Mon, 07 Apr 2025

Mon, 07 Apr 2025 Defiant Trump vows to stay course as countries scramble over tariffs

The US president describes tariffs, which have sent shockwaves through global stock markets, as "medicine".

* The US President, Donald Trump, has defended the new tariffs on imports that have caused market turmoil worldwide.
* He stated that jobs and investment will return to the US, making it "wealthy like never before".
* Top officials emphasized that the tariffs will be implemented as planned, dismissing recession fears.
* In a single day, Asian stock markets plummeted: Japan's Nikkei 225 dropped by 6.3%, Hong Kong's Hang Seng lost 9.8%.
* US banking giant JP Morgan has estimated a 60% chance of a US and global recession following Trump's tariffs announcement.
* European and Asian countries have approached the administration to discuss lowering trade barriers, according to Treasury Secretary Scott Bessent.
* The Commerce Secretary, Howard Lutnick, reaffirmed that the "baseline" tariff on imports will remain in place for days and weeks.
* Several countries have announced their intention to impose retaliatory tariffs, including China (34% on US imports).
* UK Prime Minister Sir Keir Starmer expressed concerns about the global economic impact of the tariffs.
* Israeli Prime Minister Benjamin Netanyahu is set to meet Trump for trade talks in Washington DC.
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