Trump tariffs live updates: Markets plummet across Asia as US president sparks fears of global trade war

US President Donald Trump opened India’s benchmark index less this morning after slapping 26 percent of tariffs on the import of South Asian nation, but the temporary discount of pharmaceutical products helped soften the blow.

The Nifty 50 was down 0.60 percent at 23,192.40, while the BSE Sensex fell 0.61 percent to 76,153.68.

Mr. Trump’s tariff announcement on India is part of his plan to impose 10 percent baseline tariffs on all business partners from April 5, with high duties on dozens of other countries, including 34 percent on China from 9 April.

“Tariffs are much higher than anticipated and will disrupt global trade and, therefore, will disrupt global development,” said Macro Strategist and Global Equities Fund Advisor Ankita Pathak in ionic assets.

“It is likely to leak in domestic development, earnings and resulting evaluation,” he said.

American Treasury Secretary Scott Besent has warned business partners not to retaliate against Donald Trump’s widespread tariffs that can send the world economy to a tizzy.

“My advice for every country is not yet back,” Mr. Besant told Fox News.

“Sit back, take it in, let’s see how this happens. Because if you take vengeance, it will increase,” he warned. “If you do not retaliate, it is a high watermark.

“China urged the US to return the tariff from the US this morning and solve the difference with business partners through similar dialogues.

The Ministry of Commerce said that China opposed it and took a complete countenance to protect its rights and interests.

Japan has widely reacted to US President Donald Trump’s imports to 24 percent of tariffs, calling it “extremely regrettable”.

Business Minister Yoji Muto told reporters today that he “has stated that unilateral tariff measures taken by the US are extremely regrettable, and I have again urged firmly (Washington) not to implement them in Japan”.

He said that he spoke with US Commerce Secretary Howard Lutnik before the announcement of Mr. Trump.

Japanese Prime Minister Shigeru Ishiba said that Tokyo – one of the strongest American colleagues – was “making the biggest amount of investment for America”.

“So we wonder whether it (Washington) makes sense to apply equal tariffs in all countries,” he said.

“We need to consider what is best for Japan’s national interest. We are putting all options in the table in considering the most effective response.”

President Donald Trump on Wednesday put tariffs at uninhabited islands and an American military base as he announced his widespread levy.

Trump put tariffs on uninhabited Hurd and McDonald Islands in the sub-Antarctic Indian Ocean, Axis noted.

Most of the barren UNESCO World Heritage Site was depicted in the list of regions of Trump that now face a minimum 10 percent tariff on US imports with the mainland Australia.

The European Union is being seen as a “major setback” for the world economy after US President Donald Trump killed dozens of countries with “mutual tariffs”.

“We are already finalizing the first package of the counters in response to the tariff on steel,” read the European Union Commission head Ursula von dera Leyen in a statement in Uzbekistan.

“And now we are preparing for further counselors to protect our interests and our businesses if the dialogue fails.” The European Union is facing 20 percent tariff growth.

The stock market collapsed across Asia on Thursday morning after US President Donald Trump announced the announcement of a new tariff on imports.

Tokyo’s Nikkei 225 fell to 4 percent in the initial trade before partially recovered at 34,675.97 on Thursday at 34,675.97 on Thursday. South Korea’s Kospi slipped 1.5 percent, while Hong Kong’s Hang Seng fell 1.4 percent.

Shanghai Composite increased to less than 0.1 percent, and Australia’s ASX was 200 percent below 1.3 percent.

US President Donald Trump announced 26 percent tariff on India despite New Delhi’s aggressive efforts to avoid his anger.

Mr. Trump unveiled the late tariff on Wednesday, called him “concession” and “mutual”.

These include a universal rate of 10 percent for all countries and regions, growing more for those they charge a lot on American goods.

“The United States charges only 2.4 percent tariffs on motorcycles to other countries. Meanwhile, Thailand and others are charging a lot of rates like 60 percent.

India charges 70 percent, Vietnam charges 75 percent, and others also charge high rates, ”he said yesterday.

India had demanded to avoid a trade war with its biggest trading partner, which was already cutting the pre-Khali tariff before Prime Minister Narendra Modi’s recent visit to the White House.

The two-way trade financial year 2023-2024 exceeded $ 118bn, with India posted a surplus of $ 32BN.

“India, very, very difficult. Very, very difficult. Very difficult. The Prime Minister left just a great friend of mine, but I said,” You are a friend of mine, but you are not treating us properly, “said Mr. Trump.

He said, “They charge 52 percent from us. You have to understand, we have nothing to charge them for almost years and years and decades, and it was only seven years ago when I came in, that we started with China,” he said.

The Indian Ministry of Commerce has already reduced levy from 50 percent to 30 percent on heavyweight bikes with engines above 1,600cc and 40 percent on short models, complying with the long demand of the US President.

The Chinese Ministry of Commerce of Commerce has urged the US to immediately cancel unilateral tariff measures and to properly resolve differences with business partners through similar dialogues.

“Many business partners have expressed strong dissatisfaction and clear opposition,” the Ministry said this morning. China strongly opposed it and will fully take a fully count to protect its rights and interests.

President Donald Trump announced yesterday that he would implement 10 percent baseline tariffs on all US imports and high duties on dozens of other countries. The tariffs will be effective on 9 April.

Chinese imports will be hit with 34 percent tariffs, at the top of 20 percent, they were first planted, the total new levy was brought to 54 percent.

The Prime Minister will face some brickbat to fail to win a carving-out from Tariff, which looks as a fountain’s approach to Donald Trump, writes David Madox, IndependentPolitical Editor.

But as the world digests the amazing news of mutual tariffs worldwide, Sir Kir starrer can take some satisfaction from his work and hope that there is at least a quick solution for this nightmare for Britain.

As a hurry to indicate Downing Street, 10 percent of the minimum tariff being imposed on the UK is much better than others, especially the European Union. This is literally the difference between saving and losing thousands of thousands of jobs.

Downing Street has made a positive noise that despite the issues around the US -free speech concerns, the UK and America are close to a business deal, which will also see these tariffs away.

However, there is a lot of waiting on it and see.

Therefore, while the stamor and their ministers can now take some satisfaction with their efforts, there are still and high stakes. These tariffs erase the economic headroom of Chanhel Reeves.

Failure to get rid of them will leave the UK government in a lot of trouble.

At least one Brexiteer has suggested that European manufacturers transfer their businesses to the UK to benefit from a 10% tariff compared to 20% in the European Union.