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In a significant escalation of global trade tensions, US President Donald Trump announced a sweeping set of tariffs, imposing a baseline duty of 10% on all imports and higher rates on major trading partners, including 34% on China, 20% on the European Union, and 26% on India. Speaking from the White House, Trump described the move as a "declaration of independence." International leaders reacted strongly, with Australian Prime Minister Anthony Albanese warning that American consumers would bear the brunt of these tariffs, while Canadian Prime Minister Mark Carney vowed to counteract the measures, citing their impact on millions of Canadians. British Prime Minister Keir Starmer emphasized that a trade war serves no one's interests, and several European leaders, including Spain's Pedro Sanchez and Sweden's Ulf Kristersson, expressed a desire for cooperation and negotiation to avoid escalating conflicts. The European Union plans to respond to the tariffs by the end of April, targeting US actions on steel and aluminum. 
Published: Apr 03 2025, 5 am ISTeznews.inUS President Donald Trump announced a significant new tariff regime on Wednesday, describing it as a "declaration of economic independence." Starting April 5, a 10 percent baseline tariff will be imposed on global trading partners, with increased rates for those deemed "bad actors." Notably, the European Union will face a 20 percent tariff, while China will see a staggering 34 percent rate, compounding an earlier 20 percent levy related to fentanyl, bringing the total to 54 percent. Other affected countries include India, South Korea, and Japan, with tariffs ranging from 24 to 26 percent. However, Canada and Mexico are exempt from these new tariffs due to existing agreements. In addition, Trump announced the end of duty-free exemptions for small parcels from China, imposing a 30 percent duty or $25 per item, escalating to $50 after June 1. The move is expected to impact various sectors, including automotive and consumer goods.
Published: Apr 03 2025, 6 am ISTeznews.inGold prices surged on Wednesday, nearing all-time highs, as investors sought safe-haven assets following U.S. President Donald Trump's announcement of aggressive reciprocal tariffs, which are expected to escalate the ongoing trade war. Spot gold rose 0.6% to $3,129.46 an ounce, while U.S. gold futures also climbed by 0.6%, settling at $3,166.20. Independent metals trader Tai Wong noted that the unexpected nature of the tariffs could lead to market sell-offs and a weaker dollar, with a short-term gold target of $3,200. Trump revealed a 10% baseline tariff on all imports, with higher rates for major trading partners, including 34% on China. The dollar index fell by 0.4%, making gold more affordable for foreign buyers. Meanwhile, other metals showed mixed results, with silver and platinum both up 0.7%, while palladium dipped 0.8%. The latest U.S. employment data is anticipated later this week.
Published: Apr 03 2025, 4 am ISTeznews.inUS Treasury Secretary Scott Bessent has issued a stark warning to international trading partners against retaliating to the new tariffs announced by former President Donald Trump, which he referred to as "Liberation Day." Speaking on Fox News, Bessent urged countries to refrain from responding to the tariffs, emphasizing that retaliation would only lead to further escalation of trade tensions. He advised nations to "sit back" and observe the situation, suggesting that non-retaliation could mark a peak in the current trade disputes. Bessent's comments come amid heightened concerns over the potential for a trade war, as the White House implements these tariffs in a bid to reshape international trade dynamics.
Published: Apr 03 2025, 4 am ISTeznews.inPresident Donald Trump announced new global reciprocal tariffs during a White House event on Wednesday, asserting that the U.S. will prioritize American interests in trade. He criticized current trade practices, stating that "the friend is worse than the foe" and questioned why the U.S. subsidizes countries like Mexico and Canada. Trump described trade deficits as a "national emergency" rather than just an economic issue. The tariffs, which range from 10% to 49%, are designed to be lower than the rates charged by other countries, with some exceptions where the rates match. He emphasized that the tariffs are "kind reciprocal," rather than fully reciprocal. A list of new tariff rates was presented, detailing charges for various countries, including Algeria at 30%, Lesotho at 50%, and several others at 10%, reflecting a significant shift in U.S. trade policy.
Published: Apr 03 2025, 3 am IST
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