A 10 per cent tariff on UK imports into America began on Saturday, as president Donald Trump began enacting increased taxes on goods from other countries.
The initial 10 per cent “baseline” tariff took effect at US seaports, airports and customs warehouses at 12.01am ET (0401 GMT), with higher levies on goods from 57 larger trading partners due to start next week.
The UK’s key FTSE-100 stock market suffered its worst one-day drop since the start of the Covid-19 pandemic on Friday, ending a week of havoc on global markets prompted by Mr Trump’s new tariffs war.
Italy’s foreign minister Giancarlo Giorgetti warned against the imposition of retaliatory tariffs on the US on Saturday. He said launching counter-measures would be “damaging for everyone and especially for us”.
Sir Keir Starmer will be holding talks with global leaders this weekend as countries consider how to respond.
China said on Saturday that "the market has spoken" in rejecting Mr Trump's tariffs and asked the US to undo the damage by resolving differences with trading partners.
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Key points
- China says 'market has spoken' after US tariffs spark selloff
- 10% tariffs kick in for UK goods
- Italy warns against retaliatory tariffs on the US
- Sir Keir Starmer spending weekend speaking to foreign leaders
- Jaguar Land Rover 'pausing shipments to the US'
Why did Russia escape Trump’s tariffs?
12:52
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Holly Bancroft
Almost no countries were spared from President Donald Trump’s sweeping tariffs; even small, uninhabited islands in the Indian Ocean were included in the exhaustive list. But one country was notably missing: Russia.
One of the United States’ largest adversaries was omitted from the list of countries slapped with even the 10 percent baseline tariff – a move that raised some eyebrows given Trump’s previously friendly relationship with Russian President Vladimir Putin.
Treasury Secretary Scott Bessent told Fox News on Wednesday that Russia was exempt because the U.S. doesn’t trade with them under heavy sanctions placed on the country after it invaded Ukraine in 2022.
However, the U.S. Trade Office indicates the U.S. does some trade with Russia, though significantly less than it did. Last year, the total goods trade with Russia was $3.5 billion.
Read more from Ariana Baio here:
Turkey in good position after 10% tariff, vice president says
12:46
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Holly Bancroft
The relatively low 10 per cent baseline tariff that the US has applied to Turkey could favour Turkish exporters, Turkey's vice president told broadcast media on Saturday.
Along with the baseline tariff that took effect on Saturday, U.S. President Donald Trump has announced higher levies on goods from 57 larger partners including China, European Union, Vietnam and Japan that are due to start next week.
The decision not to impose such levies on Turkey "seems to be to our advantage as of now, for access to the American market", Vice President Cevdet Yilmaz told CNN Turk.
"There were already tariffs on iron, steel and aluminium (exports from Turkey to the U.S.). When (the U.S.) imposed similar tariffs on the others, there was an equalisation there, it was in our favour," he added.
Mr Yilmaz said that as an importer, Turkey would also benefit from a drop in international commodity prices, including oil, following Mr Trump's announcement.
US should 'stop using tariffs as weapon against China', foreign ministry says
12:21
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Holly Bancroft
China has taken and will continue to take resolute measures to safeguard its sovereignty, security and development interests, the Chinese foreign ministry has said.
The US should "stop using tariffs as a weapon to suppress China's economy and trade, and stop undermining the legitimate development rights of the Chinese people," the ministry said.
Trump introduced additional 34 per cent tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54 per cent.
This prompted retaliation from China on Friday, including extra levies of 34 per cent on all US goods and export curbs on some rare earths, escalating the trade war between the world's two largest economies.
Taiwan president meets tech execs to discuss tariffs
12:16
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Holly Bancroft
Taiwan President Lai Ching-te met tech executives on Saturday to discuss how to respond to new US tariffs, promising to ensure Taiwan's global competitiveness and safeguard the island's interests.
President Donald Trump announced across-the-board import tariffs on Wednesday with much higher duties for dozens of trading partners, including Taiwan, which runs a large trade surplus with the United States and is facing a 32 per cent duty on its products.
The US tariffs, however, do not apply to semiconductors, a major Taiwanese export.
Mr Lai met the executives at his official residence to discuss the response to "the global economic and trade challenges brought about by the reciprocal tariff policy", his spokesperson Karen Kuo said in a statement.
She did not say which companies were present, only that there were several representatives from the information and communications technology, or ICT, industry.
Mr Lai "hopes to give industry the greatest support, stabilise the economic situation, ensure Taiwan's industry's global competitiveness, and safeguard our country's national interests and the continued steady progress of our economy", Ms Kuo said.
Jaguar Land Rover 'pausing shipments to the US'
12:01
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Holly Bancroft
Jaguar Land Rover is pausing shipments of its British-made cars to America, according to a report in The Times.
The carmaker will make the move from Monday, the newspaper reported, in light of president Trump’s tariffs on the UK.
The US president has imposed a 25 per cent important tariff on cars and car parts entering the US from the UK.
Jaguar Land Rover employs 38,000 people in Britain and exports almost a quarter of its cars to America.
On Thursday, Mike Hawes, chief executive of SMMT the UK motor trade association, said: “These tariff costs cannot be absorbed by manufacturers, thus hitting US consumers who may face additional costs and a reduced choice of iconic British brands, whilst UK producers may have to review output in the face of constrained demand.
“Trade discussions must continue at pace, therefore, and we urge all parties to continue to negotiate and deliver solutions which support jobs, consumer demand and economic growth across both sides of the Atlantic.”
Sir Keir Starmer spending weekend speaking to foreign leaders about tariffs
11:44
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Holly Bancroft
Prime Minister Sir Keir Starmer is expected to spend the weekend speaking to foreign leaders about the tariffs, after calls with the prime ministers of Australia and Italy on Friday in which the leaders agreed that a trade war would be "extremely damaging".
Downing Street said that Sir Keir spoke to Australian prime minister Anthony Albanese and Italian premier Giorgia Meloni and had "been clear the UK's response will be guided by the national interest".
Issuing a read-out of their separate conversations on Friday, Number 10 said the leaders "all agreed that an all-out trade war would be extremely damaging".
A spokesperson said the PM "has been clear the UK's response will be guided by the national interest" and officials will "calmly continue with our preparatory work, rather than rush to retaliate".
"He discussed this approach with both leaders, acknowledging that while the global economic landscape has shifted this week, it has been clear for a long time that like-minded countries must maintain strong relationships and dialogue to ensure our mutual security and maintain economic stability," the spokesperson added.
It is expected that Sir Keir will take further calls with counterparts over the weekend.
Recap: Tony Blair urges Starmer not to retaliate against Trump tariffs
11:30
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Holly Bancroft
Sir Tony Blair has urged Sir Keir Starmer not to retaliate against Donald Trump’s tariffs, saying such a move wouldn’t be in the UK’s “best interests”.
The prime minister will hold discussions with other international leaders this weekend as the government scrambles to respond to the news that British exports to the US willl face a blanket 10 per cent levy, a move that sent global markets tumbling and sparked fears the chancellor’s fiscal headroom could be wiped out.
In a rare intervention, the former PM told students at King’s College London that he supported Sir Keir’s “cool heads” approach to Trump’s ‘Liberation Day’, and he didn’t really understand the intellectual argument behind the tariff policy.
“I don’t think it is in the UK’s best interest to retaliate,” he said.
Anti-Trump protests planned across the US
11:16
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Holly Bancroft
Some 1,200 demonstrations are planned across the US on Saturday in what organisers expect to be the largest single day of protest against President Donald Trump since he took the office.
The "Hands Off!" protests are coordinated in response to Mr Trump's sweeping makeover of U.S. foreign and domestic policy through executive orders.
"This is an enormous demonstration that is sending a very clear message to Musk and Trump and congressional Republicans and all the goose-stepping allies of MAGA that we don't want their hands on our democracy, on our communities, on our schools and our friends and our neighbours," said Ezra Levin, co-founder of Indivisible, one of the groups organising Saturday's events.
Some 150 activist groups have signed up to participate, according to the event's website.
Events are planned in all 50 states plus Canada, Britain, France, Germany, Mexico and Portugal. One of the biggest rallies is expected on Washington's National Mall.
TikTok deal reportedly postponed by Trump tariffs
10:59
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Holly Bancroft
A deal between the White House and TikTok’s Chinese-based parent company ByteDance was postponed this week after president Donald Trump announced sweeping tariffs on US imports, according to reports.
A deal had allegedly been agreed on Wednesday and was due to be announced on Thursday. However The Washington Post reported that ByteDance told US officials that China had insisted on tariff negotiations before the deal went ahead.
Mr Trump has signed an executive order to extend the deadline for TikTok’s US ban by another 75 days. The US president said he was working on a deal to “save TikTok”, but added on social media platform Truth Social: “We hope to continue working in Good Faith with China, who I understand are not very happy about our reciprocal tariffs. We do not want TikTok to ‘go dark’. We look forward to working with TikTok and China to close the deal”.
ByteDance said in a statement: “An agreement has not be executed. There are key matters to be resolved. Any agreement will be subject to approval under Chinese law.”
Trump tariffs: Here’s what the UK trades with America
10:43
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Holly Bancroft
Donald Trump has imposed 10 per cent tariffs on all of the United Kingdom’s exports to the United States.
There are higher tariffs for cars and car parts – 25 per cent – which will also extend to all computer imports, including laptops.
The list includes tariff codes for engines, transmissions, lithium-ion batteries and other major components, along with less expensive parts including tires, shock absorbers, spark plug wires and brake hoses.
Of the £60.4bn of goods exported to the US in 2023, machinery and transport equipment accounted for the largest share, at £27.2bn, ahead of chemicals (£14.2bn) and materials (£4.2bn).
The top commodity exported by value was medicinal and pharmaceutical products, accounting for £8.8bn of US exports, followed by cars (£6.4bn), mechanical power generators for intermediate sale (£5.2bn), organic chemicals (£2.8bn) and scientific instruments for sale as capital goods (£2.8bn).
Israeli prime minister expected to visit White House on Monday
10:30
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Holly Bancroft
Israeli Prime Minister Benjamin Netanyahu is expected to visit the White House on Monday to discuss recently announced tariffs with U.S. President Donald Trump, three Israeli officials said on Saturday.
The impromptu visit was first reported by Axios, which said that if the visit takes place, the Israeli leader would be the first foreign leader to meet with Trump in person to try to negotiate a deal to remove tariffs.
Netanyahu's office has not confirmed the visit, that would likely also include discussions on Iran and Israel's war against Palestinian militant group Hamas in Gaza.
The surprise invite by Trump came in a phone-call on Thursday with Netanyahu, who is presently on a visit to Hungary, when the Israeli leader raised the tariff issue, according to the Israeli officials who spoke on condition of anonymity to Reuters.
As part of a sweeping new tariff policy announced by Trump, unspecified Israeli goods exports to the United States face a 17 per cent tariff. The U.S. is Israel's closest ally and largest single trading partner.
An Israeli finance ministry official said on Thursday that Trump's latest tariff announcement could impact Israel's exports of machinery and medical equipment.
Israel had already moved to cancel its remaining tariffs on U.S. imports on Tuesday. The two countries signed a free trade agreement 40 years ago and about 98 per cent of goods from the U.S. are now tax-free.
Trump didn't decide on final tariffs plan 'until three hours before announcement'
10:11
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Holly Bancroft
Deliberations within the Trump team on how to impose tariffs on foreign goods reportedly went down to the wire, with the president finalising his plans just three hours before Wednesday’s announcement, The Washington Post has reported.
The president’s team put up little dissent to the plan to overhaul US trade policy, the newspaper, which spoke to more than a dozen people inside and outside the administration, said.
A senior White House official told the paper: “There were a lot of options put in front of him. I think he just needed time to go through each one and pick out the ones he wanted. The great thing is that the team made everything interchangeable, so it was just a matter of him picking and choosing which ones he wanted to do.”
According to reports, White House trade officials presented a list of concessions from foreign trade partners in the lead up to Wednesday’s tariff announcement.
One foreign diplomat told the paper that Trump officials wanted regulations and other barriers taken away to free up sales of US goods and services abroad.
Mr Trump indicated that Britain must allow US chlorine-washed chicken into UK markets if it wants relief from sweeping tariffs on Thursday.
Nissan motor could move some car production to the US - reports
09:39
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Holly Bancroft
Nissan Motor is considering shifting some domestic production of US-bound vehicles to America, the Nikkei reported on Saturday.
As early as this summer, Nissan plans to reduce production at its Fukuoka factory in western Japan and shift some manufacturing of its Rogue SUV to the United States to mitigate the impact of Trump's tariffs, the business newspaper said, without citing the source of its information.
The Japanese automaker's Rogue SUV, a key model in the U.S. market, is now produced in Fukuoka and the United States, the report said.
On Thursday, Nissan said it would not take new orders from the US for two Mexican-built Infiniti SUVs after earlier Trump tariff announcements.
The automaker now plans to maintain two shifts of production of the Rogue at its Smyrna, Tennessee, plant after announcing in January it would end one of the two shifts this month.
Nissan sold about 920,000 vehicles in the U.S. last year, of which about 16 per cent were exported from Japan, the Nikkei said, adding the planned production shift could hit local suppliers' businesses.
China calls for a consultation with US over tariffs
09:26
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Holly Bancroft
China called on Washington to have an “equal-footed consultation” on Saturday after they announced extra levies of 34 per cent on all US goods.
China also announced export curbs on some rare earth materials, escalating the trade war prompted by President Donald Trump’s imposition of additional 34 per cent tariffs on Chinese goods coming into the US.
The total duties imposed on China by the US this year is now 54 per cent.
Chinese foreign ministry spokesperson Guo Jiakun said on Saturday: “Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation”.
President Trump posted on Truth Social on Friday that “China played it wrong, they panicked - the one thing they cannot afford to do”.
He also used the platform to double down on his policy, writing: “To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before”.
Penguins, pay up: Trump slaps tariffs on uninhabited islands near Antarctica
09:23
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Holly Bancroft
President Donald Trump announced wide-reaching tariffs against many U.S. trade partners on Wednesday — but the list inexplicably includes a series of uninhabited islands near Antarctica.
The Trump administration has placed a 10 per cent “reciprocal tariff” on the Heard and McDonald Islands, which are external territories of Australia near Antarctica, home to penguins, seals and glaciers.
The islands are entirely uninhabited by humans and only accessible via a two-week voyage from Perth via a boat.
“Nowhere on Earth is safe,” Australian Prime Minister Anthony Albanese said Thursday.
Italy warns against retaliatory tariffs on the US
09:10
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Holly Bancroft
Italy has warned against an escalation in the global trade war sparked by US president Donald Trump’s increased tariffs.
Italian Economy Minister Giancarlo Giorgetti warned on Saturday against the imposition of retaliatory tariffs on the United States in response to Mr Trump's announcement.
Speaking at a business forum near Milan, Mr Giorgetti said Italy was aiming for a "de-escalation" with the U.S.
"We should avoid launching a policy of counter-tariffs that could be damaging for everyone and especially for us," Mr Giorgetti said.
Under Trump's plans Italy, which has a large trade surplus with the United States, will be subject to a general tariff of 20 per cent along with other European Union countries.
'A historic moment': Trump tariffs bring in seismic shift in US trade
08:54
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Holly Bancroft
President Donald Trump is breaking with decades of globalisation and pursuing protectionism, waging a global trade war on allies and enemies alike. How significant is this shift?
For Carmen Reinhart, a former chief economist of the World Bank and professor at Harvard University, it is a “historical moment”.
He told The Washington Post: “Even if there is paddling back by the administration and even if negotiations start to soften the edges, this is the nail in the coffin of globalisation”.
Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser, said on Thursday that Mr Trump’s announcement was “the single biggest trade action in our lifetime”.
Describing the scale of the changes, she added: “This is huge. This is a pretty seismic and significant shift in the way that we trade with every country on Earth”.
Mr Trump has said that his high tariffs will deliver a new “Golden Age” that benefits American companies and workers, adding: “We’re going to be an entirely different country, and it’s going to be fantastic for the workers. It’s going to be fantastic for everyone.”
10% tariffs kick in for UK goods
08:42
,
Holly Bancroft
US customs agents began collecting a unilateral 10 per cent tariff on all imports from many countries on Saturday - including the UK.
Higher levies on goods from other trading partners are due to start next week.
The initial 10 per cent charge took effect at 12.01am ET (0401 GMT) on Saturday. The announced plans cause trillions of dollars to be lost from the global stock markets on Friday.
The FTSE 100, made up of the UK’s biggest listed companies, was down 4.95 per cent, the worst one-day fall since Covid hit.
Trump tariffs: Will there be a stock market crash?
07:58
,
Arpan Rai
Investors are now concerned that markets could fall even lower in the midst of an international trade war, leading to risk of a market crash. Analysts at major investment bank JPMorgan have also raised the risk of a global recession to 60 per cent, telling clients: “There will be blood.”
"[The tariffs], if sustained, would likely push the US and possibly global economy into recession this year. An update of our probability scenario tree makes this point, raising the risk of a recession this year to 60 per cent," they say.
But the current drop is not a stock market crash, and many analysts say it is too early to tell whether that is the direction the current slump is heading.
Trump tariffs: Here’s what the UK trades with America
07:48
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Arpan Rai
Donald Trump has imposed 10 per cent tariffs on all of the United Kingdom’s exports to the United States.
There are higher tariffs for cars and car parts – 25 per cent – which will also extend to all computer imports, including laptops.
The list includes tariff codes for engines, transmissions, lithium-ion batteries and other major components, along with less expensive parts including tires, shock absorbers, spark plug wires and brake hoses.
Trump says the tariffs are the US’s “declaration of independence”.
Airbus and Boeing supplier Howmet may halt orders if hit by Trump tariffs
07:38
,
Arpan Rai
Howmet Aerospace, which supplies parts for planes built by Airbus and Boeing , may halt some shipments if they are impacted by tariffs announced by Donald Trump, according to a letter seen by Reuters.
This marks the first such maneuver by a major aerospace company since the tariff announcement, one of the sources said.
Pittsburgh-based Howmet said in the letter to customers that it has declared a force majeure event, a legal practice that allows parties to a contract to avoid their obligations if hit by unavoidable and unpredictable external circumstances.
"Howmet will be excused from supplying any products or services that are impacted by this declared national emergency and/or the tariff executive order," Howmet wrote in the letter.
Howmet is a supplier of critical metal components used across the $150bn jetliner industry.
Prospect of UK-US trade deal casting doubt in EU over Starmer’s Brexit ‘reset’, trade expert says
07:00
,
Andy Gregory
The question over whether the UK should accept chlorinated chicken from the United States is “almost entirely a proxy battle for whether UK trade policy should favour the US or EU more”, a trade expert has said.
David Henig, UK director of think-tank Ecipe, said on social media: “Though this doesn't have to be the case (NB Swiss exception) if the UK signs up to US food standards, bye bye deep EU trade relationship. That was why the Brexiters wanted a US trade deal, and hoped wrongly CPTPP would achieve the same.
“And right now even the possible prospect of a UK-US trade deal is casting doubt in Brussels about the reset, which may be manageable but with the sort of care and skill that goes far beyond ‘bridge’ talk and hasn’t previously been shown by the UK.
“Behind all the bluster the trade policy view is pretty simple. 50 per cent of UK trade is with Europe, less than 20 per cent with the US. That seems pretty stable, therefore even folk in the US understand the likely implications, possibly better than the UK government.”
Japan PM Ishiba plans phone call with Trump next week – report
06:44
,
Arpan Rai
Japanese prime minister Shigeru Ishiba is planning to arrange a telephone conversation next week with US president Donald Trump on tariffs, Jiji News reported this morning.
Mr Ishiba was speaking on a television programme aired this morning, Jiji said, when he expressed his intention to hold direct talks with the US leader.
US starts collecting Trump's new 10 per cent tariff
06:24
,
Arpan Rai
The US customs agents began collecting president Donald Trump's unilateral 10 per cent tariff on all imports from many countries today, with higher levies on goods from 57 larger trading partners due to start next week.
Among the countries first hit with the 10 per cent tariff are Australia, Britain, Colombia, Argentina, Egypt and Saudi Arabia. A US Customs and Border Protection bulletin to shippers indicates no grace period for cargoes on the water at midnight today.
The initial 10 per cent "baseline" tariff took effect at US seaports, airports and customs warehouses at 12.01 am ET (0401 GMT), ushering in Mr Trump's full rejection of the Second World War system of mutually agreed tariff rates.
"This is the single biggest trade action of our lifetime," said Kelly Ann Shaw, a trade lawyer at Hogan Lovells and former White House trade adviser during Mr Trump's first term.
China says 'market has spoken' after US tariffs spark selloff
06:07
,
Arpan Rai
China said "the market has spoken" in rejecting Donald Trump's tariffs, and called on Washington for "equal-footed consultation" after global markets' dramatic reaction to the trade levies.
"The market has spoken," Chinese foreign ministry spokesperson Guo Jiakun said in a post on Facebook this morning. He also posted a picture capturing Friday's falls on US markets.
"Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation," Mr Guo wrote in English.
Mr Trump introduced additional 34 per cent tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54 per cent.
Several Chinese commerce associations in industries from healthcare and textiles to electronics also issued statements on Saturday calling for unity in exploring alternative markets and warning that the tariffs would worsen inflation in the US.
Taiwan unveils £6.7bn in help for companies to deal with US tariffs
06:01
,
Andy Gregory
Taiwan’s government has announced at least T$288 bn (£6.74bn) in financial help for companies and industries to deal with the impact of US tariffs, including export credits.
Donald Trump has imposed a whopping 32 per cent tariff on goods – excluding semiconductors – imported from Taiwan, just two months after the US became Taiwan’s top export destination. The US accounted for 28.5 per cent of the country’s total outbound sales in February, overtaking China and Hong Kong’s 28.4 per cent for the first time in 24 years, Taiwan’s Central News Agency reported, citing official data.
Speaking at a news conference in Taipei, premier Cho Jung-tai reiterated that the government regarded the tariffs as unreasonable, saying it would provide T$88bn to help companies affected. Finance minister Chuang Tsui-yun said the government would also provide T$200bn in trade financing for exporters.
The announcements were made before financial markets re-open in Taiwan on Monday, having been closed on Thursday and Friday for a holiday.
See the uninhabited island near Antarctica that Trump imposed 10% tariffs on
05:00
,
Andy Gregory
Photos: Wall Street bleeds amid Trump's aggressive tariff policies
04:49
,
Arpan Rai
Starmer holds calls with Australian and Italian leaders on tariffs
04:34
,
Arpan Rai
Prime minister Keir Starmer spoke to Australian prime minister Anthony Albanese and Italian prime minister Giorgia Meloni about the approach to US tariffs yesterday, saying they agreed an "all-out trade war would be extremely damaging".
In separate calls, the British leader said it had been "clear for a long time that like-minded countries must maintain strong relationships and dialogue to ensure our mutual security and maintain economic stability", a spokesperson from his office said in a statement.
"They all agreed that an all-out trade war would be extremely damaging and is in nobody's interests, while agreeing to keep in close contact in the coming days."
Recap: Stock market suffers worst week since 2020 after Trump's tariffs
04:30
,
Arpan Rai
Markets are facing their worst crisis since the Covid-19 crash after China matched president Donald Trump's big raise in tariffs in the escalating trade war.
The worldwide sell-off for financial markets slammed into a higher and scarier gear.
The S&P 500 plummeted 6 per cent on Friday, the Dow Jones Industrial Average plunged 5.5 per cent and the Nasdaq composite dropped 5.8 per cent.
Not even a better-than-expected report on the US job market, which is usually the economic highlight of each month, was enough to stop the slide.
TikTok deal put on hold after China objects over tariffs, sources say
04:24
,
Arpan Rai
A deal to spin off the US assets of TikTok was put on hold after China indicated it would not approve the deal following president Donald Trump's tariffs announcement this week, two sources familiar with the matter told Reuters.
Mr Trump yesterday extended by 75 days a deadline for ByteDance to sell US assets of the popular short video app to a non-Chinese buyer, or face a ban that was supposed to have taken effect in January under a 2024 law.
ByteDance said early today that differences remained over the deal.
"(We are) still in talks with the US government, but no agreement has been reached, and the two sides still have differences on many key issues," the company said in a statement on its official account on Chinese social media platform WeChat.
"In accordance with Chinese law, any agreement is subject to the relevant review procedures," it said.
Trump’s tariffs squeeze Republicans as they struggle to pass his agenda
04:12
,
Arpan Rai
If president Donald Trump hoped to get a better day on Wall Street two days after his massive tariff announcement, he was sorely mistaken.
The Dow Jones Industrial Average closed yesterday losing 2,231.07 points, or 5.50%, another brutal dive.
Federal Reserve Chairman Jerome Powell spoke to journalists at a business reporters’ conference yesterday and while he did not comment on politics, he did offer a withering assessment of the effects of the tariffs.
“While uncertainty remains elevated, it is now becoming clear that tariff increases will be significantly larger than expected, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth,” Mr Powell said.
US senate votes till late on Republican budget plans including Trump's tariff
04:05
,
Arpan Rai
The discussions and voting from the US senators continued all night over a Republican budget plan that's central to president Donald Trump's agenda for trillions of dollars in tax breaks and boosts to border security and defence spending.
The US economy is churning over Mr Trump's vast tariff scheme sent stocks plummeting, and experts are warning of soaring costs for consumers at home and threats of a potential recession. Even some Republicans have expressed concerns.
In what is being called “vote-a-rama”, Democrats are intent on making the effort as politically painful as possible, with votes on dozens of amendments to the package that GOP senators will have to defend before next year's midterm elections.
One Republican senator Bill Cassidy of Louisiana, expressed his own misgivings about tax breaks adding to the federal deficits and said he has assurances that Mr Trump officials would seek the cuts elsewhere.
"This vote isn't taking place in a vacuum," he said, a nod to the turmoil over Mr Trump's tariffs.
