US tariffs Archives - US Tariff News

US Tariffs Update: EU postpones countermeasures by 90 days

The tariff between the US and China remains unsettled as US President Donald Trump on Wednesday increased the tariff on Chinese products by 125%. Within a few hours, China retaliated and implemented 84% tariff on imports from the US.

China’s Foreign Ministry said that this US strategy ‘will not win the support of the people and will finally fail. China made it clear that it does not want to fight, but will not be afraid of America’s threats. However, the Chinese Ministry of Commerce said that the door is open for talks and is expected to find a solution from the US on the basis of ‘mutual honor’ and ‘Win-Win Cooperation’.

Meanwhile, Trump has given 90 days exemption in tariffs for 75 countries, including India but China has been excluded from it. Trump hoped that there would be a good agreement soon.

Talking to reporters at the White House, Trump praised Chinese President Xi Jinping and called him ‘one of the smartest people in the world’ and said, ‘We will make a good compromise.’ He indicated that he is ready for a direct conversation with Xi and said, “There will be a time when we will get a phone call from China and everything will move forward rapidly.”

EU postpones countermeasures

European Commission Chairman Ursula von Der Leyen announced that the European Union (EU) would give a break of 90 days on imposing anti -anti -counter tariffs against the US. The decision has come after tariff pose announced by US President Donald Trump, in which he has reduced the fee on other countries except China to 10%.

US Tariff Shock Triggers Singapore’s Worst Market Plunge Since 2008, Trails Nikkei

Global markets continued to reel from the economic fallout of sweeping U.S. tariffs, with Singapore and Japan suffering their steepest stock declines in years amid mounting fears of a trade-driven global recession.

Singapore’s Straits Times Index (STI) nosedived 8.7% at the open on Monday, dropping to 3,494.39, marking the worst single-day fall for the benchmark since the 2008 global financial crisis, when it slumped 8.9%. Monday’s fall also exceeded the 8.4% crash during the early days of the Covid-19 pandemic in March 2020.

“According to experts, if tariffs are sustained, they could contribute to higher inflation and slower global growth, which may inurn trigger further volatility and potential sell-offs in markets globally, including Singapore,” said David Gerald, President of the Securities Investors Association (Singapore), as quoted by The Straits Times.

The association said Singapore’s market had shown relative resilience in recent weeks despite the threat of U.S. tariffs, but “ultimately caved in” on Friday following worse-than-expected tariff announcements by President Donald Trump.

On Wednesday, Trump signed an executive order enacting a 10% baseline tariff on all U.S. imports, including goods from Singapore, with higher rates targeting specific countries such as China, Vietnam, and Thailand. The move has intensified concerns that the global economy could tip into recession.

Tokyo Hit by Third-Largest Point Drop on Record

Japan also suffered a dramatic sell-off. The Nikkei 225 plummeted 2,644.00 points, or 7.83%, to close at 31,136.58, marking its third-largest single-day point drop in history. The broader Topix index fell 7.79%, or 193.40 points, ending at 2,288.66.

During early trading, the Nikkei fell as much as 2,843.48 points, or 8.42%, briefly touching 30,937.10—its lowest intraday level since October 2023.

The latest round of tariffs, part of Trump’s “America First” trade policy, includes levies of up to 50% on certain imports and has triggered waves of retaliatory warnings and diplomatic outreach from countries across Asia and beyond.

“This is a sell-anything-that-has-made-money move,” said Rikki Malik, a portfolio manager at Springboard Capital. “Banks [are] at the forefront of that. However, I think we are close to capitulation and will see a bounce very soon.”

Analysts warn that market volatility may persist as investors brace for further economic disruption by the Trump Administration.

Chronology of US Trade Tariffs Unveiled by Trump Admn Since January 2025

As the global countdown begins toward the April 9 deadline for implementation of sweeping U.S. tariffs, diplomatic activity is intensifying across Asia and Latin America, with allies and trade partners scrambling to negotiate exemptions or delays.

President Donald Trump’s April 2 executive order imposing “reciprocal tariffs” of up to 50% on nearly 185 countries has already triggered currency swings, supply chain concerns, and a flurry of diplomatic outreach.

With less than a week left, countries like Vietnam, Thailand, and Indonesia are pursuing urgent talks with Washington — testing the limits of Trump’s protectionist playbook and potentially reshaping the future of U.S. trade alliances.

Below is a chronological summary of several announcements made by Trump since January 2025 after taking office on Jan 20, 2025:

January 2025:

January 22: The Trump Administration hints at potential tariffs on Russia, though specific details were not provided.
January 26: Trump threatens with tariffs of 25% on all Colombian products but were subsequently rescinded.
January 27: The Trump Administration threatens tariffs on copper imports, pending further scrutiny.
January 30: Trump threatens a 100% tariff on all products from BRICS nations (Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, the United Arab Emirates, Russia, and South Africa) if they push for De-dollarization.
January 31: Scrutiny of of imposing tariffs was extended to integrated circuits and the oil and gas sector, with specifics to be determined.

February 2025:

February 1: Executive Orders 14193, 14194, and 14195 were issued by Trump, imposing tariffs on Canada, Mexico, and China, respectively.
February 3: Executive Orders 14197 and 14198 were signed, further detailing tariffs on Canada and Mexico.
February 10: The administration announced a 25% tariff on steel imports, effective March 12, revoking existing exemptions.
February 11: A 25% tariff on aluminum imports was declared, also effective March 12, with previous exemptions revoked.
February 13: A Presidential Memorandum ordered the development of a “Fair and Reciprocal Plan” to address non-reciprocal trading arrangements.
February 14: President Trump indicated considerations for a 25% tariff on automobiles, potentially starting around April 2.
February 18: Trump threatens 25% tariffs on pharmaceuticals and semiconductors, with expectations of substantial increases over the course of the year.
February 21: The Trump Administration threatens tariffs on Austria, France, Spain, Turkey, and the United Kingdom, possibly renewing Section 301 investigations to address digital services taxes.
February 25: A Section 232 investigation into copper imports was initiated, with a report due by November 22, 2025.
February 26: A Section 232 investigation into timber, lumber, and derivative products was launched, with findings expected by November 26, 2025.
February 27: The Office of the U.S. Trade Representative publishes the 2025 Trade Policy Agenda, outlining the administration’s vision for trade.

March 2025:

March 2: President Trump announces a temporary allowance for U.S. imports from Mexico and Canada to continue enjoying the de minimis provision, pending further notification.
March 4: Tariffs on Canada and Mexico become effective, with Canada facing 10% on energy resources and 25% on all other products, and Mexico subjected to a 25% tariff on all products.
March 24: Trump signs an Executive Order imposing tariffs on countries importing Venezuelan oil.

April 2025:

April 2: President Trump announces sweeping “reciprocal tariffs” on 185 countries, with a baseline rate of 10% and a maximum of 50%, affecting both adversaries and key allies in Europe and Asia. China faces an additional 34% tariff, the European Union 20%, Japan 24%, India 27% and Vietnam 46%. These tariffs were set to take effect on Wednesday, April 9, 2025.
April 2: China announces retaliatory tariffs of 34% on all U.S. goods, effective April 10, 2025.
April 3: Global stock markets crash across Asia and other parts due to concerns over the escalating trade tensions.
April 3: Goldman Sachs raises the probability of a U.S. recession from 35% to 45%, citing the potential impact of the tariffs on economic growth.
April 4: Bill Ackman, the billionaire investor urges for a 90-day suspension of the tariffs, warning of an “economic nuclear winter” if the tariffs were implemented as planned on April 9, 2025.
April 7: President Trump reiterates his resolve to the tariff strategy, describing the measures as “medicine” necessary to address trade imbalances, despite market crashing across Asia, Europe and even the Wall Street.

These actions reflect the administration’s resolve to go ahead with tariffs across various sectors and countries despite recession fears and market declines.

“It’s Not Good News”: Reacts Singapore, Sounds Alarm Over Trump’s Tariff Blitz

Singaporean leaders are issuing stark warnings after U.S. President Donald Trump unleashed sweeping global tariffs, with Prime Minister Lawrence Wong calling it a direct threat to the city-state’s economy and a step toward a global trade war.

“It will spell trouble for all nations, especially small ones like Singapore,” Wong said in a video address Friday evening. “We risk being squeezed out, marginalised and left behind.” The U.S. tariffs — a universal 10% minimum levy on all imports, including those from Singapore — are already rattling markets. The Straits Times Index plunged 8.7% on Monday, its steepest drop since the 2008 financial crisis.

Wong’s predecessor, Senior Minister Lee Hsien Loong, also weighed in Sunday, warning that the fallout could be deep and long-lasting. “It’s going to affect our trade, our economy, our region — and our future,” Lee said at a community event. “It’s not good news.”

Singapore’s government is now re-evaluating its 2025 growth forecast, which was already downgraded to 1–3% before the tariffs were announced — a sharp fall from 4.4% growth in 2024.

The timing of the tariff shock adds political tension ahead of Singapore’s upcoming general election. Cost-of-living pressures and economic fears are top issues for voters, and the ruling People’s Action Party (PAP) is under pressure to avoid a repeat of its poor 2020 showing, when it won its lowest-ever share of the vote.

Opposition voices are questioning the government’s tone. Tan Cheng Bock, chairman of the Progress Singapore Party, accused PAP leaders of “scaremongering.” “This call by the government ministers about the tariff, in my opinion, is partly to instil fear in the voter,” Tan said. “Don’t just make statements of this kind and scare everybody.”

Singapore, heavily reliant on trade and multinational investment, now faces tough decisions as global economic uncertainty deepens — with Trump expected to escalate tariffs again within days.

Japan, China, South Korea Join Hands to Face Off US Tariff Shock

In a rare show of regional unity, Japan, China, and South Korea have agreed to accelerate economic cooperation and revive stalled free trade talks, as U.S. tariffs threaten to upend global trade flows and hit Asia’s export-reliant economies.

Meeting for the first time in more than five years, trade ministers from the three nations issued a joint statement Sunday committing to “deepen trilateral cooperation” and fast-track negotiations toward a long-delayed free trade agreement.

The talks come just days before U.S. President Donald Trump is expected to unveil a new round of tariffs, which he’s called “Liberation Day,” including a sweeping 25% duty on all foreign-made vehicles and auto parts — a move that could hit Japan especially hard. “We reaffirmed the importance of working together,” Japan’s Trade Minister Yoji Muto said following the meeting in Seoul. “In the face of emerging global challenges, Japan, China and South Korea must lead the way in stabilizing the regional economy.”

Muto met with his Chinese counterpart Wang Wentao and South Korea’s Ahn Duk-geun, where the three agreed that negotiations for a Trilateral Free Trade Agreement (FTA) — stagnant since 2012 — must now gain urgency.

The ministers also jointly voiced support for the World Trade Organization and called for reforms to strengthen its role in a time of rising protectionism and fractured supply chains. “We stand by a rules-based, open and non-discriminatory trading system,” the statement read, emphasizing the need for WTO reform and stronger multilateral mechanisms.

The urgency stems from Trump’s escalating trade actions. The White House’s new tariff plan, set to take effect midnight Thursday, has already rattled Asian markets and threatens key export sectors.

According to the Japan Research Institute, the new U.S. auto tariffs alone could slash Japan’s domestic vehicle production by 4.3%, with auto exports to the U.S. making up nearly 30% of total exports in 2024.

The trilateral meeting also touched on expanding cooperation in critical areas such as supply chain resilience, digital trade, local business exchanges, and implementation of the Regional Comprehensive Economic Partnership (RCEP) — a massive trade pact among 15 Asia-Pacific nations. The U.S. is not a member.

With the three Northeast Asian nations accounting for over 20% of the global population and 23.4% of global GDP, their renewed push for closer economic coordination marks a significant counterweight to the rising tide of U.S. protectionism.

As trade tensions escalate globally, all eyes will now be on Washington this week — and how Tokyo, Beijing, and Seoul respond to the next wave of economic shocks.

PM Ishiba Urges Calm, Vows Support for Kaishas as US Tariffs Hit Japan

As the impact of U.S. tariffs begins to ripple through the Japanese economy, Prime Minister Shigeru Ishiba has pledged to push back against the levies while rolling out emergency support for affected industries — but warned local businesses that relief may take time.

Speaking before parliament on Monday, Ishiba said Tokyo will continue urging U.S. President Donald Trump to reconsider his decision to impose sweeping tariffs on Japanese imports, including a 25% duty on automobiles and a 24% tariff on other goods.

“We will ask the United States to reverse these measures,” Ishiba told lawmakers. “But this won’t be resolved overnight. In the meantime, the government must act swiftly to protect jobs and stabilize our local economy.”

The announcement follows a steep 9% plunge in the Nikkei 225 index early Monday, driven by fears of a global recession. Economic analysts have warned that the new tariffs could shave nearly 0.8% off Japan’s GDP, with major exporters and local manufacturers likely to feel the pressure first.

Ishiba, who returned Sunday night from a late meeting with his top economic team, has instructed ministers to explore funding assistance for affected companies, particularly small and mid-sized businesses in Tokyo, Nagoya, Osaka, and other industrial hubs.

“We will not stand by and watch our communities suffer,” Ishiba said. “Our response will include targeted financial aid, workforce protections, and emergency trade measures where necessary.”

Residents in auto-producing regions such as Aichi Prefecture and Tochigi have expressed concern over potential job cuts and production slowdowns. Local government officials are expected to coordinate with national ministries to assess the impact and prepare assistance packages.

The Prime Minister also left the door open for a face-to-face meeting with President Trump in Washington, hinting that Tokyo may offer a cooperative economic package to restart talks.

“But any negotiation must be grounded in fairness and mutual respect,” Ishiba added. “Japan has done nothing to warrant such punitive trade actions.”

With tensions rising and markets jittery, local businesses and consumers alike are bracing for potential price increases and reduced exports. The national government is expected to announce initial relief measures later this week.

Goldman Sachs Ups Risk Forecast For Recession From 35% to 45%; Trump Unmoved

Goldman Sachs has sharply raised its estimate for the likelihood of a U.S. economic downturn within the next year to 45%, citing tightening financial conditions and growing uncertainty over economic policy.

The revised forecast — up from 35% — underscores the potential impact of President Donald Trump’s tariff measures, which have disrupted trade flows and rattled investor confidence. Analysts warn that these actions could weigh heavily on corporate investment and consumer demand, increasing the risk of a broader economic slowdown.

Tech and consumer goods sectors are particularly vulnerable, it said as Apple shares plunged 9.3% on Thursday — the company’s steepest single-day drop since March 2020. Concerns mounted over how tariffs on imported components might impact pricing. With more than 220 million iPhones sold annually, Apple now faces a tough decision: absorb rising costs or pass them along to consumers, potentially raising prices by 30–40%.

Apart from Goldman Sachs, J.P. Morgan has already raised its own projection, estimating a 60% chance of a U.S. and global recession. The revisions reflect a growing consensus among top financial institutions that the economic headwinds from trade disruptions are more severe than previously anticipated.

In Europe, investors are also feeling the heat. The continent’s major indexes closed the week in negative territory, with the Stoxx 600 falling 5% on Friday and down over 8% for the week — its worst performance this year. Luxury retailers were among the hardest hit, with the Stoxx Luxury 10 index posting a 5.2% loss, its steepest decline in nearly four years.

Trump Unmoved
Despite the mounting turmoil, President Trump remains undeterred, posting on Truth Social: “CHINA PLAYED IT WRONG, THEY PANICKED — THE ONE THING THEY CANNOT AFFORD TO DO!”

While today’s combination of tightening financial conditions and rising geopolitical risk is raising alarm bells across the financial world, the Trump Administration is unmoved highlighting on 50 nations rushing to White House to hold talks on tariffs.

As policymakers, businesses, and investors navigate this turbulent landscape, hopes rest on a diplomatic resolution to the trade disputes. Without it, the risk of a prolonged downturn — both in the U.S. and globally — may grow harder to avoid.

Asian Markets In Red As US Tariffs Trigger Global Selloff

Asian stock markets plunged on Monday as the economic shock from sweeping new U.S. tariffs sent tremors across global financial markets. Investors across the region reacted with alarm, fearing that an escalating trade war could tip the world’s largest economy into a recession — with serious fallout for export-driven nations in Asia.

Markets in Tokyo, Shanghai, Hong Kong, and Sydney opened sharply lower, with widespread losses wiping out billions in market value. “It’s a bloodbath out there,” remarked one analyst, reflecting the scale of the rout.

By midday, Japan’s Nikkei 225 had shed 6%, Australia’s ASX 200 was down 4%, and South Korea’s Kospi fell 4.7%. Mainland China, Hong Kong, and Taiwan saw even sharper declines, as investors returned from public holidays and reacted to last Friday’s global downturn. The Shanghai Composite dropped more than 6%, while the Hang Seng and Taiwan Weighted Index plunged by around 10%.

The market chaos follows a fresh round of tariffs announced by President Donald Trump, including sweeping 10% duties on goods from a wide range of countries, with some targeted rates as high as 46%. The tariffs hit key trading partners like China, the European Union, Vietnam, and Bangladesh especially hard.

“Tariffs are stoking concerns about inflation and the real risk of a U.S. recession,” said Julia Lee of FTSE Russell. “The knock-on effects for global markets, especially in Asia, are becoming harder to ignore.”

Wall Street has taken notice. Goldman Sachs raised the probability of a U.S. recession in the next 12 months to 45%, up from 35%, citing weaker growth prospects. JPMorgan went further, projecting a 60% chance of both a U.S. and global recession.

The stakes are high for Asia, where economies depend heavily on exports to the U.S. “Asia is bearing the brunt of these tariff hikes,” said Qian Wang, Chief Economist for Asia Pacific at Vanguard. “Smaller, open economies will face both short- and long-term challenges.”

Vietnam and Bangladesh are among the most exposed. The U.S. imposed new tariffs of 46% on Vietnamese goods and 37% on imports from Bangladesh — two key apparel suppliers to American brands like Nike and Lululemon. According to the Bangladesh Garment Manufacturers and Exporters Association, the country ships $8.4 billion in garments to the U.S. each year.

“Asia’s heavy reliance on U.S. markets makes it particularly vulnerable,” said Frank Lavin, a former U.S. Undersecretary for International Trade. “The region is feeling the sharp end of the trade dispute.”

Markets in the U.S. also closed last week with heavy losses after China responded with its own tariff measures. The S&P 500 slumped nearly 6%, while the Dow and Nasdaq also dropped more than 5%, marking the worst week for U.S. stocks since 2020. European markets were dragged down as well, with the FTSE 100 falling almost 5% — its steepest drop in five years — and similar declines seen in Germany and France.

With U.S. futures pointing to another tough session, investors around the world remain on edge. “There’s no clear end in sight to this tariff war,” Lee warned. “Markets are bracing for more pain.”

Since the U.S. announced its sweeping trade measures, global equities have lost trillions in value — underscoring the far-reaching economic risks of protectionism in an interconnected world.

Nintendo Dilemma: US Tariffs Chase Switch 2 Console Where Ever It Goes; China Then, Vietnam Now

Nintendo has postponed U.S. pre-orders for its long-awaited Switch 2 console, originally scheduled for April 9, as it evaluates the potential impact of the latest round of U.S. tariffs especially on Vietnam, where it shifted its base five years ago from China.

“Pre-orders for Nintendo Switch 2 in the U.S. will not start April 9, 2025, in order to assess the potential impact of tariffs and evolving market conditions,” the company said in a statement. The official launch date of June 5 remains unchanged.

The delay follows sweeping tariffs introduced this week by the Trump administration, which target a wide range of foreign goods — particularly from Asia, where Nintendo’s supply chain is heavily concentrated. The tariffs come amid a renewed focus on protecting U.S. manufacturing and tech production, though consumer electronics makers warn of higher prices and possible product delays.

The Switch 2 is Nintendo’s most significant hardware release in nearly a decade, building on the blockbuster success of the original Nintendo Switch. First launched in March 2017, the hybrid handheld-console went on to sell over 150 million units worldwide, surpassing the Game Boy and trailing only the PlayStation 2 and Nintendo DS in lifetime sales. The Switch helped revitalize Nintendo’s fortunes after the commercial struggles of the Wii U, which sold just 13.6 million units globally.

The original Switch maintained strong momentum with hit franchises like Zelda: Breath of the Wild, Animal Crossing: New Horizons, and Super Smash Bros. Ultimate. Its lifespan was extended with iterations like the Switch Lite and OLED model. The new Switch 2, revealed just days before the tariffs were announced, is priced at $449.99 with day-one titles like Mario Kart World expected to cost $80.

Last time in 2019, Nintendo faced trade-related challenges and shifted part of its Switch production out of China to Vietnam amid earlier U.S.-China trade tensions. Now, as tariffs threaten a new wave of costs, industry analysts say gaming hardware may become collateral damage in the ongoing trade war.

In 2024, video game hardware sales reached $17.9 billion in the U.S., according to NPD Group, with Nintendo accounting for a significant share. Any disruption to its launch cycle could reverberate across retail and digital ecosystems ahead of the critical summer and holiday sales windows.

Nintendo has not said when pre-orders will resume, only that it is monitoring the situation and will provide updates “at a later date.”

After China, EU Gears Up With $28 Billion Retaliatory Tariff Hit on US Goods

The European Union is poised to slap retaliatory tariffs on up to $28 billion (€25 billion) worth of U.S. imports within days, escalating trade tensions with Washington following sweeping new duties from President Donald Trump. Reuters reports the bloc will target a wide range of American products — including meat, cereals, wine, wood, clothing, chewing gum, dental floss, vacuum cleaners, and even toilet paper.

The move in response to Trump’s 25% tariffs on EU steel, aluminium, and vehicles, as well as 20% reciprocal tariffs taking effect Wednesday on nearly all other goods has made the long-time ally furious and frustrated.

The European Commission, which oversees the bloc’s trade policy, will unveil its proposed countermeasures to EU member states late Monday. The move comes as European Commission President Ursula von der Leyen blasted the U.S. levies as a “major blow to the world economy” but signaled openness to negotiations, saying the EU remains “always ready” to talk.

Trump’s latest tariff package hits approximately 70% of EU exports to the U.S., worth €532 billion ($585 billion) last year. Additional duties on copper, pharmaceuticals, semiconductors, and timber are reportedly still in the pipeline.

The EU response shows a vivid revival of hostilities that first erupted during Trump’s first term, when the U.S. imposed similar tariffs citing national security concerns under Section 232. At that time, the EU responded with duties on $3.4 billion in American exports, targeting iconic products like Harley-Davidson motorcycles, bourbon, and Levi’s jeans. That standoff was largely diffused under the Biden administration, with a temporary suspension of the tariffs in 2021, but the new wave under Trump’s second term is re-igniting economic tensions.

President Ursula von der Leyen also condemned the fresh duties as a “major blow to the world economy,” though the Commission has yet to formally announce its full response. “We are always ready to talk,” she added, hinting at a potential diplomatic track, even as the EU moves to finalize its hit list.

In 2024, EU exports to the United States totaled €532 billion ($585 billion), with top sectors including industrial machinery, pharmaceuticals, vehicles, and agricultural products. Roughly 70% of those exports now face some form of U.S. tariff under the new measures, with further duties on semiconductors, timber, and copper reportedly under consideration.

The 27-member EU trade ministers will meet Monday in Luxembourg for the first bloc-wide political discussion since Trump’s announcement to assess the damage and chart a coordinated response.