BBC’s business editor Simon Jack was asked: Is this a stock market crash? Here’s what he has to say:
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Stocks slump – China to impose 34% levy as retaliation – China files lawsuit | US tariffs LIVE
The story that is dominating every news site – in print and online – today is, of course, the ongoing chaos facing the global stock markets following Donald Trump’s latest US tariffs.
Global stock markets experienced significant declines following President Trump‘s announcement of sweeping tariffs, including a 10% tax on imports from the UK.
Both US and European markets reported their worst one-day losses since the COVID-19 pandemic, raising concerns about a potential recession and international retaliation.
Friday’s UK headlines are similar to headlines from around the world: the fallout from Donald Trump’s tariffs after “trillions” have been wiped off the global stock markets.
On Wednesday, Trump announced a baseline tariff on almost every country in the world of at least 10% – whilst some countries face much higher levies, with the EU being hit with 20%.
Since the announcement, global markets have experienced significant declines, with both the US and European markets reporting their worst one-day losses since the COVID-19 pandemic and raising concerns about a potential recession and international retaliation. Economists are warning of a ‘spiral of doom’, suggesting that retaliatory measures could lead to further economic destabilisation.
Elsewhere, a probe into the bitter dispute surrounding Prince Harry’s charity Sentebale. The Charity Commission said it had opened a case to examine “concerns raised” about Sentebale, following claims made by its head, Sophie Chandauka. Prince Harry has said he hopes the watchdog will “unveil the truth”.
The UK faces potential implications from a new list of goods, including American items like jeans and whiskey, subject to reciprocal tariffs amid ongoing trade tensions.
Russia, along with Cuba, Belarus, and North Korea, is excluded from Donald Trump’s new tariffs list, raising questions about preferential treatment for adversaries over allies.
The US announced tariffs ranging from 10% to 50% targeting several nations and territories, including uninhabited islands like the Heard and McDonald Islands, home only to penguins and seals.
More reaction from the global stock markets, world leaders and experts a day after Donald Trump announced global tariffs.
Donald Trump has moved “Liberation Day” to 2 April to avoid association with April Fool’s Day, prompting global governments to prepare for impending tariff announcements.
Trump’s new tariffs, including a 10 percent levy on all countries, caused Apple’s stock to drop over six percent. The company depends on manufacturing in places like China and Taiwan.
The White House has said it will impose what they call reciprocal tariffs on roughly 60 of the “worst offenders”.
The UK is amongst some countries facing a baseline tariff of 10%
Donald Trump has implemented a 10% baseline tariff on all imports, with many trading partners facing significantly higher rates, prompting widespread global concern and backlash.
Trump announces fresh wave of US tariffs – Almost all of Thursday’s headlines are dissecting the tariffs announced by the US president yesterday. The UK was hit with a baseline 10% tariff, whilst the EU (who are preparing to retaliate) were hit with a 20% levy – some countries fared even worse with fees as high as 40%.
The UK newspapers generally express relief that the tariffs were not as bad for the UK as expected, with right-leaning media highlighting Brexit’s role in saving Britain from the 20% levy for the EU. The tariffs are set to come into effect on Saturday, with some headlines reporting there is still wiggle room for a deal to be carved out between the UK and US before the tax comes into effect.
“There’s no tariff if you build your product right here in America,” Trump says. Trump says build in America if you want to avoid tariffs…
Trump announces minimum 10% baseline tariff on all countries Trump has just announced a “minimum baseline tariff” of 10% on other countries to “help rebuild”…
Trump is now holding up a large chart showing a table titled “Reciprocal Tariffs”, which compares tariffs imposed by other countries on the US versus Washington’s own levies.
“They’ve taken so much of our wealth away from us,” he says. “We’re not going to let that happen.”
“They established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government,” Trump says.
“That’s why effective at midnight we will impose a 25% tariff on all foreign made automobiles,” Trump says.
Donald Trump indicated that Elon Musk would leave his government position as a special employee by the end of May, although it remains uncertain if this will occur as scheduled.
The world’s major economies vow retaliation against US tariffs set to be introduced today (21:00 BST).
A look at the market jitters ahead of the new round of US tariffs – with US media speculating it is set to be a blanket 20% tariff on all non-American goods.
Volkswagen and BMW have reported booming sales in the United States as Donald Trump is set to announce a new wave of US tariffs on non-American goods.
“Let me be clear with the House [of Commons], a trade war is in nobody’s interests and the country deserves — and we will take — a calm, pragmatic approach.”