more specific meaning - an official list or schedule that sets forth the customs duties to be imposed on imports and exports, a table or book of rates, or the whole body or system of such duties as established in any country.&nbsp;
The most common kind of tariffs are ad valorem, which are levied as a fixed percentage of the value of the imports.&nbsp;
Tariffs are a form of tax applied on imports from other countries. All the countries have been using tariffs for long. But after World War II, tariffs largely fell out of favour in advanced economies because they often lead to reduced trade, higher prices for consumers, and retaliation from abroad.&nbsp;
Also read: <a href="https://www.wionews.com/india-news/what-is-indian-government-plan-to-counter-trump-26-percent-tariffs-step-one-carefully-examining-the-impact-8921190">Indian government&rsquo;s big plan to counter Trump&rsquo;s 26 per cent tariffs? Step one: &lsquo;Carefully examining&rsquo; the impact</a>
<h2>Why do countries use tariffs?</h2>
Almost every nation imposes tariffs on exports from other nations. Generally, wealthy countries maintain low tariffs compared to developing countries.&nbsp;
However, there are several reasons behind it:&nbsp;
Developing countries might have more fragile industries that they want to protect or they might have fewer sources of government revenue.&nbsp;
For example, the US maintained high tariffs for decades, until income taxes supplanted tariffs as the most important source of revenue in the 1930s.&nbsp;
Also read: <a href="https://www.wionews.com/world/did-donald-trump-spare-canada-and-mexico-from-the-latest-round-of-tariffs-white-house-reveals-truth-8920512">Did Donald Trump really spare Canada and Mexico from latest round of tariffs? White House reveals truth</a>
(With inputs from agencies)

World: The US president said that 10% baseline tariff on all nations, and higher rates for individual countries will boost the US economy and protect jobs.

Tariff has become a "hot topic" this week as US President Donald Trump announced sweeping "reciprocal tariffs" on several nations on the Liberation Day (Tuesday). The US president said that 10% baseline tariff on all nations, and higher rates for individual countries will boost the US economy and protect jobs. Initially, the word "tariff" was first brought up by Trump last month, when he released a memorandum announcing his intention to impose “reciprocal tariffs” under the Fair and Reciprocal Plan 1 (FRP). Since then, it has indeed become Trump's favourite word, along with "deportation" of course. Also read: Trump’s new tariffs hit Ukraine, penguins, and almost every country, but not Russia. Here’s why What does tariff mean 'literally'? The roots of the word 'tariff' lie in the Arabic meaning "information, notification, explanation, a making known” and was derived from Arabic “to notify, make known”. The early appearance of the word appeared in a Sicilian document from 1338. The word is also borne in the title of a Venetian merchant guide written around 1345, according to a report by South China Morning Post. It was later borrowed into English, in the world's earliest documentation was in William Garrard’s 1591 manual The Art of War. Advising on the logistical organisation of battalions, the author recommended: “So that helping your memorie with certain Tablei or Tariffas made of purpose to know the numbers of the souldiers that are to enter into ranke.” Also read: Indian government’s big plan to counter Trump’s 26 per cent tariffs? Step one: ‘Carefully examining’ the impact Here, with the "tariffas", Garrard meant arithmetical tables or statements, a kind of cheat sheet, in this case for calculating troops arrays. However, today, with the globalisation, it has a more specific meaning - an official list or schedule that sets forth the customs duties to be imposed on imports and exports, a table or book of rates, or the whole body or system of such duties as established in any country. The most common kind of tariffs are ad valorem, which are levied as a fixed percentage of the value of the imports. Tariffs are a form of tax applied on imports from other countries. All the countries have been using tariffs for long. But after World War II, tariffs largely fell out of favour in advanced economies because they often lead to reduced trade, higher prices for consumers, and retaliation from abroad. Also read: Indian government’s big plan to counter Trump’s 26 per cent tariffs? Step one: ‘Carefully examining’ the impact Why do countries use tariffs? Almost every nation imposes tariffs on exports from other nations. Generally, wealthy countries maintain low tariffs compared to developing countries. However, there are several reasons behind it: Developing countries might have more fragile industries that they want to protect or they might have fewer sources of government revenue. For example, the US maintained high tariffs for decades, until income taxes supplanted tariffs as the most important source of revenue in the 1930s. Also read: Did Donald Trump really spare Canada and Mexico from latest round of tariffs? White House reveals truth (With inputs from agencies)

'Tariff this, tariff that': Where does Trump's 'favourite' word comes from? SPOILER! It's not US

Donald Trump has unveiled a raft of punishing tariffs ranging from a minimum of 10% to as high as 49%, targeting countries around the world. The US president said he will impose a 10% universal tariff on all imported foreign goods in addition to reciprocal tariffs on a few dozen countries.

Donald Trump Tariffs: India hit with 27% duty as trade war is unleashed

Donald Trump Tariffs: China urges US to revoke 34% tariff as it prepares for counter measures

tariff

Tariff, News on Tariff, stories on Tariff, articles on Tariff, Tariff stories at Wion, Tariff news, Tariff latest news