AFP USA

US Secretary of State Marco Rubio told nervous NATO members on Thursday that Washington remained committed to the alliance, but said they must agree to massively ramp up their spending targets for defence. President Donald Trump has rattled Europe by casting doubt on his willingness to defend all allies, and by reaching out to Russia over the war in Ukraine — before further raising tensions with his latest trade tariffs. “Some of this hysteria and hyperbole that I see in the global media and some domestic media in the United States about NATO is unwarranted,” Rubio said on his first visit to meet his NATO counterparts in Brussels. “President Trump’s made clear he supports NATO. We’re going to remain in NATO,” he said.Ahead of NATO’s June summit in The Hague, Trump has demanded that the alliance more than double its current spending target to five percent of GDP — more than any, including Washington, spend now.  “We do want to leave here with an understanding that we are on a pathway, a realistic pathway to every single one of the members committing and fulfilling a promise to reach up to five percent spending, and that includes the United States,” Rubio said.”No one expects you’re gonna be able to do this in one year or two. But the pathway has to be real,” Rubio said. He insisted that Trump was “not against NATO. He is against a NATO that does not have the capabilities that it needs to fulfil the obligations.”The words of reassurance will provide succour to allies, who are rushing in the meantime to show Washington they are stepping up. A string of European countries have announced steep increases in military budgets, with economic powerhouse Germany opening the way for a major splurge. “Great things are happening. Over the last couple of months, we literally see hundreds of billions of euros rolling in,” NATO chief Mark Rutte said. “So this is probably the biggest increase in defence spending here on the European side of NATO since the end of the Cold War,” he said. “But we still need more.”- No ‘sudden’ withdrawal -As Europe grapples with the threat from Russia, Trump’s administration has set the continent on edge by raising the prospect it could shift forces away to focus on other challenges like China. Officials have said that if Washington is planning a major shift away it needs to agree a clear timeline over years for Europe to fill the gaps left behind. “There are no plans for them to all of a sudden draw down their presence here in Europe,” Rutte said.”But we know that for America, being the superpower they are, they have to attend to more theatres than one. It’s only logical that you have that debate.”Europe is nervously eyeing Trump’s outreach to its number one nemesis Russia as he sidelines allies to press for a deal with Moscow to end the Ukraine war. Allies are pleading with Trump to stand strong against Moscow as he pushes for a partial ceasefire despite the warring sides trading accusations of ongoing strikes.He has cheered allies by menacing Putin with sanctions for dragging his feet,  but there are fears Trump may ultimately want to draw close to a country viewed as NATO’s main foe.”We have to admit that there is only one aggressor in this situation. This is Russia,” Lithuania’s Foreign Minister Kestutis Budrys said.  “Russia is a long-term, direct military threat to all NATO and to Ukraine, and for Ukraine, we need a just and long lasting peace,” he said.Meanwhile, Britain and France are spearheading talks on sending troops to Ukraine to shore up any deal Trump might strike. – Sidestepping tariff row? -Beyond NATO and Ukraine, Trump has also rocked allies by making territorial threats against Canada and Denmark, insisting that he will take over Greenland. Rubio was set to meet his Danish counterpart after tensions soared between the two sides following a visit by Vice President JD Vance to the territory.Foreign ministers largely looked to skirt the issue of a looming trade war after Trump’s hefty tariffs on allies, in particular the European Union.But some warned that economic disputes risked jeopardising NATO’s unity and its ability to strengthen itself. “It’s important to understand that we grow faster and better together, that if we want to build resources for a stronger defence, we need to have economic growth,” Norway’s Espen Barth Eide said.”Protectionism will not do us any good.”

Countries vowed Thursday to hit back at US President Donald Trump’s global tariffs onslaught but left the door open to negotiations, as markets tumbled over fears his trade war would damage the world economy.Trump spared almost no nation on his “Liberation Day”, hitting friends and foes alike and reserving some of the harshest tariffs for major trade partners, including the European Union and China.Holding up a chart of the sweeping measures in the White House Rose Garden on Wednesday, Trump called it “our declaration of economic independence”.”For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said, promising the move would restore a lost economic “Golden Age”.Nations around the world reacted swiftly, with China vowing “countermeasures” while France and Germany warned that the EU could hit US tech firms operating in Europe with a tax.EU chief Ursula von der Leyen vowed Europe was “prepared to respond” to the tariffs, calling them a “major blow to the world economy”.But the 27-nation EU and other countries also showed willingness to negotiate, while Beijing said it was “maintaining communication” with Washington over trade issues.The tariff announcements rattled stock markets while safe haven gold hit a new record high and the dollar slumped against other major currencies.In Asia, Tokyo’s Nikkei closed 2.8 percent lower after paring back bigger losses. Hanoi shares dropped more than seven percent after Vietnam was targeted with tariffs of 46 percent.Europe’s main stock markets were all in the red nearing midday trading, while US futures plummeted.”Stocks are down around the world but these are not traditional panic moves, suggesting that there is still some expectation that deals can be cut to reduce some of the impact from tariffs,” said Kathleen Brooks, research director at XTB trading platform.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.  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, which will come into effect on Saturday while the higher duties will kick in on April 9.Separate tariffs of 25 percent on all foreign-made cars and light trucks also went into effect, with auto parts due to be hit by May 3.- ‘Catastrophe’ for economy -US Treasury Secretary Scott Bessent warned against countermeasures, saying on Fox News: “If you retaliate, there will be escalation.”Germany said “everything was on the table” as it joined France in saying the EU could tax US tech giants.But German Chancellor Olaf Scholz, whose country is a major exporter of cars to the United States, said Europe was open to further talks to end the trade war. He called the US tariffs “fundamentally wrong”.Britain escaped relatively lightly after a diplomatic offensive, though Prime Minister Keir Starmer warned there would still be an “economic impact” from the 10 percent tariff on UK goods.Australian Prime Minister Anthony Albanese said the tariffs are “not the act of a friend” but he said his country, which was also hit with the lower end of duties, would not retaliate.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.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.- ‘Make America wealthy again’ -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.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 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 domestic consumers.French Prime Minister Francois Bayrou said the tariffs were a “catastrophe” for the world economy but also “for the United States and for American citizens”.burs-lth/phz

Countries vowed on Thursday to hit back at US President Donald Trump’s global tariffs onslaught, but left the door open to negotiations as markets tumbled over fears his trade war would damage the world economy.Trump spared almost no nation on his “Liberation Day”, hitting friends and foes alike and reserving some of the harshest tariffs for major trade partners, including the European Union and China.Separate tariffs of 25 percent on all foreign-made cars and light trucks also went into effect, with auto parts due to be hit by May 3.Holding up a chart of the sweeping measures in the White House Rose Garden on Wednesday, Trump said this was “one of the most important days, in my opinion, in American history.””It’s our declaration of economic independence,” he said.The tariffs announcement triggered immediate anger around the world, with rival China warning they could “endanger” global economic development.EU chief Ursula von der Leyen vowed Europe was “prepared to respond” to the tariffs, calling them a “major blow to the world economy.”But the 27-nation bloc and other countries also said they were ready to negotiate.The tariff announcements sent a shockwave through stock markets.In Asia, Tokyo’s Nikkei closed 2.8 percent lower while Hanoi shares dropped more than seven percent after Vietnam was targeted with tariffs of 46 percent.European equities opened in the red, with Frankfurt the biggest faller at 2.2 percent, while 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, which will come into effect on Saturday while the higher duties will kick in on April 9.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.- ‘Master of the world’ -The French government warned that the EU could target US tech firms with taxes on online services.”We have a whole range of tools and we are ready for this trade war,” French government spokeswoman Sophie Primas told broadcaster RTL, adding that Trump “thinks he is the master of the world”.But Germany, a major exporter of cars to the US, said it backed a “negotiated solution”.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 Prime Minister Keir Starmer warned there would still be an “economic impact” from the 10 percent tariff on UK goods.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.- ‘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.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.burs-lth/jm

The death toll from the fires that ravaged Los Angeles in January has risen to at least 30 after the remains of another victim were discovered, local authorities said.The fires around the United States’ second-largest city burned for three weeks, forcing thousands of residents to evacuate their homes.The blazes destroyed thousands of structures, devastating the affluent Pacific Palisades neighborhood of Los Angeles, as well as Malibu and Altadena in the wider county.The Los Angeles County Medical Examiner’s Office said a team went to Altadena on Wednesday to “investigate possible human remains found there” and “determined the remains were human,” according to a statement.”The death toll related to the wildfires is now 30 – 18 in the Eaton Fire and 12 in the Palisades,” it said.The Palisades and Eaton fires were the most destructive in the history of Los Angeles, burning more than 37,000 acres (150 square kilometers) and over 10,000 homes, causing damage estimated to cost hundreds of billions of dollars.Both blazes started on January 7 and their exact cause is under investigation.But human-driven climate change set the stage for the infernos by reducing rainfall, parching vegetation, and extending the dangerous overlap between flammable drought conditions and powerful winds, according to an analysis published in January.Almost three months after the fires, authorities in California are still cleaning up the debris, some of it toxic, from the thousands of buildings destroyed in the region.

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.

Hollywood studio Universal Pictures on Wednesday teased new movies from Steven Spielberg and Christopher Nolan, while showcasing footage from its upcoming sequels “Jurassic World Rebirth” and “Wicked: For Good” at the CinemaCon event.Spielberg “is currently shooting a film that promises to be a return to form, in the spirit of his monumental classics,” said Universal executive Jim Orr, at the movie theater industry summit in Las Vegas.The untitled film, out June 2026, is widely rumored to be a blockbuster sci-fi. Orr promised it would contain “a propulsive, modern, out-of-this-world twist,” without sharing further details.Meanwhile, Nolan is in the Mediterranean shooting his star-studded version of “The Odyssey,” based on the millennia-old Ancient Greek epic saga written by Homer.It is due July 2026, starring Matt Damon as Odysseus, alongside Tom Holland, Zendaya and Anne Hathaway.In a prediction bold even by the standards of Hollywood marketing, Orr suggested the film “will be a once-in-a-generation cinematic masterpiece that Homer himself would, quite frankly, be very proud of.”The comments came at CinemaCon, an annual week-long summit at which Hollywood studios present their biggest upcoming movies to theater owners and press.A theme of this year’s event has been a drive to get studios to commit to keeping new movies in US theaters for at least 45 days before they appear on streaming.A source with knowledge of the talks told AFP Wednesday that three of Hollywood’s six biggest studios have committed.Universal, which has in recent years brought many of its films to on-demand streaming very soon after they debut in theaters, has not yet agreed to the new 45-day “window,” the source said. The studio did not immediately comment.But its efforts to court movie theater owners Wednesday included showing extended new footage and A-list stars from the next Jurassic movie — out this July.It comes from the writer of the original 1993 “Jurassic Park.” The action returns to that film’s island setting.Unlike the “Jurassic World” films where dinosaurs freely roamed the globe, the fearsome reptiles are now once again scarce, surviving in a few remote spots.Star Scarlett Johansson said the film would “put the scares back into Jurassic” by keeping the dinosaurs hidden and ratcheting up the suspense.Universal’s presentation ended with surprise appearances from Ariana Grande and Cynthia Erivo, whose second and final “Wicked” film will hit theaters November.CinemaCon concludes Thursday with presentations from Paramount and Disney.

Rattled US allies will press Secretary of State Marco Rubio Thursday to lay out Washington’s plans for NATO and Ukraine, but his first visit to the alliance risks being overshadowed by a growing trade war.President Donald Trump has rocked the foundations of Western security by casting doubt on NATO’s collective defence vow, reaching out to Europe’s nemesis Russia, and threatening the territory of Canada and Denmark.In a further stoking of transatlantic tensions on Wednesday, the mercurial leader announced tariffs that will buffet allies and look set to draw retaliation. “I know that there have been allies, for example, on this side of the pond being worried about the long-term commitment of the US to NATO,” alliance head Mark Rutte said.”But I’m absolutely convinced this alliance is there to stay with the US. Their commitment is absolutely clear.”NATO’s 31 other members will be desperate to separate the trade row from their two days of talks on the alliance’s future and the war in Ukraine, whose foreign minister will also attend.Ahead of a June summit in The Hague, they’re looking for details from Rubio on Trump’s demands for allies to hike defence spending, warnings the United States could pull back forces from Europe, and intentions for Russia and Ukraine.”Obviously Rubio will keep pushing us to do more,” one European diplomat said, speaking on condition of anonymity.”But we need some sort of additional reassurance from the US as well, and would be happy if he says ‘we’ll stand by you’.”On Ukraine, Washington has left its allies in the dark as it engages in a head-spinning rapprochement with Russia aimed at convincing President Vladimir Putin to stop his three-year war.Nervous European countries are pleading with Trump to stand strong against Moscow as the US leader pushes for a partial ceasefire despite the warring sides trading accusations of ongoing strikes.The president has cheered allies by menacing Putin with sanctions for dragging his feet  — but there are fears Trump ultimately may want to draw close to a country viewed as NATO’s number one enemy.Meanwhile, Britain and France are spearheading talks on sending troops to Ukraine to shore up any deal Trump may strike.While Kyiv’s future is seen as a key issue for Europe, there are also fundamental questions over the future of the NATO alliance that has underpinned Europe’s security for seven decades.Trump has long berated members for not spending enough on their own defence and is pushing them to show their commitment by massively hiking expenditure to five percent of GDP — more than any member, including the United States, now spends.In a bid to ratchet up pressure he has threatened to only protect those countries that cough up enough in his eyes.NATO is looking to thrash out a new spending pledge for the Hague summit, with diplomats saying internal estimates say at least 3.5-3.7 percent of GDP needs to be spent on average to fill plans aimed at deterring Russia.- ‘Therapy session’ -Allies are scrambling to show they are doing more for their own protection as Washington warns it could look to shift assets from the continent to focus on other threats like China.In a blistering debut at NATO in February US Defense Secretary Pete Hegseth told Europe it would now have to “take ownership of conventional security on the continent”.Diplomats and officials are calling for the United States to give them plenty of time to coordinate any drawdown so no gaps are left in Europe’s defences.So far though Washington has provided no further details on any plans to pull out its roughly 100,000 troops or the key weaponry that others would struggle to replace.After Hegseth’s shock-and-awe approach last time round, allies hope Rubio could adopt a softer tone — albeit still insisting on Trump’s priorities.”If he doesn’t say stuff to patch up our concerns then we may need a therapy session,” said one NATO diplomat.

President Donald Trump’s tariff announcement on Wednesday was widely panned by US business lobbying groups, who voiced concern about the impact of the sweeping new duties on their operations. During a speech in the White House’s rose garden, Trump unveiled a baseline 10 percent tariff against almost all US trading partners in the world from April 5, and an additional top-up rate from April 9 for other countries currently imposing tariff and non-tariff barriers against US companies. Trade groups reacted with dismay to the measures, which would see most goods imported from China, for example, facing an additional tariff totaling 34 percent on top of existing levies. “Applying new tariffs at this scale will create change and disruption that restaurant operators will have to navigate to keep their restaurants open,” the National Restaurant Association said in a statement. “The stakes for manufacturers could not be higher,” said Jay Timmons, the president of the National Association of Manufacturers. “The high costs of new tariffs threaten investment, jobs, supply chains and, in turn, America’s ability to outcompete other nations and lead as the preeminent manufacturing superpower,” he added. Alongside China, the European Union, India, and several other top US trading partners will also face new tariffs of at least 20 percent from April 9. “These broad tariffs are a tax increase that will raise prices for American consumers and hurt the economy,” US Chamber of Commerce chief policy officer Neil Bradley said in a statement before the tariffs were unveiled.In a recent analysis, Yale University’s Budget Lab estimated that a 20 percent across-the-board tariff on imports could cost the average US household at least $3,400 — a painful cost-of-living adjustment for most Americans. “President Trump’s sweeping global and reciprocal tariffs are massive tax hikes on Americans that will drive inflation, kill jobs on Main Street, and may cause a recession for the US economy,” Consumer Technology Association chief executive Gary Shapiro said in a statement. “These tariffs will raise consumer prices and will force our trade partners to retaliate,” he said. Other reactions came from National Association of Home Builders chairman Buddy Hughes, who said Trump’s tariff announcement would “undoubtedly” raise some construction costs, and from the US wine Trade Alliance, which said in a statement that the measures on imported wines would harm US businesses “far more” than their foreign counterparts.”Damage to the U.S. economy will increase the longer the tariffs are in place and may be exacerbated by retaliatory measures,” the Business Roundtable, which represents the interests of chief executives, said in a statement. Despite the widespread condemnation, some lobbying groups were more positive about the announcement. “Today’s trade action prioritizes domestic manufacturers and America’s workers,” said Scott Paul, president of the Alliance for American Manufacturing. “These hardworking men and women have seen unfair trade cut the ground from beneath their feet for decades,” he continued, calling Trump’s announcement “a necessary step in the right direction.”

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.