Trump Tariffs live updates: Asian markets are open in red to the second day over the US president’s global trade war

Republican US Senator Chuck Grassley introduced a bill yesterday that would demand congressional approval for new tariffs, the day after President Donald Trump revealed sweeping new taxes on a wide range of imported goods.

Mr. Grassley, whose home state of Iowa is very dependent on global agricultural trade, joined the Democratic Senator Maria Cantwell of Washington for the “Trade Review Act of 2025”.

The bill requires the congress to sign up for new tariffs within 60 days of their imposition or automatically block their enforcement.

The move made the day after four other Senate Republicans voted for a measure that would lift Trump’s customs duty on Canadian goods was the latest sign of dissence among Republicans when Mr. Trump’s aggressive movements Fanned Recessionary Fear and triggered Wall Street’s worst day since 2022.

Neither Mr. Grassley’s bill nor the measure adopted on Wednesday was seen as likely to be allowed, while Mr. Trump’s Republicans have majorities in both houses.

Asian shares struggled to recover their major losses from the previous session when Japan’s Nikkei fell 1.85 percent this morning and extended its 2.8 percent slide from yesterday.

MSCI’s widest index of Asia-Stock Sea Shares outside Japan dipped 0.26 percent in thin trade, with markets in China, Hong Kong and Taiwan closed for a holiday.

Accommodation S&P 500 companies lost a total of $ 2.4 trillion in stock market value, their largest one-day loss since Covid-19 Pandemic Hit Global Markets on March 16, 2020, while other Wall Street indexes in the same way clocked sharp falls.

Australia’s S&P/ASX 200 index fell to an eight-month low on Friday.

A collection of feta producers in Greece has already noticed that they will be severely affected, with half their sales to America that is likely to disappear. “We have to divert these quantities to other markets,” said the head of the Greece Association of Dairy Industries.

It can mean lower prices elsewhere to stoke demand or try to find new territories to sell to. But even the latter could see price increases as the wider financial effects of recession risk and disruption in the supply chain are felt.

The European Dairy Association has similarly criticized the move as “unjustified”.

But this again means that many can opt out of paying higher prices, while companies in America may be canceling orders coming in from abroad to avoid paying these extra costs. It could mean raising prices elsewhere to reduce their losses.

Here are what different industries have said in response and what influence may have on British prices:

Just days after Percy Pig began her American adventure, the iconic sweet may have returned home.

Percy was described as M&S’s “Gift to America” ​​as the confectionery hit the goal shelves on March 30.

However, the chairman of M&S Archie Norman told the detailed technology show on Wednesday that “we may have to change our minds,” as Trump’s tariffs were threatened.

Later Wednesday, Trump confirmed his sweeping tariffs for imports.

Business leaders warned Sir Keir Stormer from responding with even more tariffs that said they would only escalate the global trade war.

Rain Newton-Smith, Director General of CBI, said there would be no winners in a trade war. She said retaliation would “only add disturbances in the supply chain, slow down investments and Stoke Volatility”.

Jeremy Hunt, who wrote in The Telegraph, called on Sir Keir to “resist Siren Song of Prottionalism” and embrace Brexit Freedoms to make Britain “Singapore-on-Thames”.

The former Chancellor said retaliation to Trump’s duty could risk tilting Britain for recession.

Mr. Hunt called on the Prime Minister to make Britain a low tax that welcomed free trade and “could thrive at a time of global instability”.

The list of US products that could be hit by tariffs if Britain decides to reciprocate Donald Trump’s measures include whiskey, motorcycles and jeans.

A long list of possible targets for customs duties was produced together with a consultation on whether to introduce retaliatory measures.

The consultation said: “We want to know what you think about the effects that all future British tariffs may have if used on US goods, in response to the US government’s recent customs ads.

“The information collected will help the government assess the extent and effects of any British customs measures that could be used.”

The United States Dow Jones index has fallen 1,680 in its biggest fall since 2020, when fear of a fall by President Donald Trump’s tariffs is shaking the markets.