US President Donald Trump announced a blanket 10 per cent 'reciprocal' tariffs on 60 countries along with higher levies on countries that impose heavy taxes on American goods like China, India, UK, European Union countries.
Calling April 2 'Liberation Day', Trump made his address in the White House라이브 바카라 Rose Garden, where he separately announced an additional 10% duties on all imports to the US and a host of country-specific measures that hit Asian countries particularly hard.
While no countries have yet responded with official retaliatory tariffs or any other measures, but have expressed dismay and warning for 'protective measurements' in future.
European Commission President Ursula von der Leyen called the reciprocal taxes, "a major blow" that may lead to rising inflation and added that "EU is prepared to respond".
Similarly, China has promised "resolute countermeasures" against the move.
Trump's close ally Italy's Giorgia Meloni has called the US tariffs "wrong" and warns they could spark a trade war.
The US has announced 27 per cent reciprocal tariffs on India, saying New Delhi imposes high import duties on American goods, as the Donald Trump administration aims to reduce the country's trade deficit and boost manufacturing. Indian Department of Commerce has stated it is "carefully examining the implications" of the tariffs.
The move is expected to impact India's exports to the US. However, experts say that India is better-placed than its competitors, who also face increased levies.
China
China faces an added 'reciprocal' 34 per cent tariff over the existing 20 per cent duties on their exports to US as Trump added 10 per cent additional levies on all Chinese imports when he returned to power in January 2025. The White House had defended the added tax stating that it was 'necessary' to prevent the flow of illicit fentanyl from the country to the US.
China라이브 바카라 Ministry of Commerce issued a statement opposing the new tariff imposition, they said, "China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests."
The ministry has slammed Trump's move and called it “typical unilateral bullying practice,” while urging the US to cancel the tariffs and “properly resolve differences with its trading partners through equal dialogue.”
“The United States has drawn the so-called ‘reciprocal tariffs’ based on subjective and unilateral assessments, which is inconsistent with international trade rules and seriously damages the legitimate rights and interests of relevant parties,” the statement added.
United Kingdom
United Kingdom Prime Minister said that "nothing is off the table" when it comes to how the UK might respond to Donald Trump라이브 바카라 tariffs, as they face 10 per cent reciprocal taxes.
He reportedly said, “Today marks a new stage in our preparation. We have a range of levers at our disposal and we will continue our work with businesses across the country to discuss their assessment of the options.”
He added, “our intention remains to secure a deal”.
"Nobody wins in a trade war, that is not in our national interest," Starmer was quoted by BBC. He said that "we’re living in a changing world and we must rise to this challenge”.
European Union
European Commission chief Ursula von der Leyen on Thursday spoke on behalf of all EU countries on Trump's 20 per cent tariffs on them and said that it would cause "dire" consequences for millions of people around the globe.
Leyen stated that she cannot predict how the consequences of the tariff will 'unleash' worldwide but promised to protect EU business.
Reportedly Germany라이브 바카라 car industry, Italy's luxury goods and France라이브 바카라 wine and champagne producers might be facing the hardest challenges with these new taxes.
French President Emmanuel Macron has reportedly called for an emergency meeting of French business leaders later today.
Italy라이브 바카라 Prime Minister Giorgia Meloni who has mostly sided with Trump in the past, has criticised the tariffs this time. She reportedly said, "a measure that I consider to be wrong and not in the interests of either party. We will do everything we can to work on an agreement with the United States with the aim of averting a trade war that would inevitably weaken the West in favor of other global players.”
Irish Prime Minister Micheál Martin said the tariffs were “bad for the world economy” and would harm transatlantic relations, reported Politico.
“We see no justification for this,” said, Martin and added, “More than €4.2 billion worth of goods and services are traded between the EU and the U.S. daily. Disrupting this deeply integrated relationship benefits no one.”
German Finance Minister Jörg Kukies has said, "It would be naive to think that if we just sit there and let this happen, things will get better, so I'm expecting a strong response by the European Union."
Spanish Prime Minister Pedro Sánchez reportedly said, "Spain will protect its companies and workers and will continue to be committed to an open world."
Swedish Prime Minister Ulf Kristersson reacting to the tariffs said, "We don't want growing trade barriers. We don't want a trade war ... We want to find our way back to a path of trade and cooperation together with the US, so that people in our countries can enjoy a better life."
Australia
Australia also saw an imposition of 10 per cent tariffs by US and has not perceived well by Prime Minister Anthony Albanese who said it has "no basis in logic" and is "totally unwarranted".
"This is not the act of a friend," he added.
Albanese reportedly said, "The (Trump) administration's tariffs have no basis in logic and they go against the basis of our two nations' partnership. This is not the act of a friend. Today's decision will add to uncertainty in the global economy and it will push up costs for American households."
Other Countries React To Trump's Tariffs
Brazilian Foreign Ministry issued a statement on Trump imposing 10 per cent tariff on the South American country, and said, "The Brazilian government regrets the decision made by the North American government today, April 2, to impose additional tariffs of no more than 10% on all Brazilian exports to that country."
"The Brazilian government is evaluating all possible actions to ensure reciprocity in bilateral trade, including resorting to the World Trade Organization, in defense of legitimate national interests," they added.
Swiss President Karin Keller-Sutter responded to the 31 per cent tariffs imposed by US by saying, "(The Federal Council) will quickly determine the next steps. The country's long-term economic interests are paramount. Adherence to international law and free trade remain core values."
According to BBC, Taiwan's cabinet convened a meeting to come up with a response to the 32% tariff it is set to face for exports to the US.
Taiwan has called Trump's tariffs "highly unreasonable" and said it "does not reflect the actual economic and trade situation between Taiwan and the United States."
Premier Cho Jung-tai also said Taiwan will make "serious representations" to the US.
Colombian President Gustavo Petro reacted to the 10 per cent levy by US and said, "We will only make U.S. imports more expensive if they take away our jobs. But we won't raise tariffs if their goods help create higher-value jobs."
South Korea라이브 바카라 acting president Han Duck-Soo says "the global trade war has become a reality" as US imposed 25 per cent tariff on them.
Canada
Even though the universal universal 10% tariff on US imports will not be imposed on Canada, it is already ridden with several tariffs by the Trump administration. Canadian Prime Minister Mark Carney has also vowed to retaliate to Trump's tariffs "with purpose and with force".
Pausing his federal election campaign Carney responded to Trump's tariff announcement and said the existing tariffs on Canada would "directly affect millions".
He added that Canada's reaction would be hammered out once he meets with province and territory premiers on Thursday, reported BBC.
Global Market Hit After Trump's Announcement
The FTSE 100 stock index has dropped more than 1.4% at the open after Trump's tariff announcement, reported BBC.
Traders are concerned about the global economic impact of US trade policy. Equity benchmark indices Sensex and Nifty declined in early trade on Thursday dragged down by IT stocks, weak trends from Asian markets after the US announced.
In Asia, major stock indexes have fallen in morning trading as concerns grow over the threat of a global trade war.
Reportedly, the stock markets in mainland China have just opened with the Shanghai Composite index trading broadly flat, while Hong Kong's Hang Seng is down by 1.2%.
The Nikkei 225 in Tokyo is down by 2.9%, the Kospi in South Korea is down by 1.7%, and Australia's ASX 200 is around 1.2% lower.
Futures tied to the Dow Jones Industrial Average were down by around 800 points, or 1.8%, while S&P futures fell 2.7%, and the tech-heavy Nasdaq 100 futures were 3.3% lower, as per reports.
The 30-share BSE Sensex decreased 378.60 points or 0.49 per cent to 76,238.84 in the morning trade. In the session, it depreciated by 809.89 points or 1.05 per cent to hit an intraday low of 75,807.55, reported PTI.
The broader NSE Nifty slipped 80.60 points or 0.35 per cent to 23,251.75. From the Sensex pack, Tata Consultancy Services, Infosys, Tech Mahindra, HCL Technologies, Tata Motors, Adani Ports, Bharti Airtel, Reliance Industries and Maruti Suzuki, Zomato and Kotak Mahindra Bank were the major laggards. Sun Pharmaceuticals, NTPC, Titan, PowerGrid, Bajaj Finance, UltraTech Cement, Asian Paints, IndusInd Bank, and Larsen & Toubro were among the gainers.
(With inputs from CNN, BBC, Reuters, PTI)
