Trump tariffs live updates: European markets braced for another dire day after Asian markets plummet

US President Donald Trump warned overseas governments they must pay “some huge cash” to carry sweeping tariffs, characterising the duties as “medication” and triggering additional carnage throughout international monetary markets on Monday.

Asian shares sank throughout the board and US inventory market futures traded sharply decrease as buyers feared that Trump’s tariffs may result in greater costs, weaker demand and doubtlessly a world recession.

Talking to reporters aboard Air Drive One on Sunday, Trump indicated he was not involved about losses which have already worn out trillions of {dollars} in worth from fairness markets around the globe.

“I do not need something to go down. However typically you need to take medication to repair one thing,” he mentioned as he returned from a weekend of golf in Florida.

Trump mentioned he had spoken to leaders from Europe and Asia over the weekend, who hope to persuade him to decrease tariffs as excessive as 50 per cent attributable to take impact this week.

“They’re coming to the desk. They wish to speak however there is no speak until they pay us some huge cash on a yearly foundation,” Trump mentioned.

Hong Kong’s inventory market is among the worst hit right now, with the Grasp Seng Index dropping 12.7 per cent as of this afternoon.

Hong Kong is on track for the benchmark’s largest day by day fall for the reason that 2008 international monetary disaster.

On the mainland, the Shanghai Composite Index slumped 6.34 per cent throughout opening commerce.

President Donald Trump is just not deliberately making an attempt to crash the inventory market, the White Home nationwide financial council director Kevin Hassett has mentioned.

Talking on ABC’s This Week on Sunday, Mr Hassett mentioned the inventory market crash following Mr Trump’s tariff announcement was “not a method”.

He was questioned about it after Mr Trump shared a video on social media platform Fact Social that claimed the president was inflicting the markets to plummet as half of a bigger financial plan.

Mr Hassett insisted: “He’s not making an attempt to tank the market. He’s making an attempt to ship for American employees. It’s not a method for the markets to crash”.

Tokyo’s Nikkei 225 index misplaced almost 8 per cent shortly after the market opened right now.

By noon, it was down 7.2 per cent at 31,337.76.

A circuit breaker briefly suspended buying and selling of Topix (Tokyo Inventory Value Index) futures after an earlier sharp fall in US futures. A circuit breaker is a security mechanism that’s used to halt commerce when the inventory market experiences fluctuations.

Among the many largest losers was Mizuho Monetary Group, whose shares sank 11.4 per cent. Mitsubishi UFJ Monetary Group’s inventory misplaced 10.7 per cent as buyers panicked over how the commerce conflict might have an effect on the worldwide economic system.

US president Donald Trump’s tariff measures may gradual euro space financial progress by wherever between 0.5 and 1 share factors, Greek central financial institution governor Yannis Stournaras mentioned.

Mr Stournaras’ feedback come towards the backdrop of European Union international locations weighing approval of a primary set of focused countermeasures on as much as $28bn of US imports, overlaying merchandise starting from dental floss to diamonds, within the coming days.

The 27-nation bloc faces 25 per cent import tariffs on metal and aluminium and vehicles and “reciprocal” tariffs of 20 per cent from Wednesday for nearly all different items.In an interview with the Monetary Instances, Mr Stournaras warned that the looming international commerce conflict threat sparking a big “detrimental demand shock” within the eurozone that would weigh closely on Europe’s financial progress.

“A notable adversarial affect on progress may result in exercise being a lot weaker than anticipated, dragging inflation under our targets,” he mentioned.

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

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

“An all-out commerce conflict 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 said that buying and selling blocs such because the Complete and Progressive Settlement for Trans-Pacific Partnership might be vital on this new international period.

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

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

India doesn’t plan to retaliate towards US president Donald Trump’s 26 per cent tariff on imports from the Asian nation, an Indian authorities official mentioned, citing ongoing talks for a deal between the international locations.

Prime minister Narendra Modi’s administration has appeared right into a clause of Trump’s tariff order that provides a potential reprieve for buying and selling companions who “take important steps to treatment non-reciprocal commerce preparations”, the official informed Reuters.

New Delhi sees a bonus in being one of many first nations to have began talks over a commerce take care of Washington, and is best positioned than Asian friends like China, Vietnam, and Indonesia, which have been hit by greater US tariffs.

Taiwan’s president Lai Ching-te mentioned this morning that the island doesn’t search to impose retaliatory tariffs towards the US.

“As an alternative, we’ll begin speaking from bilateral ‘zero tariffs’,” mentioned on X. “To make sure Taiwan’s competitiveness, we’ll improve US imports and undertake different measures. Working collectively, we’ll usher in a golden age of shared prosperity.”

US president Donald Trump final week imposed a 32 per cent imports obligation on Taiwan, which has induced a giant sell-off in markets this morning – Taiwan was observing a public vacation on Thursday and Friday so buying and selling was closed.

Taiwan’s benchmark index has now dropped to its lowest degree in additional than a yr and was poised for its largest one-day share drop since a minimum of 1990, LSEG knowledge confirmed.

China, the EU and Canada have mentioned they plan to retaliate with their very own tariffs on US merchandise. Beijing, which claims sovereignty over Taiwan, has already introduced its personal 34 per cent reciprocal tariffs on US items.

India’s Nifty50 and Sensex indices crashed to 9-month lows, dropping round 5 per cent throughout opening commerce this morning.

IT corporations, which earn a major share of their income from the US, collectively misplaced round 7 per cent.

The broader small-caps and mid-caps misplaced 6.2 per cent and 4.6 per cent respectively.

US president Donald Trump’s high financial advisers have sought to painting the tariffs as a savvy repositioning of the US within the international commerce order.

Treasury secretary Scott Bessent mentioned greater than 50 nations had began negotiations with the US since Mr Trump imposed tariffs on dozens of nations final Wednesday.

Commerce secretary Howard Lutnick mentioned on CBS Information that the tariffs would stay in place “for days and weeks”.