Trump Tariffs live updates: Markets fall over Asia as the US President sparks fear of global trade war

Stock markets across Asia fell on Thursday morning at the opening after US President Donald Trump announced swept new tariffs on imports.

Tokyo’s Nikkei 225 fell up to 4 percent in early trade before they partially close 2.9 percent lower at 34,675.97 on Thursday. South Korea’s Kospi slipped 1.5 percent, while Hong Kong’s hung bed fell 1.4 percent.

The Shanghai composite dipped slightly by less than 0.1 percent and Australia’s ASX 200 dropped 1.3 percent.

US President Donald Trump announced a 26 percent tariff on India despite New Delhi’s aggressive efforts to avoid his anger.

Mr. Trump revealed customs duties late Wednesday and called them “reduced” and “mutual.”

They include a universal rate of 10 percent for all countries and territories that rise higher for those he considers to charge too much on US goods.

“The United States charges other countries only a duty of 2.4 percent on motorcycles. Meanwhile, Thailand and others charge much higher rates, like 60 percent.

India charges 70 percent, Vietnam charges 75 percent, and others charge even higher rates, ”he said yesterday.

India had tried to avoid a trade war with its largest trading partner by already introducing preventative customs cuts before Prime Minister Narendra Modi’s recent visit to the White House.

Two-way trade exceeded $ 118 billion In the financial year 2023-2024, where India sent a profit of $ 32 billion.

“India, very, very hard. Very, very hard. The prime minister was just abandoned. He is a big friend of me, but I said,” You are a friend of mine, but you don’t really treat us, “Mr. Trump said.

“They charge us 52 percent. You have to understand, we charge them almost nothing this year and years and decades, and it was only seven years ago when I came in that we started with China,” he added.

The Indian Ministry of Commerce has already reduced taxes on heavyweight bicycles with engines over 1,600cc from 50 percent to 30 percent and on smaller models to 40 percent, complying with the US president’s long -standing demand.

China’s Ministry of Commerce has called on the United States to immediately cancel unilateral customs measures and properly solve differences with trading partners through equal dialogue.

“Many trading partners have expressed strong dissatisfaction and clear resistance,” the ministry said in a statement this morning. China opposes this and will resolutely take countermeasures to protect its rights and interests, it says.

President Donald Trump announced yesterday that he would impose a 10 percent baseline duty for all imports to the United States and higher tasks on dozens of other countries. The tariffs take effect on April 9.

Chinese imports will be hit with a 34 percent duty at the top of the 20 percent he previously imposed, which brought the total new tax to 54 percent.

The prime minister faces some bricks not to win a cut -out from customs rates with what many people see as a spawning approach to Donald Trump, writes David Maddox, The independent‘s political editor.

But when the world digests the amazing news of mutual tariffs that are detached across the globe, Sir Keir Stormer can take some satisfaction from his work and have hope that for the UK there is at least a quick solution to this nightmare.

Since Downing Street was quick to point out, the 10 percent minimum star riffs imposed in the UK are much better than others, especially the EU. This is literally the difference between saving and losing many thousands of jobs.

There have been positive sounds from Downing Street that despite questions about free utterance problems from the United States, Britain and America are close to a trade agreement that would even see these tariffs disappear.

However, there is a very wait-and-see on it.

So while Stormmer and his ministers can take some satisfaction now from their efforts, there is still a lot of work in the future and high efforts. These tariffs rash the chancellor Rachel Reeves’ economic ceiling height.

A failure to get rid of them will leave the British government in a lot of trouble.

At least one Brexiteer has suggested that European producers move their business to the UK to take advantage of the lower 10% duty than 20% in the EU.

The head of the British Commerce Chambers says the new tariffs will ruin the business communities globally and increase prices, but that retaliations should only be one last resort.

Shevaun Haviland, Director General, said: “The government has kept a cool head so far and must continue to negotiate. This is a marathon not a sprint and getting the best deal for the United Kingdom is what matters the most.

“But no one will escape the fallout from these decisions that will be an increased risk of trade drainage and it will destroy business society around the world. Orders are falling, prices will rise, and global economic demand will be weaker as a result. This is a loss loss situation for everyone.

“So it is very important that the government does not give up negotiations. Tariffs can be lifted at any time and the US has signaled that it will make some kind of agreement with us.

“The United Kingdom is not without influence, our bilateral trade in the United States is worth £ 300 billion, we have £ 500 billion invested there, and it has £ 700 billion bound in our economy. There is a high level of co-dependence, and we are talking to businesses throughout the UK on opportunities for the government to consider.”

She said that taxes on taxes should be made very carefully and the government should keep everything on the table during the negotiations, but retaliations should only be one last resort.

“Many companies, especially SMEs, will now face difficult decisions, and we urge the government to do everything it can to provide practical support to them.”

Italian Prime Minister Giorgia Meloni said Mr. Trump’s new tariffs were wrong and that she hoped to work with the US and Europe to avoid a trade war that would weaken the West.