Trump tariffs live updates: President says Starmer ‘very happy’ with UK’s tariff after Asian markets plunge again

Donald Trump has claimed that Sir Keir Starmer “was very completely satisfied” with Washington’s new 10 per cent tariffs on UK items.

“We’ve an excellent dialogue. I believe he was very completely satisfied about how we handled them with tariffs,” the US president informed reporters on Air Power One.

Mr Trump added that he was open to negotiations on the tariffs if nations provided “one thing that’s so phenomenal”.

Talking on the launch of his native authorities marketing campaign in Chesterfield on Thursday, Sir Keir stated that the world was in the beginning of a “new financial period” during which “we now have to behave and lead in a different way” – describing the response to Mr Trump’s tariffs as “not only a short-term tactical train”.

The prime minister stated: “It’s the starting of a brand new period, we have to perceive that, simply as we now have for defence and safety, we now have to know the altering world relating to commerce and the economic system.”

Turkey desires to barter with the US to raise the ten per cent further tariffs introduced by president Donald Trump, commerce minister Omer Bolat stated this morning.

“We wish to focus on the problem in negotiations with the US Division of Commerce and Commerce Consultant… since there’s a $2.4bn surplus in favour of the US in commerce between the 2 nations for 2024,” he stated in an announcement.

Donald Trump’s sweeping tariff marketing campaign presents a “important threat” to the worldwide financial outlook “at a time of sluggish development”, the pinnacle of the Worldwide Financial Fund has warned.

Managing director Kristalina Georgieva stated officers have been nonetheless assessing the macroeconomic implications of the tariff plans Mr Trump introduced this week.

“You will need to keep away from steps that would additional hurt the world economic system,” she stated as world markets bled yesterday.

“We attraction to the US and its buying and selling companions to work constructively to resolve commerce tensions and cut back uncertainty,” she added.

Donald Trump has signed an government order to close down a commerce loophole often known as “de minimis” that has allowed low-value packages from China and Hong Kong to enter the US freed from duties.

The transfer seems to be an enormous blow to fast-fashion firms resembling China-based Shein and Temu, which managed to quickly broaden within the US by way of the virtually century-old de minimis rule. This tariff exemption will finish on 2 Might, the White Home stated on Wednesday.

Asian shares slid additional at this time after US president Donald Trump’s tariffs despatched shudders by way of monetary markets at a degree of shock not seen since Covid-19 pummelled world markets in 2020.

Mr Trump introduced a minimal tariff of 10 per cent on world imports, with the tax fee working a lot larger on merchandise from sure nations like China and people from the European Union. Smaller, poorer nations in Asia have been slapped with tariffs as excessive as 49 per cent.

Tokyo’s Nikkei 225 misplaced 4.3 per cent, whereas South Korea’s Kospi sank 1.8 per cent. The 2 US allies stated they have been targeted on negotiating decrease tariffs with Trump’s administration. Australia’s S&P/ASX 200 dropped 2.2 per cent.In different buying and selling early this morning, the US greenback fell to 145.39 Japanese yen from 146.06.

The yen is usually used as a refuge in unsure occasions, whereas Trump’s insurance policies are meant partly to weaken the greenback to make items made within the US extra value aggressive abroad. The euro gained to $1.1095 from $1.1055.

Taiwan’s president Lai Ching-te stated he’ll supply the “biggest assist” to industries impacted by the brand new tariffs.

Mr Lai acknowledged that Taiwan had a commerce surplus with the US, however that a lot of it got here from Taiwanese industries attempting to satisfy the US demand for Taiwan’s info expertise merchandise.

“We really feel that that is unreasonable and are additionally fearful concerning the subsequent influence these measures could have on the worldwide economic system,” Mr Lai stated in an announcement on Fb.

The president stated he instructed premier Cho Jung-tai to work intently with industries which might be impacted and to speak with the general public about their plans to stabilise the economic system.

Free commerce advocates within the Republican Get together’s previous guard piled on Donald Trump because the inventory market tumbled sharply downwards on Thursday in response to the White Home’s tariff plan.

Wednesday’s announcement of across-the-board tariffs on practically all nations that export items to the US despatched markets spiraling in after-hours buying and selling, which solidified right into a steep drop Thursday morning. Reuters reported that the primary US job losses from import tariff hikes have been going down in Michigan and Indiana, the place automaker Stellantis introduced tons of of “non permanent” layoffs as a consequence of idling manufacturing amenities in Mexico and Canada.

Indicators of the backlash from inside conservative circles have been already evident Wednesday afternoon, as a handful of GOP senators together with former Majority Chief Mitch McConnell sided with Democrats to sentence the president’s commerce motion.

Vietnam has reportedly requested the US to postpone the hefty 46 per cent tariff imposed by Donald Trump, which might be applied on 9 April.

The federal government, which was slapped with one of many highest tariffs, claims “there may be nonetheless room for dialogue and negotiation” between the 2 sides.

The tariffs may have a “damaging influence” on Vietnam’s exports, the federal government stated on its web site.

“We consider that the choice shouldn’t be consistent with the truth of mutually useful financial and commerce cooperation between the 2 nations,” Vietnam’s overseas ministry spokesperson Pham Thu Grasp informed Reuters at this time.

The US is Vietnam’s largest export market, and in 2021, exports to the US have been valued at $142bn, practically 30 per cent of the nation’s GDP. Vietnam’s commerce surplus with the US exceeded $123bn final yr.