Trump tariffs live updates: Asian markets plummet further with Hong Kong stocks down almost 10%

Asian share markets crashed this morning as fears of a world commerce warfare led traders to ramp up bets on the danger of recession.

Hong Kong and Chinese language shares have been notably badly hit as markets world wide crumbled within the face of a widening world commerce warfare and fears it would unleash a deep recession.

Hong Kong’s Dangle Seng index fell nearly 10 per cent in morning commerce which, if sustained, would make for the benchmark’s largest each day fall for the reason that 2008 world monetary disaster.

Banking shares collapsed, with Hong Kong-listed shares of HSBC and Commonplace Chartered tumbling 15 per cent.China’s CSI300 blue-chip index fell greater than 5 per cent with promoting in practically each sector. China’s yuan slipped to its lowest since January and bonds rallied sharply.

China, which is now dealing with US tariffs of 54 per cent, responded in form on Friday by slapping additional levies on US imports.

There’s hassle in Trumpland; Tesla CEO and head of the Division of Authorities Effectivity, Elon Musk, has taken public swipes at Donald Trump’s adviser on commerce and manufacturing, Peter Navarro, who helped form the president’s reciprocal tariff coverage that tanked markets internationally.

Musk is often vocal in his assist and protection of the president, however has been quiet since Trump’s “Liberation Day” tariff announcement that killed $2.5 trillion from the U.S. inventory market — a lack of worth that value the Tesla CEO greater than $30bn, in accordance with CNBC.

On X, which Musk owns, he took swipes at Navarro, a Harvard-educated economist who advises Trump on commerce. Navarro who was initially tapped for a spot within the White Home by Trump’s son-in-law, Jared Kushner, is the writer of books on China and the financial threats he says the nation poses to the U.S.

Donald Trump’s secretary of Commerce seemingly admitted on Sunday that US employees wouldn’t see long-lost manufacturing jobs return because of the president’s new tariff technique, which locations duties on practically all US imports.

Howard Lutnick appeared on CBS’s Face the Nation on Sunday and promised that “trillions” of {dollars} would move into the US within the type of new investments in America’s manufacturing sector. Margaret Brennan, the present’s host, questioned whether or not these factories can be “automated”, as Lutnick had stated beforehand.

Stating that the development of latest factories “takes years” and can do nothing to deliver down prices of shopper items for People within the quick time period, Brennan added: “You stated that robots are going to fill these jobs. So these aren’t union employee jobs.”

Virtually no nations have been spared from President Donald Trump’s sweeping tariffs; even small, uninhabited islands within the Indian Ocean have been included within the exhaustive checklist. However one nation was notably lacking: Russia.

One of many United States’ largest adversaries was omitted from the checklist of nations slapped with even the ten % baseline tariff – a transfer that raised some eyebrows given Trump’s beforehand pleasant relationship with Russian President Vladimir Putin.

However different nations, together with the uninhabited Heard Island and McDonald Islands, Cocos (Keeling) Islands, which have a inhabitants of 59 and Svalbard and Jan Mayen, islands within the Arctic Circle with roughly 2,000 individuals, have been hit with tariffs.

China has introduced 34 per cent tariffs on imported US items within the wake of president Donald Trump’s elevated taxes on Chinese language items coming into America.

Who will do the most effective or worst out of the commerce warfare? Information correspondent Alicja Hagopian and political correspondent Millie Cooke have a look.

Beforehand, retaliatory tariffs from China solely coated particular industries resembling gasoline and agricultural merchandise. Now, all US exports to China might be hit.

The US imports way more from China than it exports. In 2024, items exported to China have been price $143.5bn, in accordance with the US Commerce Consultant workplace.

In the meantime, the US purchased thrice as many items ($438.9bn) in the identical interval.

Tariffs that may make exporting items to America extra pricey might hit purchasing baskets within the UK as producers across the globe look to recoup the additional prices.

Donald Trump‘s levies imply industries worldwide are scrambling to evaluate what the affect on them might be and there’s no doubt that buyers within the US will see costs there rise as producers move on these prices to the customer.

However that in flip signifies that many would possibly decide out of paying larger costs, whereas companies in America would possibly cancel orders coming in from abroad to keep away from paying these additional prices. That may imply elevating costs elsewhere to cut back their losses.

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The outlook for Prosecco, Brunello di Montalcino and different Italian wines in america is more and more gloomy, producers and importers stated, following President Donald Trump’s imposition of a 20 per cent tariff on European imports.

Italy exports extra wine to the U.S. than every other nation. Final 12 months, it bought 2bn euros ($2.2bn) price of wines, spirits and vinegars within the U.S. market, 1 / 4 of its whole worldwide exports, in accordance with commerce group Federvini.

Italian producers and US importers gathered at a wine honest in Verona, within the north-eastern Veneto area this weekend, stated enterprise had already been slowed by the concern of US tariffs and so they concern extra lasting harm because the duties take impact.

Below the introduced levies, Italian wine revenues would fall by some 323m euros per 12 months, stated Lamberto Frescobaldi, chairman of the Italian Wine Union foyer.

Wine merchants and producers are pinning their hopes on a deal between Europe and the U.S. to scrap or cut back the tariffs.

“Hopefully, the EU won’t retaliate – a commerce warfare can be troublesome to navigate,” Simone Luchetti, president of US importer Banville, stated

A Downing Road spokesperson stated:“The Prime Minister spoke to the Prime Minister of Canada Mark Carney this night.

“They mentioned their dedication to working collectively to keep up world financial stability within the wake of the announcement from america this week.

“An all-out commerce warfare is in no-one’s curiosity, they agreed.

“Each agreed on the significance of free and open commerce between like-minded nations, and the Prime Minister acknowledged that buying and selling blocs such because the Complete and Progressive Settlement for Trans-Pacific Partnership might be vital on this new world period.

“Prime Minister Carney thanked the Prime Minister for his management on Ukraine and reaffirmed his dedication to Canada enjoying a job within the Coalition of the Keen.

“Wanting forward, the Prime Minister stated he was wanting ahead to travelling to Canada for the G7 Summit in June. They agreed to remain in shut contact.”

There’s hassle in Trumpland; Tesla CEO and head of the Division of Authorities Effectivity, Elon Musk, has taken public swipes at Donald Trump’s adviser on commerce and manufacturing, Peter Navarro, who helped form the president’s reciprocal tariff coverage that tanked markets internationally.

Musk is often vocal in his assist and protection of the president, however has been quiet since Trump’s “Liberation Day” tariff announcement that killed $2.5 trillion from the U.S. inventory market — a lack of worth that value the Tesla CEO greater than $30bn, in accordance with CNBC.

On X, which Musk owns, he took swipes at Navarro, a Harvard-educated economist who advises Trump on commerce. Navarro who was initially tapped for a spot within the White Home by Trump’s son-in-law, Jared Kushner, is the writer of books on China and the financial threats he says the nation poses to the U.S.