Trump tariffs live: Asian stocks rebound and China vows to ‘fight to the end’ after Trump threatens new 50% tariffs

The UK Health Secretary has said that Americans create another layer of challenge to ensure supply of tariff drugs.

Wes Streeting told Sky News: “Until this trade war took place, we were already issues with the production of drugs and international supply.

“We are constantly watching and acting this situation to achieve medicines in the country, to make sure that we have got availability, to show some flexibility to show how the drugs are removed, to deal with the deficiency.

“But whether these are medicines, whether it is part of manufacturing, whether it is … to turn on a profit of businesses in this country, it is a very turbulent situation.”

The steps taken by the US are “unprecedented in terms of global trade”, he said.

“In the context of drugs, there are many factors in the game.

“In the context of manufacturing challenges, there are challenges in the context of distribution, and if we begin to see the tariff kicking, this is another layer of challenge, but we see this situation very closely.”

“We work on a daily basis to ensure that we have this country needs the supply of medicine.”

FTSE 100 is ready to open in a few minutes after trading starts tomorrow morning.

The UK benchmark closed 4.38 percent yesterday afternoon.

The Washington Post on Monday cited two people familiar with the case, saying that Tech-Billionaire and Tesla CEO Elon Musk directly appealed to US President Donald Trump to reverse the tariff in the previous weekend.

This exchange marks the highest profile disagreement between the President and Musk, stated in the report. This follows Trump’s unveiling of Trump of 10 percent baseline tariff on all imports in the US with high duties on dozens of other countries.

The Chinese state planner has said that it has heard “measures and suggestions” to deal with additional American tariffs from companies such as Tina Solar, Didi and Goertech.

The Chinese Foreign Ministry will “fight to the end” in a business war with the US, promising “necessary measures” in response to the dangers of Donald Trump’s tariffs.

It also accused the US of “specific unilateral and protectionist economic bullying”.

The Sir Kir Stmper will be questioned by senior MPs today amidst the upheaval in global markets due to American tariffs, which Donald Trump insisted that he would not stop.

The Prime Minister is expected to hold a cabinet meeting of his most senior ministers at Downing Street this morning before he was the head of Parliament where he would appear before the Contact Committee of Senior MPs.

The US President has imposed 10 percent tariff on US imports of British freight, as well as 25% tariffs on cars and separate imports for steel and aluminum.

Sir Kir warned that the tariffs were “not a passing phase” as he visited the West Midlands plant at Jaguar Land Rover yesterday, but urged the workers to remain calm.

“This is a moment for a cool head, any business wins from war, you know,” he said.

Jamie Dimon, Chief Executive Officer of JP Morgan Chase, warned that business wars may have permanent negative consequences, with him and other US bank owners, along with Commerce Secretary Howard Lutnik, discussed the widespread tariff of the administration.

“The economy is facing a lot of disturbance,” Mr. Dimon wrote. “We are likely to look at the results of inflation … whether the menu of the tariff causes recession, but it will slow down development.”

Mr. Dimon’s annual letter to the shareholders followed a route last week, which wiped out trillion dollars from global stock markets in view of President Donald Trump’s new tariff.

Mr. Dimon and other bank chiefs allegedly met with Mr. Lutnik in Washington on Thursday, a day after the announcement of the tariff, to discuss the levy and ask questions.

ReadingIndependent ‘The new levy and the breakdowns of the most affected countries from those who have left.

China’s yuan fell to its weakest level in more than 18 months after the central bank slightly loose its grip on the currency, which seems to try to combat the setback for exports.

People’s Bank of China fixed fixing at the weakest 7.2038 per dollar since September 2023. Weakening the currency is seen as an alternative to China to make the export cheaper and reduce some pressure on trade between two largest economies in the world between growing tariff spat.

US President Donald Trump has threatened to increase duties up to another 50 percent on Chinese imports after his tight-for-tat tariff on each other’s goods last week.

Ju Wang, head of Greater China FX and Rate Strategy at BNP Pariba, said, “The market was seen in the market on Friday, China’s firm vengeance was seen, China is expected to eventually devalue the currency and the pressure will not be easily away.”