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Chinese EV maker Xiaomi said it would cooperate with a police investigation into a fatal crash involving one of its cars which had been in autonomous mode just before the accident.Three college students died on Saturday night after their Xiaomi SU7 hit a concrete barrier on a section of the Dezhou-Shangrao Expressway in eastern Anhui province.Before the crash, the vehicle was in Xiaomi’s Navigate On Autopilot (NAO) assisted driving mode, traveling at 116 kilometres per hour (72 miles per hour), according to a company statement posted online.While travelling on a highway section with roadworks, the vehicle detected an obstacle ahead, issued a warning, and handed control to the driver, Xiaomi said.But seconds later, the vehicle hit a barrier at around 97km/h.Footage posted online showed a car in flames on the highway and later the burned-out wreckage.Xiaomi founder Lei Jun said in a social media post late Tuesday that he was “heavy-hearted” and that his company would “continue to cooperate with the police investigation”.Since the crash, many online have questioned Xiaomi’s assisted driving functions, why the car caught fire, and whether the doors could be opened in an emergency.On the X-like Weibo, an account identified by the platform and local media as the driver’s mother accused Xiaomi of failing to contact her and “not taking the lives of three kids seriously”.”As family members, we have many questions. Why did the vehicle catch fire after hitting the barrier?… We just want an explanation,” the woman wrote.Xiaomi, a consumer electronics giant selling goods from smartphones to vacuum cleaners, launched the SU7 in March 2024 as it entered the auto sector.It sold more than 200,000 units in its first year, with the standard model priced at around 210,000 yuan ($28,900).The company’s share price has fallen around five percent since the accident.China’s EV companies are world leaders in assisted driving technology. Xiaomi says cars using its intelligent driving system can overtake and change lanes on the highway, though it cautions that it is not a replacement for drivers.Xiaomi said it had sent a team to investigate the crash and tried to contact the victims’ families through local authorities.

Asian markets edged up Wednesday as nervous investors brace for Donald Trump’s wave of tariffs later in the day, though speculation about what he has in store is stoking uncertainty on trading floors.Equities have been battered leading up to the US president’s announcement — which he has dubbed “Liberation Day” — with warnings that friend and foe are in the crosshairs after what he says is years of “ripping off” the United States. He has trailed the measures for weeks, initially suggesting they would match whatever levies other countries impose. But US media reported he has also considered either blanket 20 percent levies or another plan where some countries get preferential treatment.Sweeping auto tariffs of 25 percent announced last week are also due to come into effect on Thursday.The White House has said Trump will unveil his decision at 4pm in Washington (2000 GMT), after Wall Street markets close, with the Republican promising a new “golden age” of US industry.However, officials admitted he was still ironing out the details late Tuesday.Analysts said the ongoing uncertainty was spooking markets.”Investors and company management dislike uncertainty, and the piecemeal, unreliable way in which tariff announcements are being delivered is creating plenty of it,” said Oliver Blackbourn and Adam Hetts at Janus Henderson Investments in a commentary.”Estimates on what the average tariff rate will look like range from a few percentage points in moderate outcomes to double-digit levels in more forceful scenarios,” they added. “What does seem less uncertain is that tariffs are, without much exception, likely to be bad for economic growth, consumers, and markets.”Pepperstone Group’s Chris Weston said the suggestion that the tariffs would be effective immediately would provide some sort of certainty, even if it limited the scope for talks.”This scenario — while hardly a positive for economics or earnings assumptions — would increase the conviction behind how we respond to the ‘facts’,” he explained.”That said, life is never straightforward, and we will still need to consider the counter response from other countries.”The planned duties have ramped up fears of a global trade war after several countries warned they were lining up their responses.With that in mind, economists have warned that economic growth could take a hit and inflation reignite, dealing a blow to hopes that central banks would continue cutting interest rates.In early trade, Asian markets mostly rose, though they were fluctuating between gains and losses after a recent selloff.Hong Kong, Shanghai, Sydney, Wellington, Taipei and Manila were all up, Tokyo was flat and Singapore and Seoul slipped.Safe haven gold held just below its record high $3,149.00 touched Tuesday.And HSBC strategists led by Max Kettner warned Wednesday might not mark the end of the tariff uncertainty.”We’d argue the potential is in fact higher for the 2 April deadline to introduce even more uncertainty — and hence prolonged broad-based weakness in leading indicators,” they said.Chinese tech giant Xiaomi swung slightly higher in Hong Kong to claw back some of Tuesday’s fall of more than five percent that came after it confirmed one of its electric vehicles was involved in an accident in China that reportedly left three people dead.- Key figures around 0230 GMT -Tokyo – Nikkei 225: FLAT at 35,639.81 (break)Hong Kong – Hang Seng Index: UP 0.6 percent at 23,347.27Shanghai – Composite: UP 0.2 percent at 3,355.60Euro/dollar: UP at $1.0797 from $1.0793 on TuesdayPound/dollar: UP at $1.2924 from $1.2920Dollar/yen: UP at 149.81 yen from 149.53 yenEuro/pound: UP at 83.54 pence from 83.51 penceWest Texas Intermediate: UP 0.1 percent at $71.28 per barrelBrent North Sea Crude: UP 0.1 percent at $74.53 per barrelNew York – Dow: FLAT at 41,989.96 (close)London – FTSE 100: UP 0.6 percent at 8,634.80 (close) 

Japanese video game giant Nintendo is set to unveil the new version of its hugely popular Switch console on Wednesday, with the update eagerly awaited by both gamers and investors.Everything from the release date to the price of the Switch 2 is set to be announced at 1300 GMT during a one-hour video broadcast online following a brief first glimpse in mid-January.Very similar visually to its best-selling predecessor, which was launched in 2017, the Switch 2 features a larger screen, a wider stand, and retains its detachable “Joy-Con” controllers.It will also be more powerful than the original model while keeping its hybrid console concept, allowing players to use it both on-the-go and connected to a TV — a key factor in the success of the first Switch which has sold 150 million units worldwide.Experts says no major gaming revolution is expected with the Switch 2 to rival the 2006 appearance of motion controls on the Wii, or to a lesser extent, the Wii U’s screen-controller in 2012.”When you ask gamers, they mention performance and game software, but in reality, they seem to want the same experience as the original Switch,” said Hideki Yasuda, an analyst at Japanese brokerage Toyo Securities.”I think what they truly want is simply higher performance.”- June release? -Piers Harding-Rolls, an expert at Ampere Analysis, a London-based consultancy, said a successful launch was “fundamental” for Nintendo’s future. “There is huge demand for a better version of the original Switch,” he added.Despite recent diversification efforts into movies and theme parks, Nintendo’s core business still relies heavily on video games.The company cut its profit forecasts in February due to slowing sales of its star console.Industry rumours suggest a possible June release, with Yasuda estimating six million units would be initially made available. In the long run, Nintendo could sell 19 million units in 2025 and 21 million the following year, according to Toyo Securities estimates.Another key factor is pricing, which experts estimate will range from $430 to $540.Uncertainty over US import tariffs also remain a concern, although Nintendo has recently switched an increasing amount of production from China to Vietnam, which faces lower customs duties.- New Mario Kart? -As the video game industry faces a global slowdown, marked by waves of layoffs, the arrival of the Switch 2 could revitalise console sales which have been declining worldwide.Sales fell by 35 percent in 2024 year-on-year in the United States, according to data from US market research firm Circana.The key to the success of the Switch 2 is likely to be its games line-up. “They are hugely important, especially for early adopters,” said Harding-Rolls, as fans eagerly wait to know the exclusive titles for the new console.During its January preview, Nintendo revealed a few seconds of a new Mario Kart game, suggesting that it was bringing back one of its most popular franchises.With over 75 million copies sold on the Wii U and Switch, Mario Kart 8 is the second best-selling game in Nintendo’s history, close to Wii Sports’ record of 82 million copies.Nintendo’s recent announcement that players can loan digital versions of Switch games to friends via “virtual game cards” could also encourage players to invest in a second console, making game sharing easier.Starting Friday, select players chosen by lottery will get to test the new console at events in New York, Tokyo, Paris and other cities.

Gaming giant Nintendo is set to unveil the successor to its phenomenally popular Switch console on Wednesday.Here are some facts about its success: – 150 million sold -Nintendo has sold around 150 million Switch machines since the gadget’s launch in March 2017.That makes it the third best-selling console in video game history, behind Sony’s PlayStation 2 and the Nintendo DS.Nintendo estimates it has sold a colossal 1.3 billion games that run on the console.The biggest hit by far was “Mario Kart 8 Deluxe” (67 million copies sold), followed by “Animal Crossing: New Horizons” which became a must-play during Covid (47 million sold).- Initial indifference -The arrival of the Switch — a hybrid console that can be played on-the-go or at home connected to a television — revolutionised the video game world.But plans for the console were unveiled in 2015 to overwhelming indifference after the successor to Nintendo’s popular Wii device, the Wii U, flopped commercially.The Switch was at first seen as pricey, lacking games and with little to no chance of competing for consumers’ wallets with Sony’s more powerful PlayStation 4.”Console games had lost ground to mobile games, and were seen by investors, media and the general public as no longer having any utility,” said analyst Hideki Yasuda of Toyo Securities.”Expectations for the Switch were very low,” he told AFP.”But once it started selling well, opinion quickly changed.”- ‘Lateral thinking’ -The Switch was a high point in Nintendo’s creativity over the past 40 years, according to Florent Gorges, a French author of books on the Kyoto-based company’s history.On a technical level, the console was anything but cutting-edge, however.But Nintendo’s knack for creating appealing games, combined with the console’s portability, made it a winner.”The Switch perfectly respects Nintendo’s DNA, which is ‘lateral thinking with withered technology’,” said Gorges.”This means to succeed in making something new out of something old,” he explained.It was the philosophy of Gunpei Yokoi, the father of Nintendo’s Game & Watch series of electronic games, which sold tens of millions of units in the 1980s.- Reorganisation -The success of the Switch prompted Nintendo to combine its home and portable consoles divisions into one unit.”Nintendo had two activities, with totally different prices, totally different software development,” said Serkan Toto from Tokyo firm Kantan Games.But since 2017, thanks to the Switch, “there has been a constant and very reliable flow of games developed directly by Nintendo, and that has helped them enormously,” he told AFP.

Global stock markets mostly rose Tuesday on a quiet day of trading ahead of US President Donald Trump’s widely-touted announcement on reciprocal tariffs.US stock markets initially ticked lower as uncertainty reigned over the size and scope of the latest move in Trump’s campaign to shake up global trade, but closed in mixed territory, a day before Trump’s self-described “liberation day” announcement. The White House has now penned the announcement in for Wednesday at 4pm local time in Washington (2000 GMT), after Wall Street markets close. “What Trump announces and the level of tariffs will likely move markets,” Adam Sarhan from 50 Park Investments told AFP. “If you have a situation where it’s weaker than expected, or there’s more delays, or it’s not as tight as people are fearing, then the market will likely rally,” he said. “If you have a situation where Trump decides to go aggressive and announce higher-than-expected tariffs, then the market will likely fall,” he continued, adding: “This is a game of expectations.”Asian and European stock markets clawed back some of their recent hefty losses, as traders hoped for greater clarity ahead of the impending tariffs.- Gold hits another record -Underscoring the market uncertainty, safe-haven gold touched a fresh record high of $3,149 an ounce on Tuesday.Trump said Monday he would be “very kind” when he unveils the tariffs.”Some on Wall Street are already talking about how April 2 may very well be lighter-than-feared,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”The lack of details on who will be hit with what has stoked market unease and fears of a recession in the world’s largest economy.In the first quarter that ended on Monday, the S&P 500 and the Nasdaq recorded their worst quarterly performance since 2022 as investors fretted over the impact of tariffs.In Europe, Paris and Frankfurt gained after data showed inflation in the eurozone slowed closer toward the European Central Bank’s two-percent target in March.EU chief Ursula von der Leyen said Tuesday the bloc still hopes for a “negotiated solution” to US tariffs, but that “all instruments are on the table” to hit back if necessary.London also rose, even as Prime Minister Keir Starmer warned that Britain would likely suffer from US tariffs despite making progress over a post-Brexit trade deal.”While countries such as the UK might stand in a good position to strike a deal, there is a risk that tomorrow marks the beginning of a tit-for-tat trade war that brings yet more uncertainty and concern for markets,” said Joshua Mahony, a chief analyst at Scope Markets.”The expected retaliation from Canada, the eurozone, China, Japan, and Korea does signal that it could get worse before it gets better,” he added.The Tokyo stock market, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda on tariff plans, closed flat while Hong Kong and Shanghai advanced.- Key figures around 2045 GMT -New York – Dow: UP less than 0.1 percent at 41,989.96 points (close)New York – S&P 500: UP 0.4 percent at 5,633.07 (close)New York – Nasdaq Composite: UP 0.9 percent at 17,449.89 (close)London – FTSE 100: UP 0.6 percent at 8,634.80 (close) Paris – CAC 40: UP 1.1 percent at 7,876.36 (close)Frankfurt – DAX: UP 1.7 percent at 22,539.98 (close)Tokyo – Nikkei 225: UP less than 0.1 percent at 35,624.48 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,206.84 (close)Shanghai – Composite: UP 0.4 percent at 3,348.44 (close)Euro/dollar: DOWN at $1.0793 from $1.0817 on MondayPound/dollar: UP at $1.2920 from $1.2916Dollar/yen: DOWN at 149.53 yen from 149.94 yenEuro/pound: DOWN at 83.51 pence from 83.69 penceBrent North Sea Crude: DOWN 0.3 percent at $74.49 per barrelWest Texas Intermediate: DOWN 0.4 percent at $71.20 per barrelburs-da/jgc

Global stock markets rose Tuesday as investors hoped that a fresh round of global trade tariffs from US President Donald Trump could prove his last.US stock markets initially eased lower as uncertainty reigned over the size and scope of the latest move in Trump’s campaign to shake up global trade, but by midday had moved into positive territory.Asian and European stock markets clawed back some of their recent hefty losses, as traders hoped for greater clarity ahead of the impending tariffs.In a sign of market uncertainty, safe-haven gold touched a fresh record high of $3,149 an ounce.US President Donald Trump has dubbed Wednesday “Liberation Day”, vowing to impose levies on “all countries”.”Hopes are that a recovery rally could take hold if Trump’s tariff announcements are seen as the final move from the White House in its trade war,” said Kathleen Brooks, research director at trading group XTB. “Markets are hoping for a clean decision, that allows traders to move on from tariffs.”But she warned that “the downside risk for stocks could emerge once more if Trump suggests that even more tariffs could be coming down the line”.Trump said Monday he would be “very kind” when he unveils the tariffs.”Some on Wall Street are already talking about how April 2 may very well be lighter-than-feared,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”The lack of details on who will be hit with what has stoked market unease and fears of a recession in the world’s largest economy.In the first quarter that ended on Monday the S&P 500 and the Nasdaq recorded their worst quarterly performance since 2022 as investors fretted over the impact of tariffs.In Europe, Paris and Frankfurt gained after data showed inflation in the eurozone slowed closer toward the European Central Bank’s two-percent target in March.EU chief Ursula von der Leyen said Tuesday the bloc still hopes for a “negotiated solution” to US tariffs, but that “all instruments are on the table” to hit back if necessary.London also rose, even as Prime Minister Keir Starmer said Britain is likely to suffer from US tariffs and despite making progress over a post-Brexit trade deal.”While countries such as the UK might stand in a good position to strike a deal, there is a risk that tomorrow marks the beginning of a tit-for-tat trade war that brings yet more uncertainty and concern for markets,” said Joshua Mahony, a chief analyst at Scope Markets.”The expected retaliation from Canada, the eurozone, China, Japan, and Korea does signal that it could get worse before it gets better,” he added.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products, while Taiwan indicated it too had plans to deal with the announcement.The Tokyo stock market, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda on tariff plans, closed flat while Hong Kong and Shanghai advanced.- Key figures around 1530 GMT -New York – Dow: UP less than 0.1 percent at 42,036.40 pointsNew York – S&P 500: UP 0.3 percent at 5,629.36New York – Nasdaq Composite: UP 0.7 percent at 17,425.04London – FTSE 100: UP 0.6 percent at 8,634.80 (close) Paris – CAC 40: UP 1.1 percent at 7,876.36 (close)Frankfurt – DAX: UP 1.7 percent at 22,539.98 (close)Tokyo – Nikkei 225: FLAT at 35,624.48 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,206.84 (close)Shanghai – Composite: UP 0.4 percent at 3,348.44 (close)Euro/dollar: DOWN at $1.0808 from $1.0817 on MondayPound/dollar: UP at $1.2927 from $1.2916Dollar/yen: DOWN at 149.30 yen from 149.94 yenEuro/pound: DOWN at 83.61 pence from 83.69 penceBrent North Sea Crude: UP 0.2 percent at $74.89 per barrelWest Texas Intermediate: UP 0.1 percent at $71.57 per barrelburs-rl/rlp

A Chinese construction company is facing questions over the deadly collapse of a Bangkok skyscraper — the only major building in the capital to fall in a catastrophic earthquake that has killed more than 2,000 people in Thailand and neighbouring Myanmar.The 30-storey tower, still under construction, was to house government offices, but the shaking reduced the structure to a pile of rubble in seconds, killing at least 13 people and injuring nine.It was the deadliest single incident in Thailand after Friday’s 7.7-magnitude quake, with the majority of the kingdom’s 20 fatalities thought to be workers on the building site and hopes fading for around 70 still trapped. Sprawling Bangkok bristles with countless high-rise blocks, but none have reported major damage, prompting many to ask why the block under construction gave way.”We have to investigate where the mistake happened,” said Thai Prime Minister Paetongtarn Shinawatra, who has ordered a probe into the materials and safety standards at the construction site.”What happened from the beginning since it was designed? How was this design approved? This was not the first building in the country,” she told reporters on Saturday.The development near Bangkok’s popular Chatuchak market was a joint project involving China Railway No. 10 Engineering Group (Thailand) — an offshoot of China Railway Group (CREC), one of the world’s largest construction and engineering contractors.- Questions raised -Testing of steel rebars — struts used to reinforce concrete — from the site has found that some of the metal used was substandard, Thai safety officials said on Monday.Industry Minister Akanat Promphan announced that a committee would be set up to investigate, saying one supplier of the steel had failed safety tests in December and may have its licence withdrawn. He did not name the supplier.Professor of Civil Engineering at King Mongkut’s Institute of Technology Ladkrabang Suchatwee Sunaswat said there were questions to be answered.”We have to look at the design. At the beginning, how they calculate, how they design. And in the rescue mission, how they collect evidence at the same time,” he told reporters on Saturday.- Safety complaints – The local partner in the project, Italian-Thai Development (ITD) offered condolences on Monday to quake victims but said it was “confident” the incident would not impact its other projects.Beijing-owned building conglomerate CREC is one of the world’s largest construction and engineering contractors, with projects in more than 90 countries and regions, according to its website.The Bangkok construction collapse is not the first time CREC and its subsidiaries have come under fire after deadly incidents.A tide of anger was unleashed at authorities in Serbia following the deaths of 14 people when a roof collapsed in November last year at a train station built by CREC subsidiaries — largely focused on reports of alleged shortcuts made with building projects.Roisai Wongsuban of the Migrant Working Group advocacy organisation said there have been a large number of complaints from migrant workers employed by Chinese companies in Thailand about lax safety standards and poor labour rights.”For Chinese companies we can’t see the human rights due diligence, to see if labour standards are being met,” she told AFP. “There is always a power imbalance between employer and employee.”Bangkok’s construction boom is powered by an army of labourers, a large proportion of them migrant workers from Myanmar, toiling on hot building sites for low pay.The Migrant Working Group has called on Thailand’s labour ministry to hold the employers involved in the construction project criminally liable if they have failed to meet health and safety laws.- China sensitivities -AFP has asked China Rail No. 10 Engineering Thailand and CREC for comment but has not had a response.An announcement celebrating the completion of the main structure at the Chatuchak construction site posed on China Rail No. 10’s official WeChat channel was deleted soon after Friday’s quake.AFP archived the post shortly after the tremors hit but before the page was removed.Local media said that four Chinese nationals were apprehended on Saturday for attempting to retrieve documents from the collapse site.But China is the largest source of foreign direct investment in Thailand, injecting $2 billion into the kingdom in 2024, according to Open Development Thailand, and the government typically handles anything linked to Beijing with kid gloves.Paetongtarn said an investigation into the collapse launched on Monday would not be “specific to one country”.”We do not want one particular country to think we are only keeping eyes on (it),” she said on Tuesday.At a small shelter near the site on Monday, 45-year-old Naruemol Thonglek waited for news of her boyfriend, electrician Kyi Than, who was missing under the enormous mound of concrete and twisted metal being lifted by mechanical diggers.”I’m devastated,” she told AFP. “I’ve never seen anything like this in my entire life.”

Asian and European stock markets advanced Tuesday, clawing back some of the recent hefty losses, as traders hoped for greater clarity ahead of impending US tariffs. In a sign of market uncertainty, safe-haven gold reached a fresh record high of $3,149 an ounce. Investors are bracing for a fresh onslaught of tariffs on US President Donald Trump’s “Liberation Day” due Wednesday, expected to see him impose levies on “all countries”.”Markets are hoping for a clean decision, that allows traders to move on from tariffs,” said Kathleen Brooks, research director at trading group XTB. “Hopes are that a recovery rally could take hold if Trump’s tariff announcements are seen as the final move from the White House in its trade war,” she added.But she warned that “the downside risk for stocks could emerge once more if Trump suggests that even more tariffs could be coming down the line”.Trump said Monday he would be “very kind” when he unveils the tariffs.But the lack of details on who will be hit with what has stoked market unease and fears of a recession in the world’s largest economy. In Europe, Paris and Frankfurt extended the morning’s gains after data showed inflation in the eurozone slowed closer toward the European Central Bank’s two-percent target in March.London also rose, even as Prime Minister Keir Starmer said Britain is likely to suffer from US tariffs and despite making progress over a post-Brexit trade deal. “While countries such as the UK might stand in a good position to strike a deal, there is a risk that tomorrow marks the beginning of a tit-for-tat trade war that brings yet more uncertainty and concern for markets,” said Joshua Mahony, chief market analyst at Scope Markets. “The expected retaliation from Canada, the eurozone, China, Japan, and Korea does signal that it could get worse before it gets better,” he added.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products, while the European Union and Taiwan indicated they had plans to deal with the announcement.”Some on Wall Street are already talking about how ‘April 2’ may very well be lighter-than-feared, producing a snap-back rally in risk assets,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”The Tokyo stock market, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda on tariff plans, closed flat while Hong Kong and Shanghai advanced.The rebound was as fragile as that seen in New York, where the S&P 500 rose on Monday but closed its worst quarter since 2022.That came after Wall Street’s so-called VIX “fear index” rose for a fourth successive day.- Key figures around 1030 GMT -London – FTSE 100: UP 0.7 percent at 8,638.69 pointsParis – CAC 40: UP 0.7 percent at 7,842.85Frankfurt – DAX: UP 1.0 percent at 22,380.79 Tokyo – Nikkei 225: FLAT at 35,624.48 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,206.84 (close)Shanghai – Composite: UP 0.4 percent at 3,348.44 (close)New York – Dow: UP 1.0 percent at 42,001.76 (close)Euro/dollar: DOWN at $1.0809 from $1.0817 on MondayPound/dollar: UP at $1.2922 from $1.2916Dollar/yen: DOWN at 149.47 yen from 149.94 yenEuro/pound: DOWN at 83.64 pence from 83.69 penceBrent North Sea Crude: UP 0.6 percent at $75.21 per barrelWest Texas Intermediate: UP 0.6 percent at $71.94 per barrel

US trading partners scrambled Tuesday to prepare for the latest raft of Donald Trump tariffs, after the US president left unclear who would be targeted but promised to be “very kind” in addressing what he says are unfair trade imbalances.Trump — who has been making unprecedented use of presidential powers since taking office in January — said he could announce as early as Tuesday night exactly what “reciprocal tariffs” will be imposed.According to the Republican billionaire, the world’s biggest economy has been “ripped off by every country in the world,” and he is promising “Liberation Day” for the United States.Asked for details, he told reporters Monday: “You’re going to see in two days, which is maybe tomorrow night or probably Wednesday.”But he added: “We’re going to be very nice, relatively speaking, we’re going to be very kind.”Critics warn that the strategy risks a global trade war, provoking a chain reaction of retaliation by major trading partners like China, Canada and the European Union.Over the weekend, China, South Korea and Japan agreed to strengthen free trade between themselves.But Trump said he was not worried the levies would push allies toward Beijing, adding that a deal on TikTok could also be tied to China tariffs.White House Press Secretary Karoline Leavitt said the goal on Wednesday would be to announce “country-based tariffs,” although Trump remains committed to imposing separate, sector-specific charges.The Wall Street Journal reported that Trump’s advisers pitched imposing a 20 percent global tariff to hit almost all US trading partners. Trump has remained vague, saying his tariffs would be “far more generous” than ones already levied against US products.The uncertainty has jolted markets, hammering equities across the board and stoking recession fears. Asian stocks, which fell sharply Monday after Trump said his tariffs would include “all countries”, rebounded somewhat Tuesday after his promises to be “nice”.- ‘Economic pain’ -Trump’s fixation on tariffs is fanning US recession fears. Goldman Sachs analysts raised their 12-month recession probability from 20 percent to 35 percent.This reflects a “lower growth forecast, falling confidence, and statements from White House officials indicating willingness to tolerate economic pain.” Goldman Sachs also lifted its forecast for underlying inflation at the end of 2025.For now, IMF chief Kristalina Georgieva said Trump’s tariffs were causing anxiety, but their global economic impact should not be dramatic.China and Canada have imposed counter-tariffs on US goods, while the EU unveiled its own measures to start mid-April.EU chief Ursula von der Leyen said Tuesday the bloc still hopes for a “negotiated solution”, but that “all instruments are on the table” to hit back if necessary.The EU has already been hit by several US tariff announcements since Trump returned to office in January, including a 25-percent levy on auto imports coming into force on Thursday.Besides reciprocal country tariffs, Trump’s “Liberation Day” announcement could entail additional sector-specific levies on the likes of pharmaceuticals and semiconductors. Economists have expected the upcoming salvo could target the 15 percent of partners that have persistent trade imbalances with the United States, a group that US Treasury Secretary Scott Bessent dubbed a “Dirty 15.”The United States has some of its biggest goods deficits with China, the EU, Mexico, Vietnam, Taiwan, Japan, South Korea, Canada and India.- ‘Existential moment’ -US trade partners are rushing to minimize their exposure, with reports suggesting India might lower some duties.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products.Japan announced it will set up around 1,000 “consultation centers” for businesses hit by US tariffs.Speaking by phone to his US counterpart on Monday, Mexican Foreign Secretary Juan Ramon de la Fuente urged the preservation of free trade agreements between North American countries, and discussed the automobile industry, where 25 percent tariffs are poised to come into effect on April 3.European Central Bank President Christine Lagarde said Monday that Europe should move towards economic independence, telling France Inter radio that Europe faces an “existential moment.”Separately, British Prime Minister Keir Starmer spoke with Trump on “productive negotiations” towards a UK-US trade deal, while German Chancellor Olaf Scholz said the EU would respond firmly to Trump but was open to compromise.It is “entirely possible” for fresh tariffs to be swiftly reduced or put on hold, said Greta Peisch, a former official at the US Trade Representative’s office.In February, Washington paused steep levies on Mexican and Canadian imports for a month as the North American neighbors pursued negotiations.

Asian and European markets squeezed out gains Tuesday, clawing back some of their recent hefty losses, though sluggish sentiment and increased uncertainty saw gold hit another record high as Donald Trump prepares to unveil sweeping tariffs.Investors have been rushing to position themselves for the US president’s “Liberation Day” on Wednesday, when he warned he will impose levies on “all countries” for what he has said is years of them ripping off Americans.Trump said Monday he would be “very kind” when he unveils the tariffs but with little detail on who will be hit with what, trading floors are awash with uncertainty, hammering equities across the board and stoking recession fears.Trump’s threat last week to impose 25 percent tariffs on car and parts imports added to the dour mood, and some warn the volatility will likely continue as governments react to the measures by either appeasing the Republican or retaliating in kind.On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products, while the European Union and Taiwan indicated they had plans to deal with the announcement.”Some on Wall Street are already talking about how ‘April 2’ may very well be lighter-than-feared, producing a snap-back rally in risk assets,” said Jose Torres, a senior economist at Interactive Brokers.”But others worry that this economy can’t handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.”After a run of big losses across markets, equities staged a mild recovery Tuesday.Tokyo, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda, edged up along with Hong Kong, Shanghai, Sydney, Seoul, Taipei, Bangkok, Singapore and Wellington. Mumbai dipped.London, Paris and Frankfurt rose in the morning.But the rebound was as fragile as that seen in New York, where the S&P 500 rose on Monday but closed its worst quarter since 2022.With uncertainty reigning, gold — a go-to safe haven in times of turmoil — chalked up another record, hitting $3,149.00.That came after Wall Street’s so-called VIX “fear index” rose for a fourth successive day.”We continue to think that markets including Asia forex are underpricing the magnitude of these tariffs, and our North Star is for Trump to be more aggressive than many think possible in a significant structural change to the post-World War II global order, beyond the day-to-day policy whiplash and uncertainty,” said Michael Wan at MUFG.- Key figures around 0810 GMT -Tokyo – Nikkei 225: FLAT at 35,624.48 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 23,206.84 (close)Shanghai – Composite: UP 0.4 percent at 3,348.44 (close)London – FTSE 100: UP 0.7 percent at 8,639.85 Euro/dollar: DOWN at $1.0803 from $1.0817 on MondayPound/dollar: DOWN at $1.2908 from $1.2916Dollar/yen: DOWN at 149.60 yen from 149.94 yenEuro/pound: DOWN at 83.67 pence from 83.69 penceWest Texas Intermediate: DOWN 0.1 percent at $71.38 per barrelBrent North Sea Crude: DOWN 0.1 percent at $74.68 per barrelNew York – Dow: UP 1.0 percent at 42,001.76 (close)