Trump says he’s preparing for ‘war’ as he defends China tariffs & global stocks rally despite fears over electronics tax
- Trump spares phones, computers & chips from tariffs
- Xi Jinping breaks silence
- China raises US tariffs AGAIN
- What does the US import most from China?
- Stock market skyrockets
- China issues travel advisory
- EU hits back with 25% tariffs
- Every country on Trump's tariff list
- Trump's response to Chinese hike
- Beijing prepared to 'fight till the end'
- China hikes up tariffs on US
PRESIDENT Donald Trump has insisted his sweeping tariffs will keep America ready in case it needs to defend itself in war.
Trump said he doesn't want the US to have to depend on China for resources, days after revealing that no country will be "getting off the hook" after pausing reciprocal tariffs for 90 days.
"We're going to have our drugs made in the United States, so that in case of war, in case of whatever, we're not relying on China and various other countries, which is not a good idea," Trump told reporters on Sunday night.
His statement comes as the stock market inched up on Monday morning following a week of historic swings while markets reacted to Trump relaxing his reciprocal tariffs.
The S&P 500 was up 1.7% in early trading on Monday. The Nasdaq composite was rising 2.5% and the Dow Jones Industrial Average was up 434 points.
Apple, Nvidia, and other tech giants also rose in the market after Trump promised to exempt smartphones, computers, and other electronics from his tariffs.
However, Trump's crackdown on foreign imports shocked gamers after Sony said it will hike the price of its beloved PlayStation 5 console in markets in Europe, Britain, Australia and New Zealand - citing high inflation and fluctuating exchange rates.
The Japanese technology and entertainment giant is raising the cost of a PS5 without a disc drive by 11% to $569.59 from April 14.
The price of the same device will rise by 10% in Britain to £429.99 - or $566.90.
Manufacturers of electronics are facing headwinds including trade disruption in the wake of the imposition of tariffs by Trump.
Nintendo said earlier this month it is delaying the start of pre-orders for the Switch 2 gaming device in the United States as it examines the potential impact of tariffs.
The Switch 2, which Nintendo said last month is priced at $449.99 in the US, is the long-anticipated successor to its hit hybrid home-portable Switch and is due to launch on June 5.
Meanwhile Xi Jinping has said "there are no winners in a trade war, or a tariff war," as he kicked off a diplomatic tour of Southeast Asia today.
The Chinese president also reiterated China's commitment to global trade - unlike Trump's latest tariffs moves, he hinted.
Xi wrote in an editorial, jointly published in Vietnamese and Chinese official media: "Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment."
It comes after Trump warned that no country will be "getting off the hook" as the Republican revealed new rates will come this week.
Trump pushed back against suggestions that the pausing of "reciprocal" tariffs on Friday meant that countries initially hit with the heavy levies had been spared.
Instead, he warned that no country is "off the hook," singling out China for criticism after his administration created exceptions for certain tech products.
He said in a post on his Truth Social platform: "NOBODY is getting 'off the hook' for the unfair Trade Balances.
"Especially not China which, by far, treats us the worst!"
America had spared smartphones, computers, TVs, and microchips from a brutal 145% tariff on Chinese goods.
But, on Sunday, Trump said he would be announcing the tariff rate on imported semiconductors over the next week.
However, he revealed there would be some flexibility with various companies in the key sector.
Follow our blog for more updates...
'We negotiate not escalate'
The president of the European Commission, Ursula von der Leyen, on X about the EU's countermeasures against Trump's tariffs on Wednesday.
"Europe is open for trade and investment," von der Leyen said, sharing her meeting with the American Chamber of Commerce to the European Union.
"We negotiate, not escalate, to keep EU-US supply chains smooth and strong.
"We're also stepping up as a competitive powerhouse: simplifying rules, deepening our single market.
"Invest here, benefit here."
Greg Murphy compares tariffs to medicine
Representative Greg Murphy, a Republican who represents North Carolina, said at a House hearing on Wednesday that tariffs are like medicine.
"There is short-term problems, without a doubt," Murphy said.
"But the same thing by taking medicine you don't want to take, if we don't help the body by intervening and doing what is critically important for this nation, nothing else matters."
Delta reevaluates flight schedule
Delta Air Lines has announced that they are scrapping their performance expectations for 2025.
It comes after the airline said in January that they were expecting their best financial year ever.
"With broad economic uncertainty around global trade, growth has largely stalled,” Delta CEO Ed Bastian said in a statement on Wednesday.
“In this slower-growth environment, we are protecting margins and cash flow by focusing on what we can control.
"This includes reducing planned capacity growth in the second half of the year.”
The airline is trimming some flights from its schedule starting in mid-August in anticipation of a travel slowdown as businesses and households brace for price hikes.
Shark Tank star calls for 400% tariffs
Kevin O'Leary thinks President Donald Trump should quadruple the 104% tariffs imposed on China.
In an appearance on CNN on Tuesday, the businessman urged Trump to force Beijing into negotiations by imposing higher tariffs.
"This is not about tariffs anymore,” he said.
“Nobody has taken on China yet. Not the Europeans. No administration for decades.”
He added, “It’s time to squeeze Chinese heads into the wall now!"
EU tariffs will be imposed in stages
EU's retaliatory tariffs will go into effect on $23 billion in goods.
The price hikes will go into effect in stages.
Some will start on April 15, while others will go into place on May 15.
Some of the tariffs will start on December 1.
Amazon cancels orders from China
Amazon has canceled orders for multiple products from various vendors based in China and other Asian countries after Trump's tariffs went into effect, according to .
The outlet reported orders for beach chairs, scooters, air conditioners, and other items were canceled shortly after Trump announced his sweeping global tariffs on April 2.
Amazon hasn't returned The U.S. Sun's request for comment and declined to comment when approached by Bloomberg.
Walmart pledges to keep prices cheap
Walmart promised to keep store prices low despite global trade uncertainty at an investment community meeting in Dallas, Texas, on Wednesday morning.
CEO Doug McMillon said the retailer is "not immune to some of the effects" of the tariffs, according to .
"We are positioned to play offense," McMillon said.
"Nothing about the current environment impacts our confidence in our business or our strategy."
Walmart CFO John David Rainey echoed his commitment to maintain cheap prices.
"While the market may be a little nervous about consumer sentiment at this very moment, there's nothing that changes our view on our ability to deliver this framework," Rainey said.
The EU considers US tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the US which would be balanced and mutually beneficial.”
European UnionChina issues risk alert for tourists
Beijing has issued a travel advisory asking citizens to think twice before visiting the US.
The Chinese Ministry of Culture and Tourism issued an advisory pointing to tense trade relations and the "safety situation" in the US.
Officials said tourists planning to visit America should "fully assess the risks" and "travel with caution."
Products affected by tariffs
The EU will launch retaliatory tariffs on the US starting next week.
The official list of affected goods hasn't been released, but Euro News reported the following products will be slapped with the 25% tax:
- Steel and aluminum
- Tobacco
- Orange juice
- Almonds
- Poultry
- Soybeans
- Yachts
EU approves retaliatory tariffs
The European Union has hit back at Trump's sweeping global tariffs by launching its first countermeasures against the 25% tariffs on steel and aluminum.
The EU also faces tariffs of 20% on nearly all US imports.
The retaliatory 25% tariffs will start being collected on April 15.
A full list of affected products has yet to be released.
Trade adviser shares update on deals
Jamieson Greer, the US trade representative, testified to lawmakers about deals with specific countries on Wednesday.
Greer said he had meetings yesterday with officials from Europe, South Korea, Ecuador, and Mexico.
He also said countries, including Vietnam, are coming with written offers about the trade changes they'll make after Trump labeled them the "worst offenders."
Vietnam was slapped with a 46% tariff rate, which is among the highest of the hikes.
JPMorgan CEO predicts recession
JPMorgan Chase CEO Jamie Dimon predicted the US economy is likely headed to recession due to the effects of President Donald Trump's global tariffs on financial markets.
“I think probably [a recession is] a likely outcome," Dimon said on Fox Business' Mornings With Maria show on Wednesday.
He pointed to the Dow Jones Industrial Average plunging by more than 2,000 points on April 4, marking one of the worst days for the market since it crashed during 2020 due to the uncertainty of the pandemic.
“It makes you feel like you’re losing money in your 401K, you’re losing money in your pension," Dimon explained.
"You’ve got to cut back.”
Scenes from NYSE
Traders on the floor of the New York Stock Exchange in New York City on WednesdayCredit: Getty 
NYSE as the stock market continues to drop while investors try to understand President Donald Trump's tariff policyCredit: Getty 
A trader works at the NYSE at the opening bell on WednesdayCredit: AFP Bessent issues warning to China
US Treasury Secretary Scott Bessent also warned Beijing to avoid devaluing their currency in response to Trump's global tariffs.
"If China starts devaluing, then that is a tax on the rest of the world and everyone will have to keep raising their tariffs to offset the devaluation," Bessent told Fox Business Network.
"So I would urge them not to do that and to come to the table."
Treasury sec calls for China to negotiate
US Treasury Secretary Scott Bessent has called for China to give in to President Donald Trump's tariffs.
"I think it's unfortunate that the Chinese actually don't want to come and negotiate, because they are the worst offenders in the international trading system," Bessent told Fox Business Network.
He added, "The US is trying to rebalance toward more manufacturing.
"China needs to rebalance towards more consumption."
Stock market inches up
After premarket trading looked low, numbers seem to be ticking upwards despite global tensions.
The S&P 500 inched up 0.9%, while the Nasdaq composite jumped up 1.8%.
The Dow Jones Industrial Average has climbed 215 points.
Stock market inches up
After premarket trading looked low, numbers seem to be ticking upwards despite global tensions.
The S&P 500 inched up 0.9%, while the Nasdaq composite jumped up 1.8%.
The Dow Jones Industrial Average has climbed 215 points.
Another encouraging message
Trump has shared another message trying to calm Americans on Truth Social.
"THIS IS A GREAT TIME TO BUY!!!" the president .
Keep an eye on the stock market
NYSE opening bell rings to start trading on day Trump's tariffs take effectTrump shares encouraging words
President Donald Trump has attempted to soothe worries with a message on Truth Social as the stock market opens this morning.
"BE COOL! Everything is going to work out well," Trump .
"The USA will be bigger and better than ever before!"
Stock market opens
The stock market has opened for the day.
It comes as US stock futures were tumbling again in premarket trading this morning after Trump's tariffs against China kicked in overnight.
China retaliated with another huge price hike on US imports.
Stock market looks grim after China's revenge tariffs
Premarket trading numbers were down before the market opened at 9:30 am Wednesday as China’s massive 84% reciprocal tariffs kicked in overnight.
Futures for the S&P 500 fell 2%, while the Dow Jones Industrial Average declined 2.4%, and Nasdaq slid 1.8%, the reports.
The red numbers came after trading saw a rare positive sign on Tuesday morning before sliding back down throughout the day.
Heated relations between the US and China have affected stockholders, as President Donald Trump hit the second-largest economy with a 104% tax at midnight Wednesday.
However, in a speech on Tuesday evening, Trump insisted that the US is bringing in a whopping $2 billion a day under his new global trade rules.
Trump’s billionaire pals see fortunes SLASHED in tariff chaos
Billions of dollars have been wiped off the fortunes of top American billionaires after Donald Trump began his blistering global trade war.
The world’s 500 richest people lost a whopping $536bn in the first two days of Trump's Liberation Day tariffs - with Elon Musk and Mark Zuckerberg taking the biggest hits.
Many of the world's top billionaires who lined up together in a rare spectacle for Trump's inauguration have seen their wealth shrink.
This includes the world's richest man and Trump's top advisor Elon Musk, who has lost a staggering $31billion after the president announced his sweeping tariffs.
Tesla shares fell by almost 5% on Wall Street yesterday.
And as Tesla faced severe backlash across the US and Europe, Musk’s estimated wealth tanked by a whopping $130billion so far this year.
However, he still sits at the top of the billionaires list as the world's richest person with a total net worth of $302billion.
Click here to read the full story
'These countries are calling us up. Kissing my a**' - Trump