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In his Rose Garden speech at the White House on Wednesday (2 April), Trump pledged 20% levies on European Union imports and 10% on imports coming from the UK. «European Union, they are very tough…traders. And you think of European Union [as being] very friendly, they rip us off, it is so sad to see. It is so pathetic,» Trump told reporters. Trump trade war could lead to $1.4trn global welfare loss as 'Liberation Day' looms In addition, the US president slapped another 34% tariff on China, bringing the total to 54% after another 20% previously imposed, while Japan was dealt wit...

₹91,423 per 10 grams. As of 9.33 am, it was trading ₹600 or 0.66% higher at ₹91,328 on the MCX. The rally can be attributed to the risk off sentiment in the market following tariff announcements by US President Donald Trump's administration.

Subscribe to enjoy similar stories. The stock market was slumping after President Donald Trump made his tariff announcement. To state the obvious, it was worse than investors feared and now they need to figure out what it means for stocks over the rest of 2025.

Donald Trump on Wednesday described Prime Minister Narendra Modi as a «great friend» while announcing a 26% tariff on Indian imports. However, he said, «You're a friend of mine, but you're not treating us right.» Trump claimed that the move was a «discounted reciprocal tariff» aimed at countering India's high duties on American goods. Also Read: India to face 'discounted' 26% tariff from US; Trump slaps 34% on China «India, very, very tough. Very, very tough. The Prime Minister just left. He's a great friend of mine, but I said, 'You're a friend of mine, but you're not treating us right.' They charge us 52 per cent. You have to understand, we charge them almost nothing, for years and years and decades,» Trump said, holding a chart listing countries and their tariff rates. He argued that the US had long tolerated unfavourable trade terms and had only started imposing tariffs on China after he took office seven years ago. «It was only seven years ago, when I came in, we started with China and we took in hundreds of billions of dollars from China in tariffs,» he said. The announcement comes just weeks after Modi’s visit to Washington, D.C., in February, less than a month after Trump began his second term in the White House. Trade tensions between the two countries have been a longstanding issue, with Trump previously calling India the «tariff king» and a «big abuser» in global trade.

Bitcoin and other major cryptocurrencies dipped after President Donald Trump imposed tariffs on US trading partners worldwide, triggering a slump in risk assets. The largest digital asset fell as much as 4% to about $82,000 on Thursday morning in Singapore before paring losses, while other tokens including Ether and XRP also declined. Solana had at one point shed more than 9% of its value.

Donald Trump’s sweeping new tariffs have landed, triggering measured responses from key trading partners who seem unwilling to ignite a full-blown trade war—at least for now. Branded as “reciprocal tariffs” and ranging from 10% to 49%, the new import taxes, according to Trump, are simply the U.S. giving back what it has endured for decades. “Taxpayers have been ripped off for more than 50 years,” he declared, vowing that “it is not going to happen anymore.” Promising a resurgence of jobs and factories, Trump framed the move as more than just economics—he called it a national security necessity that threatens “our very way of life.” Here are the first reactions: China Beijing said it «firmly opposes» the new tariffs on its exports, and vowed «countermeasures to safeguard its own rights and interests».

Trump's 26 per cent tariff on Indian goods would have a limited impact on key agricultural exports like seafood and rice when compared to higher duties imposed on regional competitors, Gulati said. «We should not look at the tariff increase in absolute terms, but see relative tariff increases with our competitors,» Gulati told PTI. The former chairman of the Commission for Agricultural Costs and Prices (CACP) noted that while India faces 26 per cent tariffs, China faces 34 per cent, creating an 8 per cent differential advantage for Indian exporters. Other competitors face even steeper barriers, with Vietnam at 46 per cent, Bangladesh at 37 per cent, Thailand at 36 per cent, and Indonesia at 32 per cent, Gulati said.

As per India Cellular and Electronics Association (ICEA), India has emerged favourably placed in the first round of reciprocal tariff announcements, especially compared to key electronics export competitors like China, Vietnam, Thailand, and Indonesia following the extraordinary and relentless efforts by our negotiators and leaders. Read More:Trump's 26% tariffs put pressure on India. Is New Delhi ready for the impact?

Here is what some governments said about what they would — and would not — do in response. Read More:Trump's 26% tariffs put pressure on India. Is New Delhi ready for the impact? CHINA China's commerce ministry said Beijing «firmly opposes» the reciprocal tariffs and «will take countermeasures to safeguard its own rights and interests,» after Trump imposed a 34% reciprocal tariff on the country. JAPAN

Subscribe to enjoy similar stories. President Trump’s biggest tariff blitz yet sends a clear message to U.S. and foreign companies alike: The era of globalization is over.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners. The tariffs will take effect on April 9 and appeared to target about 60 countries.

global trade it pioneered and furthered over several decades. Trump says the levies will bring jobs back to the United States — but executives in the immediate aftermath were focused on possibly raising prices, reducing shipments to the world's largest economy, or just cutting back investment activity outright. «This is how you sabotage the world's economic engine while claiming to supercharge it,» said Nigel Green, CEO of global financial advisory deVere Group. «The reality is stark: these tariffs will push prices higher on thousands of everyday goods — from phones to food — and that will fuel inflation at a time when it is already uncomfortably persistent.» Trump sees tariffs as a way of protecting the domestic economy from unfair global competition and a bargaining chip for better terms for the U.S.

The Trump administration imposed a 26% tariff on imports from India, which is slightly higher than the 20% levy for the European Union, the 24% for Japan and the 25% for South Korea. China was hit with one the highest rates for a major US trading partner and now faces a tariff of at least 54% on many goods. The tariffs are a setback for the Indian government, which had sought to ward off the new levies by rolling out sweeping concessions on issues central to Trump’s agenda. During a visit to Washington by Prime Minister Narendra Modi in February, the two nations agreed to work toward a trade pact this year. ALSO READ: India to face 'discounted' 26% tariff from US; Trump slaps 34% on China “India, very, very tough. Very, very tough,” Trump said at a news event at the White House on Wednesday to announce the tariffs. “The prime minister just left, and he’s a great friend of mine. But I said, you’re a friend of mine, but you’re not treating us right. They charge us 52%.”

In comments outside the White House, Trump singled out Australian beef, which saw a surge in exports to the United States last year, reaching A$4 billion amid a slump in U.S. beef production. «They won't take any of our beef. They don't want it because they don't want it to affect their farmers and you know, I don't blame them but we're doing the same thing right now,» Trump said in an event in the White House Rose Garden announcing tariffs on a wide range of U.S. trading partners. Australia banned U.S. fresh beef products in 2003 due to the detection of bovine spongiform encephalopathy, otherwise known as mad cow disease, in U.S. cattle. BSE poses a risk to human health and has never been detected in cattle in Australia. Albanese said Trump had imposed a 10% duty on all Australian goods entering the United States, equivalent to the U.S. baseline tariff on all imports, despite U.S. goods entering Australia tariff free.

OnlyFans, has partnered with a cryptocurrency foundation to submit a late-stage plan to acquire short video app TikTok from Chinese owner ByteDance, the two said on Wednesday. The intent to bid was sent this week to the White House by Zoop, billionaire Stokely's new company, and the Hbar Foundation, which manages the Hedera cryptocurrency network's treasury. While OnlyFans is known mainly for pornography, Zoop is mainstream and family-friendly, and gives back the majority of its revenue to those who post on the site, rewarding them for driving up user engagement.

Here's a look at some of the new tariff regime's key features, as detailed in Trump's executive order.

S&P 500 futures sank over 3.5% while contracts on the Nasdaq 100 slid 4.5%. Shares in Australia, Japan and South Korea tumbled at the open Thursday. US 10-year Treasury yields slumped with the flight to havens also lifting the Japanese yen and gold, which touched a new record high.

Trump has accused America's trading partners of undermining the United States for decades, saying they have engaged in unfair trade practices to steal the country's wealth and enrich their own economies. He has set his sights on not only adversaries like China, but also traditional allies like Canada and Europe. And he has complained about a number of factors, including high tariffs that other countries charge American products, and persistent trade deficits the United States has with foreign countries. Trump has promised to correct this situation Wednesday, when he announces expansive tariffs on foreign products that he says will level the playing field. In some cases, there's truth to the president's claim that the United States offers its trading partners more favorable terms than it often gets in return. As a proponent of free markets, the United States has long been more open to trade than many countries globally. That has encouraged the United States to rely on imports of many critical goods, like semiconductors and pharmaceuticals, instead of manufacturing them itself. And some countries do have tough trade barriers to U.S. exports, or economic policies that distort global markets — particularly China, which has flooded the world with manufactured goods. Still, trade experts say that Trump's claims include a heavy dose of exaggeration, as well as hypocrisy.

Subscribe to enjoy similar stories. President Trump unveiled his new “liberation day" tariffs on Wednesday, and they are another large step toward a new old era of trade protectionism. Assuming the policy sticks—and we hope it doesn’t—the effort amounts to an attempt to remake the U.S.

Treasury Secretary Scott Bessent said Wednesday the sell-off in the stock market is due more to a sharp pullback in the biggest technology stocks instead of the protectionist policies coming from the Trump administration.