Donald Trump Tariff Announcement Highlights: Wall Street plunges 3.3% as global market turmoil deepens after tariffs

Trump Tariff Announcement LIVE: As Donald Trump’s tariffs kicked in, the S&P 500 slumped 4 per cent in morning trading – being seen as the worst than the drops for other major stock markets.

The Dow Jones Industrial Average was down 1,520 points, or 3.6 per cent, as of 10:10 am Eastern time, and the Nasdaq composite was 4 per cent lower.

Trump Tariff Announcement LIVE: Frankfurt stocks tumbled over 3% following the announcement of Trump’s new tariffs, fueling market uncertainty.

Trump Tariff Announcement LIVE: Wall Street stocks plunged early Thursday, following a global market selloff as President Donald Trump’s latest tariff announcement fueled fears of a trade war and economic slowdown.

Trump Tariff Announcement LIVE: Paris stocks have dropped more than 3 per cent after Donald Trump imposed back-breaking tariffs on the world.

Trump Tariff Announcement LIVE: Will Trump tariffs erase $2 trillion from US stock markets? According to Bloomberg, the damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple Inc., which makes the majority of its US-sold devices in China, is on track to open down 7.7%. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, are down at least 9%. Walmart Inc. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, are trading at least 4% lower.

Trump Tariff Announcement LIVE: On Thursday, China called on the United States to cancel its latest tariffs immediately and vowed to take countermeasures to protect its interests after President Donald Trump announced broad trade levies on US partners worldwide.

“China firmly opposes this and will take countermeasures to safeguard its own rights and interests,” China said.

The Ministry of Commerce said in a statement that it is carefully examining the implications of the various measures and announcements made by the US administration.

“The US President issued an Executive Order on Reciprocal Tariffs imposing additional ad-valorem duties ranging from 10% to 50% on imports from all trading partners. The baseline duty of 10% will be effective from April 05, 2025, and the remaining country-specific additional ad valorem duty will be effective from April 09, 2025. The additional duty on India, as per Annex I of the Executive Order, is 27%,” the Ministry said.

Trump Tariff Announcement LIVE: As the Trump tariffs come into effect, the United States has warned that it could spell threat for thousands of jobs in the country. “The tariff level is extremely high relative to our regional competitors,” said Yohan Lawrence, head of the Joint Apparel Association Forum (JAAF), referring to a 44 percent tariff imposed by US President Donald Trump on Sri Lankan goods. JAAF said in a statement the tariff hike could “significantly disrupt” the garment industry and threatened “thousands of jobs”.

Trump Tariff Announcement LIVE: Hours after the Trump tariff came into effect, the Central government has said that the Commerce Department are studying the opportunities that may arise due to US tariff hikes.

Trump Tariff Announcement LIVE: As the Trump tariffs kicked in, White House said India has tough and costly testing rules for products like chemicals, telecom equipment, and medical devices, making it harder for U.S. companies to do business there. It said that if these rules were eased, U.S. exports to India could grow by at least $5.3 billion each year.

While giving details on reciprocal tariffs, Donald Trump said, “We will charge them approximately half of what they are and have been charging us, so the tariffs will be not a full reciprocal. I could have done that, I guess, but it would have been tough for a lot of countries and we didn’t want to do that.”

Reciprocal tariffs are tax or trade restrictions that one country places on another in response to similar actions taken by that country.

President Donald Trump announced tariffs on the Australian external territory of Heard Island and McDonald Islands, where no one lives. These islands are uninhabited subantarctic islands in the Southern Ocean, with no permanent human population, administered by Australia.

While speaking on the 26% reciprocal tariffs imposed by the United States on India, Congress president Mallikarjun Kharge told ANI, “… Their friendship (US President Trump and PM Modi) and the way they hug and talk shows that America (US President Donald Trump) is a businessman…Aur wo humara customer phas gaya (And our customer is stuck).”

Russia was not mentioned among the countries where Trump has proposed to impose reciprocal tariffs. The White House has not yet clarified the reason for Russia’s exclusion.

“As the global trade war has become a reality, the government must pour all its capabilities to overcome the trade crisis,” Reuters quoted South Korean acting President Han Duck Soo.

 “The (Trump) administration’s tariffs have no basis in logic and they go against the basis of our two nations’ partnership. This is not the act of a friend. Today’s decision will add to uncertainty in the global economy and it will push up costs for American households,” Reuters quoted Australian Prime Minister Anthony Albanese.

“The Brazilian government regrets the decision made by the North American government today, April 2, to impose additional tariffs of no more than 10% on all Brazilian exports to that country. The Brazilian government is evaluating all possible actions to ensure reciprocity in bilateral trade, including resorting to the World Trade Organization, in defence of legitimate national interests,” Reuters quoted the Foreign Ministry of Brazil.

While reflecting on the reciprocal tariffs imposed by the United States, news portal Reuters quoted Canadian Prime Minister Mark Carney saying, “We are going to fight these tariffs with countermeasures, we are going to protect our workers, and we are going to build the strongest economy in the G7.”

The Thailand Prime Minister Paetongtarn Shinawatra said that her country is ready to negotiate with the US and figure out a fair trade balance for both, reported AP. Her statement comes after Trump announced 36% tariffs on Thailand.

 Following the reciprocal tariff announcement, Japan stocks have witnessed the longest foreign stock sell-off in three years. Foreigners sold Japanese stocks worth $3.06 billion for the week, reported Reuters.

Trump Tariff Announcement LIVE: Australia amazed over Donald Trump’s decision to impose a 29% trade tariff on its small Pacific territory of Norfolk Island, reported AFP.

The island has a total population of over 2,000 people and lies 1,600 kilometres (1,000 miles) northeast of Sydney.

Donald Trump administration has calculated the new tariffs primarily based on existing trade balances, instead of his pledge to match the tariff rates and other trade barriers from trading partners, reported Bloomberg.

Trump Tariff Announcement LIVE: On Thursday, the Asian markets traded  lower after Trump’s announcement of reciprocal tariffs. MSCI’s broadest index of Asia-Pacific shares outside Japan fell more than 1%.

In Asia, Japanese markets led losses with the Nikkei share average plunged to an eight-month low. The Nikkei index was down 3%. The Topix index was down 3.1%. In Chinese markets, the CSI300 index dropped 0.24%, while the Shanghai Composite Index declined 0.1%. South Korea’s Kospi index fell 1.57%, and the Kosdaq fell 0.55%. Hong Kong’s Hang Seng index declined 2%.

Trump Tariff Announcement LIVE: Benchmark indices Sensex and Nifty traded on a muted note following the announcement of a 26% reciprocal tariffs by US President Donald Trump on the imports from India.

The Nifty 50 was down 0.40% at 23,237 as of 09:40 am, while the BSE Sensex fell 0.44% to 76,277.

Pharma stocks, however, bucked the weak trend as Trump exempted pharmaceutical products from the list of imports hit by reciprocal tariffs.

Trump Tariff Announcement LIVE: European Commission President Ursula von der Leyen called Trump’s reciprocal tariffs a major blow to the world economy.

“We are already finalising the first package of countermeasures in response to tariffs on steel,” Reuters quoted Leyen’s statement.

“And we’re now preparing for further countermeasures to protect our interests and our businesses if negotiations fail,” she added.

Donald Trump Tariff Announcement LIVE: India’s agricultural exports will not be impacted due to the reciprocal tariffs, according to agricultural economist Ashok Gulati.

“We should not look at the tariff increase in absolute terms, but see relative tariff increases with our competitors,” Gulati told PTI.

Donald Trump Tariff Announcement LIVE: Japanese Trade Minister Yoji Muto said that Japan is leaving all options open after US President Donald Trump imposed reciprocal tariffs on trading partners, reported Reuters.

While speaking on retaliatory measures, the Minister said, “We need to decide what is best for Japan, and most effective, in a careful but bold and speedy manner.”

Donald Trump Tariff Announcement LIVE: On Thursday, China asked the United States to cancel its latest tariffs immediately and promised to impose countermeasures to safeguard its own interests after Trump declared reciprocal tariffs, reported Reuters.

“China firmly opposes this and will take countermeasures to safeguard its own rights and interests,” the report quoted Chinese Commerce ministry.

Donald Trump Tariff Announcement LIVE: “India very, very tough. The Prime Minister just left and is a great friend of mine, but you are not treating us right. They charge us 52 per cent, and we charge them almost nothing…” Donald Trump said.

Donald Trump Tariff Announcement LIVE: Congress leader Shashi Tharoor expresses concern over the automobile industry with the latest tariffs imposed by US President Donald Trump. 

“We are not selling many automobiles in America, but automobile parts are a major factor and that would be affected, and the first victims are going to be American manufacturers who would be buying Indian parts. So that’s not very good for us, that’s not very good for them, and that’s not very good for the American consumers,” Tharoor told ANI.

Donald Trump Tariff Announcement LIVE: The latest tariffs announced by US President Donald Trump ‘will only create losers,’ the German Automotive Industry Association (VDA), a body that represents the German auto industry, said on Thursday, according to a report by AFP.

“The EU is now called upon to act together and with necessary force while continuing to signal its willingness to negotiate,” the report quoted VDA. 

Donald Trump Tariff Announcement LIVE: Four Republican senators joined Democrats to support a resolution to reverse President Donald Trump’s 25 per cent tariffs on imports from Canada, reported ANI.

Four Republican senators are Rand Paul (Kentucky), Susan Collins (Maine), Lisa Murkowski (Alaska), and Mitch McConnell (Kentucky).

Donald Trump Tariff Announcement LIVE: According to the Guatemala government, Trump’s baseline 10% tariffs violate the provisions of DR-CAFTA, a free trade agreement between the U.S., the Dominican Republic and Central American countries, including Guatemala, reported Reuters.

Donald Trump Tariff Announcement LIVE:  “The huge tariff on imports from Vietnam is clearly negative for Nike, Adidas, and others in the sportswear space. Athletic footwear cannot easily be produced in other countries due to the complexity of manufacturing. Making it worse, tariffs are being imposed on other Asian countries,” David Swartz, Analyst at Morningstar told Reuters.

“We are going to announce the largest tax cuts in history, and we will not cut Medicare, Social Security,” said Trump.

“We need more people, we need people to come into our country, we want them to come legally,” said US President Donald Trump.

“Today we’re standing up for the American worker, and we are finally putting America first,” US President Donald Trump said.

“We truly can be very wealthy. We can be so much wealthier than any country, it’s not even believable, but we’re getting smart,” Trump added.

Donald Trump specifically called out Canada’s tariffs on US dairy products, labeling them as unfair.

“It’s not fair to our farmers. It’s not fair to our country,” he said, asserting that the US provides significant subsidies to nations like Canada and Mexico to help sustain their industries.

“With today’s actions, we’re also standing up for our great farmers and ranchers who are brutalized by nations all over the world,” Donald Trump stated.

Donald Trump held up a chart labeled “Reciprocal Tariffs,” illustrating the differences between tariffs imposed by other countries on the US and those set by Washington.

“If they charge us, we charge them. How could anyone be upset?” he remarked.

He explained that the US would impose tariffs at roughly half the rate that other nations levy on American goods.

“The tariffs won’t be fully reciprocal. I could have done that, sure, but it would have been tough for a lot of countries,” Trump added.

A new 10% tariff will apply to practically all imported goods.

Countries with large trade deficits with the US will face even higher rates.

Mexico and Canada are exempt, except for non-compliant goods, which will still be taxed at 25%.

The baseline 10% tariff takes effect Saturday at 12:01 am ET.

Around 60 countries will be charged tariffs equal to half the rate they impose on U.S. goods.

The targeted tariffs for “worst offenders” will go into effect at 12:01 am ET on April 9.

Donald Trump announces a new tariff on all foreign-made automobiles.

The tariffs will go into effect immediately at midnight Eastern Time.

Trump cites “horrendous imbalances” in trade as a key reason for the move.

Donald Trump says India very very tough. PM Modi my friend but… Announces 26 percent discounted reciprocal tariff on India. They charge us 52 percent.

Donald Trump said: “None of our companies are allowed to go into other countries. And I say that friend and foe, and in many cases, the friend is worse than the foe in terms of trade,” Trump stated during his speech in the White House Rose Garden.

“But such horrendous imbalances have devastated our industrial base and put our national security at risk.”

Trump calls today “one of the most important days” in American history.

Trump describes the move as a “declaration of economic independence.”

The president says tariff revenue will be used to reduce taxes and pay down national debt.

Promises that jobs and factories will “come roaring back” under his new policies.

Says consumers will benefit from lower prices and increased competition.

Calls today a turning point that will “finally make America great again.”

Trump claims US has been “looted, pillaged, and plundered”

Says hardworking Americans were sidelined as other nations prospered at their expense.

Asserts that US taxpayers have been “ripped off” for over 50 years, vowing it will not continue.

Declares that today marks the rebirth of American industry and the start of a “golden age.”

Trump arrives in the Rose Garden to loud cheers and applause. He waves and acknowledges the crowd before stepping to the lectern.

Trump calls it a ‘very good day’ for the country. Announces a historic executive order imposing reciprocal tariffs on trading partners.

Explains the concept of reciprocity: “They do it to us, we do it to them.”