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Russia Today
10-04-2025
- Business
- Russia Today
EU puts US counter-tariffs on hold
The EU has suspended the imposition of counter-tariffs on American imports, European Commission President Ursula von der Leyen has announced. The move follows US President Donald Trump's decision to pause increased tariffs for three months while negotiations take place. In a post on X on Thursday, von der Leyen said the EU 'took note of the announcement by President Trump' and wants to 'give negotiations a chance.' 'While finalizing the adoption of the EU countermeasures that saw strong support from our Member States, we will put them on hold for 90 days,' she stated. According to von der Leyen, the bloc will not hesitate to go ahead with counter-tariffs if the negotiations with the US fail. In a post on his Truth Social platform on Wednesday, Trump announced a '90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%.' He claimed that 'more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR [Office of the United States Trade Representative] to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs.' READ MORE: What if Trump's tariffs actually make sense? According to the US president, these nations have refrained from retaliating against the tariffs his administration previously placed on them. That same day, EU member states approved retaliatory measures to the 25% tariffs imposed last month by the US on the bloc's steel and aluminum, effective April 15. The counter-tariffs do not address the more recent 20% US tariffs on all EU exports that took effect on Wednesday and have since been paused. While Brussels did not specify the list of targeted goods or tariff levels, media outlets have reported that tariffs ranging from 10% to 25% would cover a wide array of US goods, including poultry, grains, clothing, and metals. Last week, Trump announced sweeping tariffs targeting numerous countries across the world, citing the need to restore global trade fairness and accusing other nations of 'ripping off' the US. The move sent shockwaves across global stock markets, though they have rebounded since Trump announced the pause on Wednesday.
Times of Oman
10-04-2025
- Business
- Times of Oman
Asian markets rallied after Trump announce 90-day pause on tariffs, Indian markets closed for Mahavir Jayanti
New Delhi: Asian stock markets surged on Thursday after US President Donald Trump announced a 90-day pause on tariffs for 75 countries, including India. This decision brought some relief to global investors amid rising trade tensions. Japan's Nikkei 225 index jumped over 8.34 per cent, while Taiwan's weighted index gained more than 9 per cent at the time of reporting. South Korea's KOSPI index also rose sharply, climbing over 5 per cent. Hong Kong's Hang Seng index was up around 4 per cent. However, the Indian stock markets remained closed on Thursday due to the public holiday of Shri Mahavir Jayanti. Despite the temporary relief for some countries, the trade war between the US and China continued to escalate. On Wednesday (local time), President Trump announced an immediate hike in tariffs on Chinese goods to 125 per cent. This move came in response to China raising its tariffs on US goods from 34 per cent to 84 per cent, starting April 10. At the same time, Trump said he would reduce tariffs for the 75 countries currently engaged in trade talks with the United States, offering a 90-day break and a lower reciprocal tariff structure. India is among these countries. "Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the tariff charged to China by the United States of America to 125 %, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the USA and other Countries are no longer sustainable or acceptable," Trump said on the social media platform Truth Social. "Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!" he added.
Yahoo
09-04-2025
- Business
- Yahoo
Trump's latest China move called 'art of the deal' masterstroke
-- 'Masterclass', 'art of the deal'… those are some comments being heard to describe today's move by U.S. President Trump to pause reciprocal tariffs for 90-days on everyone but China. The Asian adversary will also see its tariff rate increased to 125%, Trump said. At around 1:18 PM ET, Trump announced the maneuver on Truth Social Media. 'Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,' Trump said. 'Conversely… I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.' 'This was brilliantly executed by Donald Trump,' hedge fund manager Bill Ackman stated following the announcement. 'Textbook, Art of the Deal.' Since last week, when Trump first announced the reciprocal tariffs on over 180 countries, the market has been reeling. Today, the news brought the opposite effect, with the Dow surging 2,600 points, or 6.9%, the S&P 500 jumping 396 points, or 8%, and the Nasdaq jumping 1566 points, or 10.3%. China has taken the most rigid stance toward the reciprocal tariffs, announcing today that they would raise the rate at which they charge U.S. imports to 84% and promising to 'fight to the end.' On the other hand, Trump said '75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States.' Trump is still hopeful of a deal with China. 'At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,' Trump added. Related articles Forterra sets AGM for May 20 after publishing annual report Amplify Energy projects growth with Juniper acquisition American Electric Power Appoints Puesh Kumar as VP of National Security and Resilience
Yahoo
09-04-2025
- Business
- Yahoo
Trump announces 90-day pause for some tariffs
US President Donald Trump took a step back from his international trade conflict on Wednesday and announced a 90-day pause for some tariffs that have just come into force. On his Truth Social platform, Trump wrote that he had "authorized a 90 day PAUSE" on tariffs, with the exception of those on China. Instead, he said, a universal customs rate of 10% would apply during the three-month break, effective immediately. Trump said he had made this decision "based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs." He praised the countries in question for not having retaliated "in any way, shape, or form against the United States."
Yahoo
09-04-2025
- Business
- Yahoo
Dow surges nearly 3,000 points on news of Trump's tariff pause: NASDAQ smashes its record for largest daily gain
Stock markets surged after President Donald Trump announced a pause on most of his sweeping tariffs, with both the Dow Jones and the NASDAQ breaking records for the largest point gains in a single day. The stock markets closed with massive gains after Trump announced the change in his tariff plan. At close, the Dow soared 2,962 points, while the NASDAQ surged 1,857 points, marking the largest single-day point gains for both indices. The S&P 500 also closed up 9.5 percent for one of its best days since 2008. The president announced the decision in a Wednesday Truth Social post. 'Based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,' he wrote. Trump also raised China's tariffs to 125 percent 'effective immediately' due to the country's 'lack of respect' for the world's markets. One week ago, on what he dubbed 'Liberation Day,' Trump unveiled his sweeping tariff plan, imposing an across-the-board tax on all imported goods purchased by Americans in order 'to help rebuild our economy and to prevent cheating.' Ignoring droves of experts who warned against levying these taxes, the president declared 'Liberation Day' 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.' Now, he paused most of those plans after the stock markets tumbled the last few days. Discussing investors' fears, Trump said at a Wednesday press conference: 'I thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.' Earlier this week, when pressed about whether he was considering pausing the tariffs before they took effect, the president said: 'We're not looking at that.' Over the weekend, Commerce Secretary Howard Lutnick insisted to CBS' Face the Nation: 'There is no postponing. They are definitely going to stay in place for days and weeks.' Democrat and California Sen. Adam Schiff questioned the mixed signals over the past few weeks. 'Trump is creating giant market fluctuations with his on-again, off-again tariffs. These constant gyrations in policy provide dangerous opportunities for insider trading,' he wrote on X on Wednesday. 'Who in the administration knew about Trump's latest tariff flip flop ahead of time? Did anyone buy or sell stocks, and profit at the public's expense? I'm writing to the White House — the public has a right to know.' Some analysts warned the celebration around Wednesday's rallies could be short-lived. 'This allows for at least a near-term rally, but I would not assume that the bottom has been put in place,' Sam Stovall, chief investment strategist at CFRA Research, told CNBC. 'Fool me once shame on you; fool me five times, shame on me.' Bolvin Wealth Management Group's president Gina Bolvin told Reuters: "This pause may provide companies with a clearer backdrop for their guidance, offering some relief to a market hungry for direction."However, uncertainty looms over what happens after the 90-day period, leaving investors to grapple with potential volatility ahead." The markets' swift change in direction comes after last week ended in a stock market bloodbath. On Friday, the Dow Jones closed down 2,231 points, marking the worst week for the stock market since 2020, and only the fourth time in history that the Dow lost 2,000 points in a single day. 'The bull market is dead, and it was destroyed by ideologues and self-inflicted wounds,' Emily Bowersock Hill, CEO and founding partner at Bowersock Capital Partners, told CNBC on Friday. One day earlier, the NASDAQ broke a record, dropping 1,050 points for its largest one-day drop in the market's 50-year history. Still, the president remained confident, predicting outside the White House last Thursday: 'The markets are going to boom.' Sign in to access your portfolio
