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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

US President Donald Trump geared up to unveil sweeping new “Liberation Day” tariffs on Wednesday in a move that threatens to ignite a devastating global trade war.Key US trading partners including the European Union and Britain said they were preparing their responses to Trump’s escalation, as nervous markets fell in Europe and America.Trump will unveil the levies in a grand ceremony with his cabinet members in the White House Rose Garden — just as Wall Street stocks close at 4:00 pm (2000 GMT).”IT’S LIBERATION DAY IN AMERICA!” Trump posted a one-liner on his Truth Social platform early Wednesday.The 78-year-old has promised so-called reciprocal tariffs on friends and foes alike if they target the world’s largest economy, saying the levies will stop the United States being “ripped off.”But Trump has kept the world guessing until the last minute about the scale and scope, with the White House saying he was still “perfecting” them with just hours to go.Reports say he could either hit countries with tit-for-tat tariffs, impose blanket 20 percent tariffs — or, more probably, give some countries preferential treatment depending on their deficits.The Republican president said in his last public appearance Monday that he would be “very kind” but gave little away.- ‘Tug-of-war’ -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.Trump’s long-awaited announcement is also causing global turmoil, with stock markets jittery for days and countries in the crosshairs scrambling to decide how to react.European Central Bank President Christine Lagarde warned Wednesday that whatever steps other countries take “it will be negative anyway the world over.”America’s neighbors Mexico and Canada, whose economies are closely linked with the United States, are those that could suffer the most from a bruising trade war.”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.” Major economies have however vowed retribution 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 has made intense but so far fruitless efforts to win a carve-out from Trump, said a “trade war is in nobody’s interests.” “We have prepared for all eventualities — and we will rule nothing out,” he told parliament.- ‘Rebirth’ -Germany warned Wednesday that trade wars hurt “both sides.”Canada’s Prime Minister Mark Carney, who goes into elections later this month dominated by tensions with Trump, said his country would be “very deliberate” in its response.The White House said Trump’s tariffs would come into effect “immediately” after Wednesday’s announcement, effectively ruling out delays for negotiations.Sweeping auto tariffs of 25 percent are due to take effect April 3, after Trump earlier imposed duties on steel and aluminum imports and goods from China.But Trump has wobbled on several other tariff announcements since returning to office in January, blinking at the last minute with allies such as Canada and Mexico.The billionaire 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.Trump 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.The tariffs meanwhile underscore the growing and profound gulf between Trump’s America and many of its closest allies, not only on trade but on security, defense and almost everything else.burs-dk/gv

Wall Street stocks rose ahead of US President Donald Trump’s fresh wave of tariffs, while European stocks ended the day lower. The dollar was mostly lower, oil prices wobbled, while gold, viewed as a safe-haven investment, came close to achieving a fresh all-time high.After Tokyo’s stock market closed up slightly and Chinese indices steadied, European equity markets dropped, led lower by Frankfurt.Wall Street’s leading indexes opened lower, but climbed into positive territory during morning trading.”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 — 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 4:00 pm in Washington (2000 GMT), after Wall Street markets close, with the Republican promising a new “golden age” of US industry.”With the exact scope of these measures still uncertain, you can understand why investors are cautious, reluctant to take on greater exposure to riskier assets just yet,” said City Index and FOREX.com analyst Fawad Razaqzada.Chris Weston, analyst at investors Pepperstone Group, said the suggestion that the tariffs would be effective immediately would provide some certainty to markets, 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 preparing their responses.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.Tesla shares sank around five percent in early trading after the electric car maker released lacklustre sales figures, but pushed higher to show a gain of more than three percent in midday trading.The firm reported a 13-percent drop in first-quarter auto sales amid lower production during factory upgrades, as well as perceived customer reluctance over CEO Elon Musk’s work for the Trump administration.- Key figures around 1530 GMT -New York – Dow: UP 0.4 percent at 42,144.61 pointsNew York – S&P 500: UP 0.4 percent at 5,654.57New York – Nasdaq Composite: UP 0.5 percent at 17,529.17London – 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 $1.0858 from $1.0793 on TuesdayPound/dollar: UP at $1.2971 from $1.2920Dollar/yen: UP at 150.01 yen from 149.53 yenEuro/pound: UP at 83.71 pence from 83.51 penceWest Texas Intermediate: DOWN less than 0.1 percent at $71.17 per barrelBrent North Sea Crude: DOWN 0.2 percent at $74.33 per barrel

US and European stock markets fell Wednesday as investors fretted over what shape US President Donald Trump’s fresh wave of tariffs would take at the end of the day.The dollar and oil prices dipped while gold, viewed as a safe-haven investment, came close to achieving a fresh all-time high.After Tokyo’s stock market closed up slightly and Chinese indices steadied, Europe dropped, led lower by Frankfurt, and Wall Street’s leading indexes followed after the open.”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 — 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 4:00 pm 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.Chris Weston, analyst at investors Pepperstone Group, said the suggestion that the tariffs would be effective immediately would provide some certainty to markets, 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 preparing their responses.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.Tesla shares sank around five percent in early trading after the electric car maker released lacklustre sales figures.The firm reported a 13-percent drop in first-quarter auto sales amid lower production during factory upgrades, as well as perceived customer reluctance over CEO Elon Musk’s work for the Trump administration.- Key figures around 1015 GMT -New York – Dow: DOWN 0.3 percent at 41,850.20New York – S&P 500: DOWN 0.4 percent at 5,613.46New York – Nasdaq Composite: DOWN 0.3 percent at 17,399.32London – FTSE 100: DOWN 0.7 percent at 8,572.49 pointsParis – CAC 40: DOWN 0.8 percent at 7,814.50Frankfurt – DAX: DOWN 1.3 percent at 22,245.82 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 $1.0819 from $1.0793 on TuesdayPound/dollar: UP at $1.2945 from $1.2920Dollar/yen: DOWN at 149.51 yen from 149.53 yenEuro/pound: UP at 83.58 pence from 83.51 penceWest Texas Intermediate: DOWN 0.1 percent at $71.11 per barrelBrent North Sea Crude: DOWN 0.24 percent at $74.31 per barrel

US President Donald Trump is poised to unveil sweeping new “Liberation Day” tariffs on Wednesday, but kept the world guessing until the last minute about the scope of an onslaught that could spark a global trade war.Trump will unveil the measures flanked by cabinet members in the Rose Garden of the White House at 4:00 pm (2000 GMT) — after Wall Street markets close — promising that they will stop America being “ripped off” and will deliver a new “golden age” of US industry.While Trump insisted he had decided on the reciprocal tariffs hitting countries that have targeted the world’s biggest economy, the White House admitted he was still ironing out details hours before the announcement.Early Wednesday, Trump posted a one-liner on his Truth Social platform: “It’s Liberation Day in America!”The Republican billionaire has had a long love affair with tariffs, insisting in the face of economic experts that they are a cure-all that will tackle America’s trade imbalances with friends and foes alike.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.Global markets have been jittery for days ahead of Trump’s announcement, while the countries most likely in the crosshairs have called for talks — even as they ready retaliatory measures.- ‘Immediately’ -The move also underscores the growing and profound gulf between Trump’s America and many of its closest allies, not only on trade but on security, defense and almost everything else.The 78-year-old US president has trailed the measures for weeks, initially suggesting that the tariffs would simply match whatever levies other countries impose.He said Monday that he would be “very kind” but gave little away.As the deadline approached, US media reported that he had been considering blanket 20 percent tariffs — and then that he was looking at a third option where some countries would get preferential treatment.A broad 20 percent tariff on imports could cost the average US household at least $3,400, according to the Budget Lab at Yale University.White House Press Secretary Karoline Leavitt said Trump was meeting top advisors on the eve of his announcement, “to make sure this is a perfect deal.”The tariffs would come into effect “immediately” after Wednesday’s roll-out, she said, effectively ruling out delays for negotiations with other countries.Trump has wobbled on several other tariff announcements since returning to office in January, blinking at the last minute with allies such as Canada and Mexico.His plans have however sparked growing fears of a painful global trade war that could drive up prices and cause widespread disruption.European Central Bank President Christine Lagarde warned Wednesday the impacts will “unsettle the trade world as we know it,” speaking with Irish radio station Newstalk.- Hurting both sides -Major economies including the European Union and Canada have vowed retaliation.The EU will react to new tariffs “before the end of April,” said the French government spokeswoman.An initial response planned for mid-April counters US action on steel and aluminum, and this will be followed by a sector-by-sector study.The spokeswoman said: “A European decision should be announced before the end of April.”Germany warned Wednesday that trade wars hurt “both sides.””We are going to be very deliberate in terms of the measures we take,” Canadian Prime Minister Mark Carney said Tuesday.Elsewhere, British Prime Minister Keir Starmer spoke with Trump on talks towards a trade deal, while Vietnam said it would slash duties on various goods.Other top exporters are seeking to build up alliances to counter Washington, with China, Japan and South Korea speeding up talks on a free trade agreement.The former property tycoon 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.Sweeping auto tariffs of 25 percent are due to take effect April 3, after Trump earlier imposed duties on steel and aluminum imports and goods from China.

Stock markets diverged Wednesday as investors fretted over what shape US President Donald Trump’s fresh wave of tariffs would take later in the day.The dollar and oil prices dipped while gold, viewed as a safe-haven investment, came close to achieving a fresh all-time high.After Tokyo’s stock market closed up slightly and Chinese indices steadied, Europe dropped, led lower by Frankfurt.”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 — 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 4:00 pm 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.Chris Weston, analyst at investors Pepperstone Group, said the suggestion that the tariffs would be effective immediately would provide some certainty to markets, 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 preparing 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.- Key figures around 1015 GMT -London – FTSE 100: DOWN 0.9 percent at 8,561.94 pointsParis – CAC 40: DOWN 0.6 percent at 7,831.20Frankfurt – DAX: DOWN 1.1 percent at 22,295.88 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)New York – Dow: FLAT at 41,989.96 (close)Euro/dollar: UP at $1.0803 from $1.0793 on TuesdayPound/dollar: UP at $1.2941 from $1.2920Dollar/yen: DOWN at 149.42 yen from 149.53 yenEuro/pound: DOWN at 83.47 pence from 83.51 penceWest Texas Intermediate: DOWN 0.4 percent at $70.94 per barrelBrent North Sea Crude: DOWN 0.4 percent at $74.19 per barrel