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China on Thursday said it “firmly opposes” sweeping new US tariffs on its exports, vowing “countermeasures” to protect its rights and interests.US President Donald Trump has ignited a potentially ruinous global trade war after imposing 10 percent levies on imports from around the world and harsh extra duties on key trading partners.Trump unveiled particularly stinging tariffs of 34 percent on China, one of its largest trading partners.The commerce ministry in Beijing said in a statement that those tariffs “do not comply with international trade rules and seriously harm the legitimate rights and interests of the relevant parties”.It urged Washington to “immediately cancel” them, warning they “endanger global economic development”, hurting US interests and international supply chains.It also accused the United States of a “typical unilateral bullying practice”.The tariffs come on top of a 20 percent rate imposed last month.At a weekly briefing Thursday, the commerce ministry slammed Washington’s “protectionism and bullying”. But it also said that the two sides were “maintaining communication” over sources of contention in trade and economic issues.Beijing’s foreign ministry also warned the United States that protectionism has no “exit ramp” and noted the broad international opposition to the measures.China previously responded to US tariffs with levies of up to 15 percent on a range of US agricultural goods including soybeans, pork and chicken.Chen Wenling, chief economist at the China Center for International Economic Exchanges in Beijing, told AFP that Beijing could potentially impose export controls of critical and rare minerals to the United States in response.”The United States has become a high-tariff nation, and its status as the flagbearer of free trade has diminished,” Chen said.US duties have threatened to harm China’s fragile economic recovery as it struggles with a long-running debt crisis in the property sector and persistently low consumption.- ‘No winner in a trade war’ -An intensified trade war will likely mean China cannot peg its hopes for strong economic growth this year on its exports, which reached record highs in 2024.Trump labelled Wednesday’s measures “reciprocal” but many experts say his administration’s estimates for levies placed on US imports by other countries are wildly exaggerated.”The US claims to have suffered losses in international trade, using so-called ‘reciprocity’ as an excuse to raise tariffs on all trade partners,” Beijing said.”This approach disregards the balance of interests achieved through years of multilateral trade negotiations and ignores the fact that the US has long profited significantly from international trade,” it added.It instead called for “dialogue” to resolve the dispute.”There is no winner in a trade war, and there is no way out for protectionism,” it said, adding that “history has proven that raising tariffs does not solve the US’s own problems”.The US has also imposed tariffs of 25 percent on steel and aluminium imports.China is the world’s leading steel manufacturer, though not a major exporter of the product to the United States.

US President Donald Trump intensified a global trade war Wednesday as he slapped sweeping tariffs on imports from allies and foes alike, sending markets into a tailspin and upending decades-long free trade norms.The EU and China vowed retaliation against the levies, with Australia’s leader saying the new tariffs were “not the act of a friend” and would hurt the close allies’ relationship.Shortly after Trump’s proclamation, separate tariffs of 25 percent on all foreign-made cars and light trucks went into effect, with auto parts also due to be hit by May 3.Holding up a chart of the sweeping measures in the White House Rose Garden, Trump unveiled particularly stinging tariffs on major trade partners China and the European Union on what he called “Liberation Day.””This is one of the most important days, in my opinion, in American history,” said Trump. “It’s our declaration of economic independence.”The tariffs announcement triggered immediate anger around the world, with rival China warning they could “endanger” global economic development.Stock markets looked set for major volatility Thursday, with Tokyo’s Nikkei leading an Asian selloff, collapsing more than four percent, and Hanoi shares tanked more than five percent after Vietnam was targeted with tariffs of 46 percent.US futures plummeted and safe haven gold hit a new record as investors took fright.Trump reserved some of the heaviest blows for what he called “nations that treat us badly.” That included an additional 34 percent on goods from China — bringing the new added tariff rate there to 54 percent. Beijing swiftly vowed countermeasures and called for dialogue, warning the levies would “seriously harm” those involved. The figure for the European Union was 20 percent, and 24 percent on Japan, whose trade minister called the tariffs “extremely regrettable.”For the rest, Trump said he would impose a “baseline” tariff of 10 percent, including another key ally, Britain.The 78-year-old Republican brushed off fears of turmoil, insisting that the tariffs would restore the US economy to a lost “Golden Age.””For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said.- ‘Make America wealthy again’ -A hand-picked audience of cabinet members, as well as workers in hard hats from industries including steel, oil and gas, whooped and cheered as Trump promised tariffs would “make America wealthy again.”Trump labeled Wednesday’s tariffs “reciprocal” but many experts say his administration’s estimates for levies placed on US imports by other countries are wildly exaggerated.The US president had telegraphed the move for weeks, sparking fears of a recession at home as costs are passed on to US consumers, and a damaging trade war abroad.US Treasury Secretary Scott Bessent warned against countermeasures, saying on Fox News: “If you retaliate, there will be escalation.”Some of the worst-hit trading partners were in Asia, including 49 percent for Cambodia, 46 percent for Vietnam and 44 percent for military-ruled Myanmar, recently hit by a devastating earthquake.Russia was not affected because it is already facing sanctions over the Ukraine war “which preclude any meaningful trade,” a White House official said.Certain goods like copper, pharmaceuticals, semiconductors, lumber and gold will not be subject to the tariffs, according to the White House.- ‘Fight’ -EU chief Ursula von der Leyen vowed Europe was “prepared to respond” to the tariffs, calling them a “major blow to the world economy.”Italian Prime Minister Giorgia Meloni, a close Trump ally, said the levies on the EU were “wrong” but pledged to seek a deal.Britain escaped relatively lightly after a diplomatic offensive, but said it still wanted to “mitigate” the tariffs.Canada and Mexico are not affected by the new levies as Trump has already punished them for what he says is their failure to stymie drug trafficking and illegal immigration.Canadian Prime Minister Mark Carney vowed to “fight” the existing levies.Trump’s announcement is the culmination of a long love affair with tariffs, which he has seen for decades as a cure-all for America’s trade imbalances and economic ills.The 10 percent “baseline tariff” kicks in on Saturday, while the elevated rates for those the White House deemed “the worst offenders” will take effect on April 9.

Japan slammed Thursday as “extremely regrettable” US President Donald Trump’s sweeping new tariffs, saying they may break WTO rules and the two countries’ trade agreement.Japanese firms are the biggest investors into the United States but Tokyo has failed to secure an exemption, with Trump announcing a hefty 24-percent levy on Japanese imports.”I have conveyed that the unilateral tariff measures taken by the United States are extremely regrettable, and I have again strongly urged (Washington) not to apply them to Japan,” Yoji Muto, trade and industry minister, told reporters.He said he spoke to US Commerce Secretary Howard Lutnick before Trump’s announcement of a new 10-percent baseline tariff and extra levies on selected countries — including close strategic ally Japan.”Japan (are) very very tough. Great people…. They would charge us 46 percent, and much higher for certain items,” Trump said. “We are charging them 24 percent.”Muto said he had explained to Lutnick “how the US tariffs would adversely affect the US economy by undermining the capacity of Japanese companies to invest”.”We had a frank discussion on how to pursue cooperation in the interest of both Japan and the United States that does not rely on tariffs,” Muto said.Government spokesman Yoshimasa Hayashi also said that the US measures may contravene World Trade Organization (WTO) rules and the two countries’ trade treaty.”We have serious concerns as to consistency with the WTO agreement and Japan-US trade agreement,” he told reporters.Asked if Japan will impose retaliatory tariffs or is considering filing a suit to the WTO, Hayashi said: “We decline to disclose details of our considerations.”- Abe exception -In Trump’s first term, then prime minister Shinzo Abe, who had warm relations with Trump, managed to secure an exemption from tariffs.In February, Trump hosted Prime Minister Shigeru Ishiba for apparently friendly and fruitful talks, hailing a “new golden age for US-Japan relations”.Ishiba promised a trillion dollars in investments and to import what Trump called “record” imports of US natural gas.Japan, together with South Korea, would also partner on a “gigantic natural gas pipeline in Alaska”, Trump said.Japan has also failed to win exclusion from 25-percent tariffs on imports into the United States by its massive auto sector that came into force on Thursday.Last year, vehicles accounted for around 28 percent of Japan’s 21.3 trillion yen ($142 billion) of US-bound exports, and roughly eight percent of all Japanese jobs are tied to the sector.Japanese carmakers ship about 1.45 million cars to the United States from Canada and Mexico, where they operate factories, Bloomberg News reported.By comparison Japan exports 1.49 million cars directly to the United States, while Japanese automakers make 3.3 million cars in America.

China on Thursday said it “firmly opposes” sweeping new US tariffs on its exports and vowed “countermeasures to safeguard its own rights and interests”.US President Donald Trump has ignited a potentially ruinous global trade war after imposing 10 percent levies on imports from around the world and harsh extra duties on key trading partners.The Commerce Ministry in Beijing said in a statement that those tariffs “do not comply with international trade rules and seriously harm the legitimate rights and interests of the relevant parties”.It urged Washington to “immediately cancel” them, warning they “endanger global economic development”, hurting US interests and international supply chains.It also accused the United States of a “typical unilateral bullying practice”.Trump unveiled particularly stinging tariffs of 34 percent on China, one of its largest trading partners, while a 10 percent base tariff on all countries will also apply to China.That comes on top of a 20 percent rate imposed last month.Beijing responded to those tariffs with levies of up to 15 percent on a range of US agricultural goods including soybeans, pork and chicken.US duties have threatened to harm China’s fragile economic recovery as it struggles with a long-running debt crisis in the property sector and persistently low consumption.An intensified trade war will likely mean China cannot peg its hopes for strong economic growth this year on its exports, which reached record highs in 2024.Trump labelled Wednesday’s measures “reciprocal” but many experts say his administration’s estimates for levies placed on US imports by other countries are wildly exaggerated.”The US claims to have suffered losses in international trade, using so-called ‘reciprocity’ as an excuse to raise tariffs on all trade partners,” Beijing said.”This approach disregards the balance of interests achieved through years of multilateral trade negotiations and ignores the fact that the US has long profited significantly from international trade,” it added.It instead called for “dialogue” to resolve the dispute.”There is no winner in a trade war, and there is no way out for protectionism,” it said, adding that “history has proven that raising tariffs does not solve the US’s own problems.”The US has also imposed tariffs of 25 percent on steel and aluminium imports.China is the world’s leading steel manufacturer, though not a major exporter of the product to the United States.

US President Donald Trump ignited a potentially ruinous global trade war Wednesday as he slapped 10 percent tariffs on imports from around the world and harsh extra levies on key trading partners.Holding up a chart of the sweeping measures in the White House Rose Garden, Trump unveiled particularly stinging tariffs on major trade partners China and the European Union on what he called “Liberation Day.””This is one of the most important days, in my opinion, in American history,” said Trump. “It’s our declaration of economic independence.”The announcement triggered immediate anger, with China warning the tariffs could “endanger” global economic development, US ally Australia blasting them as “not the act of a friend,” and threats of retaliation from around the world.Stock markets looked set for major volatility Thursday, with Tokyo’s Nikkei leading an Asian selloff, collapsing more than four percent. US futures plummeted and safe haven gold hit a new record as investors took fright.Trump reserved some of the heaviest blows for what he called “nations that treat us badly.” That included an additional 34 percent on goods from superpower rival China — bringing the new added tariff rate there to 54 percent. Beijing swiftly vowed countermeasures and called for dialogue, warning the levies would “seriously harm” those involved. “There is no winner in a trade war, and there is no way out for protectionism,” its commerce ministry said.The figure for the European Union was 20 percent, and 24 percent on Japan, whose trade minister called the tariffs “extremely regrettable.”For the rest, Trump said he would impose a “baseline” tariff of 10 percent, including another key ally, Britain.The 78-year-old Republican brushed off fears of turmoil, insisting that the tariffs would restore the US economy to a lost “Golden Age.””For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said.- ‘Make America wealthy again’ -A hand-picked audience of cabinet members, as well as workers in hard hats from industries including steel, oil and gas, whooped and cheered as Trump promised tariffs would “make America wealthy again.”Sweeping auto tariffs of 25 percent that Trump announced last week were due to take effect at 12:01 am (0401 GMT) Thursday.Trump labelled Wednesday’s tariffs “reciprocal” but many experts say his administration’s estimates for levies placed on US imports by other countries are wildly exaggerated.The US president had telegraphed the move for weeks, sparking fears of a recession at home as costs are passed on to US consumers, and a damaging trade war abroad.US Treasury Secretary Scott Bessent warned against countermeasures, saying on Fox News: “If you retaliate, there will be escalation.”Some of the worst hit trading partners were in Asia, including 49 percent for Cambodia, 46 percent for Vietnam and 44 percent for military-ruled Myanmar, recently hit by a devastating earthquake.Russia was not affected because it is already facing sanctions over the Ukraine war “which preclude any meaningful trade,” a White House official said.Certain goods like copper, pharmaceuticals, semiconductors, lumber and gold will not be subject to the tariffs, according to the White House.They will also reinforce fears that Trump is backing further away from US allies towards a new order based on his vision of American supremacy.- ‘Fight’ -Australian Prime Minister Anthony Albanese on Thursday said the tariffs were “totally unwarranted.”Italian Prime Minister Giorgia Meloni, a close Trump ally, said the levies on the EU were “wrong” but pledged to seek a deal.Britain escaped relatively lightly after a diplomatic offensive, but said it still wanted to “mitigate” the tariffs.Canada and Mexico are not affected by the new levies as Trump has already punished them for what he says is their failure to stymie drug trafficking and illegal immigration.Canadian Prime Minister Mark Carney vowed to “fight” the existing levies.Trump’s announcement is the culmination of a long love affair with tariffs, which he has seen for decades as a cure-all for America’s trade imbalances and economic ills.

After weeks of anticipation, US President Donald Trump unveiled sweeping new tariffs on trading partners Wednesday, calling it a “declaration of economic independence.”A fresh “baseline tariff” of 10 percent will apply to economies around the world, with steeper rates tailored to those that Washington deemed as bad actors. But there are some exemptions.What are the details of Trump’s latest announcement?- New tariffs -A 10 percent “baseline tariff” kicks in at 12:01 am (0401 GMT) on April 5, while elevated rates for those the White House deemed “the worst offenders” take effect at 12:01 am (0401 GMT) on April 9.The steeper additional tariffs impact major US trading partners, with the European Union facing a 20 percent rate and China a 34 percent figure.For China, the number stacks on an added 20 percent levy Trump imposed earlier this year over its alleged role in the illicit fentanyl supply chain, taking the new additional figure to 54 percent.Other key partners include India with a 26 percent added rate, South Korea at 25 percent and Japan at 24 percent.Trump said: “For nations that treat us badly, we will calculate the combined rate of all their tariffs, non-monetary barriers and other forms of cheating.”The numbers, he said, are “approximately half of what they are and have been charging us.”- Exclusions -Some goods like copper, pharmaceuticals, semiconductors, lumber, gold, energy and “certain minerals” will not be subject to reciprocal tariffs unveiled Wednesday, according to a White House fact sheet.Major US partners Canada and Mexico are not hit by the new tariffs either, US officials added.Trump earlier imposed 25 percent tariffs on imports from both countries, with a lower rate on Canadian energy, and they will continue to face these duties.Goods entering the world’s biggest economy under the US-Mexico-Canada Agreement will still be exempted.Should Canada and Mexico reach deals on the levies, however, they will come up against a new regime.The White House also said that the latest country-based tariffs do not stack atop of sector-specific ones, like those already applied to imports of steel and aluminum.Cuba, Belarus, North Korea, and Russia are not subject to Trump’s new “reciprocal tariffs” as they are already facing sanctions which “preclude any meaningful trade,” the White House said.- Other tariffs -On Thursday, new 25 percent tariffs on imported autos will also kick in, bringing fresh challenges to the industry.Trump earlier imposed 25 percent charges on steel and aluminum imports too, which will be expanded to impact canned beer and empty aluminum cans from Friday.He has ordered probes into imports of copper and lumber as well, which could lead to further duties.White House officials said Wednesday that Trump is mulling similar moves on semiconductors, pharmaceuticals and possibly critical minerals in the future.Separately, a 25 percent levy on goods from countries importing Venezuelan oil can take place from April 2. Trump has threatened a similar “secondary tariff” on Russian oil.- Small parcels -On Wednesday, Trump separately ordered an end to a duty-free exemption for small parcels from China, a move likely to severely disrupt the import of popular low-cost products.The rule has faced heavy scrutiny as US officials pointed to the growth of Chinese-founded online retailers Shein and Temu as a factor behind a surge of shipments using the exemption.Products imported under the “loophole” from China would be subject to a duty rate of either 30 percent of their value or $25 per item, increasing to $50 per item after June 1. The policy shift kicks in May 2, according to Trump’s executive order.

Nintendo’s new Switch console will be launched on June 5, the Japanese video game giant said Wednesday, starting the countdown for one of the most hotly awaited gaming launches in years.Millions of fans tuned in on YouTube for an hour-long presentation about the Switch 2 — an update to the 2017 original model that has sold around 150 million units.But shares in the Kyoto-based company tanked nearly six percent in early Japanese trade on Thursday, partly on profit-taking but also as investors apparently baulked at the gadget’s high price.The shares’ fall also followed US President Donald Trump’s announcement of sweeping global tariffs, including 46 percent on Vietnam and 49 percent on Cambodia, where Nintendo has reportedly shifted an increasing amount of production in recent years.The Switch 2 retains many of its predecessor’s features, including its detachable “Joy-Con” controllers.But it comes with a larger, higher resolution screen and quicker processing speeds.After giving a glimpse of the new console in mid-January, Nintendo provided further details about some of the changes including a “C” button that activates “GameChat”, allowing players to speak with one another while playing.”Even when you’re apart, you can play games and hang out as if you were together in the same room,” the firm said.Nintendo also announced a new version of its best-selling Mario Kart game, “Mario Kart World”, which allows players to go exploring off-grid.- High price -Other notable new games, intended to drive uptake of the more expensive hardware, include “Donkey Kong Bonanza” and “Kirby Air Riders”.They will be priced around 30 percent higher than existing Switch games at 80-90 euros ($86-$97), while the console will also be at least a third more than its predecessor.The recommended retail price is listed as $449.99 in the United States, £395.99 in Britain and 469.99 euros in France — which quickly became a sore point among commentators on game sites and forums.”These price tags have created such negativity around its release that I’m actually flabbergasted,” streamer Sendo DX wrote on social media platform X.The Switch 2 will have eight times the memory of the first Switch at 256 GB, and a screen that measures 7.9 inches (20 centimetres) versus 6.2 inches for the original.Its controllers, which attach with magnets rather than sliding on, can also be used like a desktop computer mouse, a new functionality the company clearly hopes game developers will make use of.A new “GameShare” function will also enable users to share games with friends to allow them to temporarily play together.- ‘Higher performance’ -Analysts had predicted that the company would opt to bring out an improved iteration of a winning formula, rather than announce revolutionary changes — and that appeared to be the case overall. Gamers “mention performance and game software, but in reality, they seem to want the same experience as the original Switch”, Hideki Yasuda, an analyst at Japanese brokerage Toyo Securities, had said beforehand.”I think what they truly want is simply higher performance.”The Switch won favour with all ages thanks to its hybrid concept, which allows players to use it on the go and connect to a TV.Despite recent diversification efforts into movies and theme parks, Nintendo’s core business still relies heavily on video games.The company cut profit forecasts in February due to slowing sales of the original Switch, but its shares have risen this year overall on expectations of strong demand for the Switch 2.Nintendo could sell around 19 million units in 2025 and 21 million the following year, Toyo Securities estimated.The video game industry has been struggling with a global slowdown, with sales down by 35 percent in 2024 year-on-year in the United States, according to US market research firm Circana.

Global financial markets were rocked on Wednesday by Donald Trump’s announcement of sweeping tariffs, targeting China and the European Union in particular, with the risk of undermining the international economy.The US president laid out the new measures after Wall Street stock markets had closed. But his announcement still rippled through the markets that were open at the time, sending stock futures and bond yields lower, while gold surged to a new record high.- Stocks struggle -As the evening progressed, US futures fell sharply, with the Dow Jones dropping 2.4 percent at around 2345 GMT, the Nasdaq index plunging 4.2 percent, and the broader futures index for the S&P 500 falling 3.5 percent. Wall Street has largely suffered from Trump’s various trade announcements in recent weeks.”The silver lining for investors could be that this is only a starting point for negotiations with other countries and ultimately tariff rates will come down across the board,” Northlight Asset Management’s Chris Zaccarelli wrote in a note to clients.”But for now traders are shooting first and asking questions later,” he added. The share price of technology companies whose components are produced abroad also fell sharply, with Apple losing 7.4 percent after-hours, Nvidia falling 5.2 percent and TSMC declining 5.9 percent. Futures markets are typically much more volatile than the regular indices. The clothing sector was also hit especially hard, with a particularly heavy bill for China, where products will be hit by an additional duty of 34 percent from April 9, and Vietnam, where the new “reciprocal” rate will be 46 percent.Brands whose clothes are partly made in China or Vietnam were sharply lower, with Gap down 8.5 percent after hours, Ralph Lauren falling 7.3 percent, and Nike losing 7.1 percent.- Safe-haven assets in demand -Investors flocked to gold, which has been setting new records in the face of trade uncertainties.The yellow metal blew past its previous day’s record high after Donald Trump’s new announcements, and was trading at roughly $3,160 an ounce at around 2345 GMT. The price of gold has jumped by close to 20 percent since the start of 2025. The bond market also played its role as a safe haven, with the yield on the benchmark ten-year US Treasury, easing to 4.10 percent after Donald Trump’s announcement. Bond yields move in the opposite direction to prices, with yields typically falling in the face of increased demand for bonds. – Weaker dollar -Within minutes of Trump’s first words on Wednesday, the dollar plunged by over one percent against the euro.”The increased tariffs have been a negative factor for the US dollar,” Forex.com’s Matthew Weller told AFP.One euro was equivalent to 1.04 dollars on the day Trump was inaugurated to his second term. By 2345 GMT on Wednesday, it was worth around 1.09 dollars. Bitcoin, the most popular cryptocurrency, also suffered from the White House announcements, falling more than three percent on Wednesday evening.

Wall Street stocks finished higher Wednesday following a volatile session ahead of US President Donald Trump’s latest tariff announcements, while European stocks ended the day lower. After initially retreating ahead of Trump’s “Liberation Day” of new trade levies, US indices forged higher during the session amid hopes that markets have oversold in anticipation of the plan.But more ups and downs appeared to lie ahead, with US futures moving decisively lower late Wednesday afternoon as Trump announced the plan.The dollar also retreated against other major currencies, while safe haven gold jumped.”For traders and investors, today represents a day of huge uncertainty as we weigh up the potential for retaliatory tariffs and a tit-for-tat trade war,” said Joshua Mahony, analyst at traders Scope Markets.Global equities have been hit hard leading up to Trump’s announcement, with allies and competitors alike in the crosshairs after what he says is years of “ripping off” the United States. Against a White House backdrop of US flags, Trump reiterated that message, saying “for decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike.”Trump reserved some of the heaviest blows for what he called the “nations that treat us badly,” including 34 percent in new levies on rival China, 20 percent on key ally the European Union and 24 percent on Japan.A number of other countries will face specifically tailored tariff levels, and for the rest, Trump said he would impose a “baseline” tariff of 10 percent.The US leader also reiterated a plan to enact auto tariffs of 25 percent to begin on Thursday. Global stock markets were mixed ahead of Wednesday’s announcement.After Tokyo’s stock market closed up slightly and Chinese indices steadied, European equity markets dropped, led lower by Frankfurt.There had been some hope among investors that Trump’s announcement might at least address the uncertainty that was roiling the markets. Investors will now prepare for potential counteractions from US trading partners.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.Among individual companies, Tesla jumped 4.7 percent following a report that chief executive Elon Musk would soon exit or significantly scale back his controversial work for Trump to shrink the US government.Prior to the report, shares in the electric vehicle manufacturer had fallen following weak first-quarter auto sales.However, Tesla futures were down 5.6 percent in after-hours trading, joining a broad pullback in US futures.- Key figures around 2050 GMT -New York – Dow: UP 0.6 percent at 42,225.32 (close)New York – S&P 500: UP 0.7 percent at 5,670.97 (close)New York – Nasdaq Composite: UP 0.9 percent at 17,601.05 (close)London – FTSE 100: DOWN 0.3 percent at 8,608.48 (close) Paris – CAC 40: DOWN 0.2 percent at 7,858.83 (close)Frankfurt – DAX: DOWN 0.7 percent at 22,390.84 (close)Tokyo – Nikkei 225: UP 0.3 percent at 35,725.87 (close)Hong Kong – Hang Seng Index: FLAT at 23,202.53 (close)Shanghai – Composite: UP 0.1 percent at 3,350.13 (close)Euro/dollar: UP at $1.0814 from $1.0793 on TuesdayPound/dollar: UP at $1.2985 from $1.2923Dollar/yen: DOWN at 149.39 yen from 149.61 yenEuro/pound: DOWN at 83.33 pence from 83.51 penceWest Texas Intermediate: UP 0.7 percent at $71.71 per barrelBrent North Sea Crude: UP 0.6 percent at $74.95 per barrel

US President Donald Trump on Wednesday unveiled a raft of punishing tariffs targeting countries around the world including some of its closest trading partners, in a move that risks sparking a ruinous trade war. Speaking in the White House Rose Garden against a backdrop of US flags, Trump slapped the most stinging tariffs on China and the European Union on what he called “Liberation Day.”The dollar fell one percent against the euro and slipped against other major currencies as Trump was speaking.”For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said.Trump reserved some of the heaviest blows for what he called the “nations that treat us badly,” including 34 percent on goods from superpower rival China, 20 percent on key ally the European Union and 24 percent on Japan.But the 78-year-old Republican — who held up a chart with a list of levies — said that he was “very kind” and so was only imposing half the amount that those countries taxed US exports.For the rest, Trump said he would impose a “baseline” tariff of 10 percent, including Britain.An audience of cabinet members, as well as workers in hard hats from industries including steel, oil and gas, whooped and cheered as Trump said the tariffs would “make America wealthy again.””This is Liberation Day,” Trump said, adding that it would “forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed.”Sweeping auto tariffs of 25 percent that Trump announced last week are also due to take effect at 12:01 am (0401 GMT) Thursday.- ‘Golden Age’ -Trump has telegraphed the move for weeks, insisting tariffs will keep the United States from being “ripped off” by other countries and spur a new “Golden Age” of American industry.But many experts warn the tariffs risk triggering a recession at home as costs are passed on to US consumers, and a damaging trade war abroad.The world has been on edge ahead of Trump’s announcement.Markets have been volatile as investors hedged their bets, and the announcement came after Wall Street stocks closed.The tariffs will also reinforce fears that Trump is backing even further away from US allies towards a new order based on a vision of American supremacy.US trading partners have vowed swift retribution, while also trying to persuade Trump to reach deals to avoid tariffs in the first place.  Germany warned Wednesday that trade wars hurt “both sides.”The European Union will react to new Trump tariffs “before the end of April,” said a French government spokeswoman.The 27-nation bloc’s initial salvo would counter US actions on steel and aluminum, followed by sector-by-sector measures.British Prime Minister Keir Starmer, who made intense, said a “trade war is in nobody’s interests.” “We have prepared for all eventualities — and we will rule nothing out,” he told parliament.- Recession fears -Trump has had a long love affair with tariffs, insisting in the face of experts that they are a cure-all for America’s trade imbalances and economic ills.The billionaire insists the levies will bring a “rebirth” of America’s hollowed-out manufacturing capacity, and says companies can avoid tariffs by moving to the United States.But critics say US businesses and consumers could bear the burden if importers pass on the cost, adding that the policy could increase risks of a recession.”If this trade war continues through Labor Day (on September 1), the US economy will likely suffer a recession this year,” Mark Zandi, chief economist of Moody’s Analytics, told AFP.Negotiations are likely to continue though as countries seek to halt the tariffs.Trump has previously been persuaded however to halt tariffs on neighbors Canada and Mexico while trade talks continued.He ordered levies on both on the grounds that they had failed to stop the flow of the deadly opioid fentanyl into the United States.”I understand that it’s a game of tug-of-war,” truck driver Alejandro Espinoza told AFP as he waited in a queue to cross the Mexican-US border. “But unfortunately, we’re the ones who pay in the end.” burs-dk/sst