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The drop is the fourth-largest one-day decline in the Bloomberg Billionaires Index’s 13-year history, and the largest since the height of the Covid-19 pandemic.

The S&P 500 ended down almost 5% after U.S. President Donald Trump's sweeping tariffs ignited fears of an all-out trade war and a global economic recession.

Canada Prime Minister Mark Carmey said that the country will impose a 25 per cent tariff on all US vehicle imports that do not comply with the free trade agreement. The Canadian PM further said that the revenue generated from these tariffs would be directed toward supporting the country's auto workers and the industry. Sharing a post on X on Thursday (local time), Carney said, «In response to President Trump's tariffs on our auto sector, Canada will impose a 25% tariff on all US vehicle imports that do not comply with our free trade agreement. All revenues from these tariffs will be used to support our Canadian auto workers and their industry.» «For US vehicles that comply with The Canada-United States-Mexico Agreement (CUSMA), Canada will also impose a 25% tariff on the content which is not from either Canada or Mexico. The revenue from those tariffs will also go directly to supporting Canada's auto workers and their industry,» the post added.

National Burrito Day is observed every year on the first Thursday of April, and in 2025, it falls on April 3. The annual celebration of the widespread Mexican and Tex-Mex staple known as the burrito takes place every April 3. The burrito evolved substantially as it traveled from Mexico to become thriving in the United States.

U.S. President Donald Trump’s sweeping reciprocal tariff plan comes with a “fallback” for free trade partners Canada and Mexico if a national emergency declaration on border controls and fentanyl used in February to justify 25 per cent tariffs on them doesn’t hold up. 

Canada and Mexico might have got off (relatively) easy on Donald Trump’s Liberation Day, but for the rest of the world the tariff blow was far worse than expected — and market reaction suggests the biggest loser could be the United States.

United States President Donald Trump Wednesday imposed reciprocal global tariffs on the trading partners that sent shock waves around the world and markets plunging.

Andry José Hernández Romero, a gay Venezuelan makeup artist, has been sent by the US to a maximum security prison in El Salvador as part of Donald Trump-led administration’s mass deportation campaign. This was majorly due to ‘crown’ tattoos on his wrists that allegedly proved him to be a notorious gang member. The 31-year-old, who fled his home country in a bid to escape persecution for his sexual orientation as well as political beliefs, was detained at the Mexico-US border in August last year when he crossed over to take part in a pre-arranged asylum appointment in San Diego, California, The Guardian reported.

Mark Carney announced a limited set of counter measures against U.S. tariffs on Thursday while calling President Donald Trump's protectionist moves a tragedy for global trade. Carney said the Canadian government will copy the U.S. approach by imposing a 25% tariff on all vehicles imported from the United States that are not compliant with the U.S.-Mexico-Canada trade deal. Carney also told a press conference that the new tariffs would not apply to auto parts and would not affect vehicle content from Mexico. «Given the prospective damage to their own people, the American administration should eventually change course. But I don't want to give false hope,» Carney said, adding that it could take a long time for the United States to shift approach. Carney said Canada's previously announced tariffs would stay in place. Trump's new tariffs sent shockwaves through markets on Thursday. His 10% baseline levy on all U.S. imports, with much higher duties on some countries, encouraged investors to flee risky assets as they worried Trump was upending global trade.

U.S. President Donald Trump imposed a series of sweeping tariffs on countries around the world that could drastically alter the landscape of global trade, and consumer goods like iPhones could be among the hardest hit, analysts said on Thursday. Most iPhones are still made in China, which was hit with a 54% tariff. If those levies persist, Apple has a tough choice: absorb the extra expense or pass it on to customers. Shares of the company were down more than 8% in the wake of the tariff announcements, putting them on track for their worst day since September 2020. Apple sells more than 220 million iPhones a year; its biggest markets include the United States, China and Europe.

Subscribe to enjoy similar stories. For opponents of free trade, Donald Trump’s ‘Liberation Day’ may seem like ‘vindication day.’ The world’s top power, the US, which generates a quarter of the globe’s output, took an inward turn that ‘nuked’ the aim of open borders for commerce. Globalization, which had long wobbled along, suddenly looks skeletal.

Donald Trump’s sweeping new tariffs, the White House said on Wednesday. The exemption will come as a relief to the U.S. oil industry, which had expressed concerns that new levies could disrupt flows and raise costs on everything from Canadian crude oil serving Midwest refineries to European cargoes of gasoline and diesel to the eastern seaboard, as per a report. Trump on Wednesday announced he would impose a 10 per cent baseline tariff on all imports to the United States and higher duties on dozens of the country's biggest trading partners, deepening a trade war that he kicked off on his return to the White House, Reuters reported. The trade protections, however, do not apply to energy imports from Canada or Mexico – which are already exempted under the United States-Mexico-Canada Agreement free trade deal – nor do they apply to energy imports from any other country, a White House official said, as per the report. Canada and Mexico are the two largest sources of imported crude oil to the United States, while Europe is a significant source of imported fuel to the U.S. East Coast, which has a dearth of oil refineries, Reuters reported.

Planet Hollywood in Los Angeles International Airport (LAX) had become second nature. He had spent years in the service industry, ensuring that customers had a pleasant dining experience before catching their flights. But on March 21, what started as a routine shift took an unexpected and disheartening turn. According to a report from KTLA, toward the end of his shift, Ortiz was serving a couple who, at first, seemed no different from any other travelers passing through the bustling airport restaurant. He greeted them with his usual warmth, took their order, and provided the kind of attentive service he had perfected over the years. But something about their demeanor felt off. “The way they were looking at me—you can tell when something isn’t right,” Ortiz later recalled.

Subscribe to enjoy similar stories. The United States Trade Representative (USTR) is a cabinet-rank official whose office is embedded in the Executive Office of the President of the US. The USTR on its website is described as “the president’s principal trade advisor, negotiator, and spokesperson on trade issues." Created by a legislative act in 1962, the USTR has historically proclaimed its alignment with the World Trade Organization (WTO) as a leveller of the global trade playing field.

European Council President Antonio Costa has called for a swift conclusion to trade agreements with key global partners, including India, in response to the recent tariff measures imposed by the United States. In a tweet posted on X on Thursday, Costa emphasised the urgency for Europe to deepen its trade ties beyond the U.S. to maintain global economic stability. «The trade tariffs imposed by the United States should urge Europe to reach free trade deals with other partners in the world,» Costa wrote. He expressed full support for the EU Commission in its trade negotiations with the U.S. and underscored the importance of trade in driving global prosperity. Costa's statement pointed to several crucial ongoing trade talks, noting, “Trade is a powerful engine of global prosperity. The EU will remain a staunch advocate for free and fair trade. We will engage with all our partners and continue to strengthen and expand our trade network. Now is the time to move forward with the agreements with #Mercosur, #Mexico and decisively advance in the negotiations with #India and other key partners."

Here is what some governments said about what they would — and would not — do in response. EUROPEAN UNION European Commission President Ursula von der Leyen said the EU is finalising a package of measures in response to U.S. tariffs on steel and is «now preparing for further countermeasures to protect our interests and our businesses if negotiations fail». Trump targeted the EU with a 20% reciprocal tariff. CHINA

Donald Trump's reciprocal tariffs, drinks industry bodies said on Thursday. Trump's latest round of sweeping global and country-specific tariffs was set to hit everything from the popular negroni cocktail, based on Italy's Campari liqueur, to Guinness beer, made by the world's top spirits producer Diageo. He also introduced a 25% levy on all beer imports and added beer cans to existing aluminium tariffs, hitting labels, such as Mexican-made Corona and Dutch Heineken. Many categories of drinks, such as champagne or Scotch whisky, have to be made in specific countries or regions and cannot move production.

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

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

«April 2, 2025 will forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed, and the day that we began to make America wealthy again. Our country and its taxpayers have been ripped for more than 50 years but it isn't going to happen anymore. In a few moments i will sign a historic executive order for reciprocal tariffs 'throughout the world,» he said. «This is one of the most important days in American history. With today's action we are finally going to be able to make american great again, greater than ever before. More production at home will mean lower prices for consumers. For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,» the 47th US President said. After weeks of anticipation, President Donald Trump unveiled a new set of tariffs on both allies and adversaries, aiming to address what he describes as unfair trade practices. The tariffs, which Trump announced on what he referred to as “Liberation Day,” are designed to boost US manufacturing and punish countries for trade imbalances. Under the "Fair and Reciprocal Plan," the US will impose tariffs equal to the ones that other nations have placed on U.S. goods.

Subscribe to enjoy similar stories. Pfizer in 2019 sold $20 billion of drugs in the U.S. Its federal tax bill? Zero.