The global markets are reacting to the so -called “mutual” tariff of the United States President Donald Trump, which came into EST at 12:01 pm on Wednesday (04:01 GMT).
Trump said that the US stock market fell rapidly on Tuesday after importing import tax on China to 104 percent, with benchmark S&P 500 and Tech-Havi Nasdaq Composite fell 1.57 percent and 2.15 percent respectively.
Speaking at a dinner organized by the first National Republican Congress Committee, Trump appeared to brush with the upheaval of the stock market due to his tariff.
Trump said, “I am proud to be the President for the workers, not the outsourcers; who stands for the main street, not the wall street, who protects the middle class, not the political class; and who defends America, not trade the theater worldwide.”
US stocks on Tuesday made a sharp dive, adding heavy losses of last week, benchmark S&P 500 and Tech-Havi Nasdaq Composite fell by 1.57 percent and 2.15 percent respectively.
While the stock markets of Asia are coming to the entire board, Taiwan’s shares are feeling the stator loss.
The island’s benchmark Taix index was about 6 percent after Trump’s tariff became effective.
The world’s top exporter Taiwan has been slapped with 32 percent tariffs.
On Tuesday, Trump threatened to kill the Taiwan Semiconductor Manufacturing Company (TSMC) with 100 percent tariff, if the tech giant did not build a production plant in the US.
Vietnamese Deputy Prime Minister Ho Duke Folk is ready to interact with American Treasury Secretary Scott Besant on Wednesday, citing an internal program, the Reuters News Agency.
Vietnam has been hit with 46 percent tariff – one of the highest rates declared by Trump last week – and the Trump is scrambling to interact on a deal with administration.
On Monday, the White House business advisor Peter Navarro rejected a proposal by Hanoi that he imports outright on US imports, saying that it is “nothing for us”.
As one of the world’s export-dependent economies, Vietnam is facing severe economic pain under Trump’s tariff.
According to the World Bank, South East Asian had about 87 percent of its GDP (GDP) in 2023 in the export of goods and services of the country.
The initial response to the Asian markets for tariffs that are effective – in – and it is not good.
Japan’s benchmark Nikkei was more than 4 percent below 4 percent immediately after midnight time limit for 225 tariffs, increasing its earlier damage.
South Korea’s cospy was more than 1.5 percent after opening about 1 percent less.
Trump’s broad “mutual” tariff has influenced dozens of economies in the biggest disruption in global trade since the 1930s.
Tariffs include 104 percent of duties on imports from China, as well as a double -digit levy that targets American colleagues and rivals equally.
