China raises US tariffs to 125% as Xi invites EU to team up against Trump ‘bullying’

Chinese leader canvasses Spain and other trading partners on how to tackle economic fallout as market turmoil continues

China has raised its tariffs on US products to 125% in the latest salvo of the trade dispute with Washington, just hours after Xi Jinping said there were “no winners in a tariff war”.

Xi made the comments during a meeting with the Spanish prime minister in which he invited the EU to work with China to resist “bullying”, part of an apparent campaign to shore up other trading partners.

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Trump’s economic adviser dampens Starmer’s hopes of tariffs relief

It would take an ‘extraordinary deal’ for any country to improve on 10% rate, says Kevin Hassett

A senior economic adviser to Donald Trump has said it would take “an extraordinary deal” for any country, including the UK, to improve on the 10% tariff rate the US has imposed almost worldwide, pouring cold water on Downing Street’s hopes for a breakthrough.

Trump succumbed to pressure from plunging financial markets on Wednesday and temporarily reduced “retaliatory” tariffs on all countries’ goods to 10%, except those from China, which face a rate of 145%.

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Australian stock market slumps amid fears of worsening US-China trade war

Benchmark S&P/ASX 200 falls 2.4% after another sell-off on Wall Street overnight triggered by changes to the US tariff regime

The Australian sharemarket closed lower on Friday, ending a volatile week on a sour note as concerns about Donald Trump’s unsettling policy shifts and deteriorating trade relations between the world’s two biggest economies took hold.

The benchmark S&P/ASX 200 dropped 0.8% on Friday to 7,646.5 points after a sell-off on Wall Street overnight.

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Will Trump’s tariff chaos be China’s gain in global trade wars?

As China retaliates against tariffs, it is also making strategic manoeuvres on EU and Asia to maximise opportunities

On the basis of Napoleon’s dictum “never interrupt your enemy while they are making a mistake”, there was a large incentive for China to do precisely nothing as Donald Trump displayed his determination to lose friends and induce market panic. Indeed, the Chinese advocates of passivity cited a social media meme attributed to President Xi Jinping: “Do nothing. Win.”

Initially it was tempting for China to sit back and watch the US’s former allies recoil at Trump’s disruptive war on globalisation and let them realise that, by comparison, China represented an oasis of stability, modernity and predictability.

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Starmer admits he has not spoken to Trump since he brought in trade tariffs

Government sources say the UK also not given any advance warning of this week’s changes to US tariffs

Keir Starmer has admitted he has still not spoken to Donald Trump since the US president brought in trade tariffs, with government sources saying the UK was not given any advance warning of this week’s changes to US tariffs.

The prime minister defended his decision not to retaliate with tariffs on Thursday, after the UK did not appear to have been rewarded for holding off countermeasures.

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Trump tariffs likely to drag down weak UK growth, Bank policymaker warns

Sarah Breedon says too early to judge impact on inflation of ‘most significant change in trade policy in a century’

UK economic growth will be hit by US tariffs, which are the biggest trade policy change in a century, a senior Bank of England official has warned.

Sarah Breeden, the Bank’s deputy governor for financial stability, said on Thursday that business activity was likely to be adversely affected by Donald Trump’s tariff regime, dragging down the UK’s already weak growth rate.

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Trump’s about-face on tariffs reveals chaos at the core of his presidency

Time will tell how much damage has been inflicted on the credibility of Trump’s economic policy and administration

Donald Trump’s climbdown on Wednesday from the most draconian aspects of his tariff regime has uncovered a damning picture of chaos at the heart of his presidency without necessarily alleviating their most painful effects.

The president’s landmark “liberation day” unveiling of tariffs in the White House Rose Garden on 2 April was supposed to be symbolic gateway to his promised “golden age of American greatness”; instead, it triggered a cascade of global market crashes that prompted warnings of a recession, or even a 1930s-style depression, while Trump brushed it all off as temporary “disruption”.

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China to restrict US film releases after Trump’s tariff hike

After the US president imposed 125% duties on Chinese imports, Beijing says it will restrict American films opening in its lucrative market

Hours after Donald Trump imposed record 125% tariffs on Chinese products entering the US, China has announced it will further curb the number of US films allowed to screen in the country.

“The wrong action of the US government to abuse tariffs on China will inevitably further reduce the domestic audience’s favourability towards American films,” the China Film Administration said in a statement on Thursday. “We will follow the market rules, respect the audience’s choice, and moderately reduce the number of American films imported.”

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Apple said to be flying iPhones from India to US to avoid Trump tariffs

Tech firm has reportedly flown 600 tonnes of handsets from Indian factories as Chinese goods face huge tariffs

Apple is reportedly chartering cargo flights to ferry iPhones from its Indian manufacturing plants to the US in an attempt to beat Donald Trump’s tariffs.

The tech company has flown 600 tonnes of iPhones, or as many as 1.5m handsets, to the US from India since March after ramping up production at its plants in the country, according to Reuters.

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Thursday briefing: Trump puts global tariffs on pause – but hikes them for China

In today’s newsletter: White House officials send mixed messages over Trump’s stunning U-turn

Good morning. Two main pieces of news from Donald Trump yesterday: he has rolled back water efficiency standards to “make America’s showers great again”, because he likes “to take a nice shower to take care of my beautiful hair”; and he has rolled back the exorbitant tariffs he applied to many countries last week to 10% – but increased them for China. “No longer will showerheads be weak and worthless,” the White House said. This will come as welcome news for the many investors who have recently been taking a bath.

It was a pretty chaotic change, all told: there were contradictory messages from Trump’s advisers on which countries would be affected, why he did it, and what Beijing should expect to happen next. Still, the markets breathed a large sigh of relief, and the S&P 500 had one of the strongest days of its postwar history. This morning, share indices in Asia have jumped in turn.

Gaza | Israeli aircraft struck a residential block in war-ravaged northern Gaza on Wednesday, killing at least 23 people, including eight women and eight children health officials said, as the Israeli military is reportedly preparing to seize the entire city of Rafah.

Trade | The UK and India have agreed 90% of their free trade agreement, businesses were told on a call with negotiators this week. There are hopes the UK government will succeed in finalising a highly coveted trade deal with India, a booming economy of 1.4 billion people, this year.

Smartphones | Almost all schools in England have banned mobile phone use by pupils, according to a survey run by Rachel de Souza, the children’s commissioner for England. Among 15,000 schools, 99.8% of primaries and 90% of secondaries have some form of ban.

Defence | Hot weather is expected to bring highs of 24C to the UK as fire services continue to warn of wildfires across the country. The Met Office said temperatures would peak on Friday in London and south-east England, which could make it the hottest day of the year so far, while temperatures could hit 23C on Thursday.

BBC | A controversial sculpture outside the BBC’s headquarters has been restored and put back on display behind a screen after being vandalised, with the corporation saying it in no way condoned the “abusive behaviour” of its creator, Eric Gill. There have long been calls for Gill’s works to be removed since his diaries revealed he had sexually abused his two eldest daughters.

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US-China trade war intensifies as Beijing’s tariffs come into effect after Trump pause

China’s 84% tariffs against US products comes into force amid market relief at Donald Trump’s move to pause steep reciprocal tariffs around the world

Donald Trump’s trade war with China entered a new phase on Thursday, as Beijing’s 84% retaliatory tariffs came into effect hours after the US president announced a pause of steep reciprocal tariffs on dozens of countries except China.

Markets rebounded after Trump’s announcement of the sudden pause, after the most volatile episode in financial markets since the pandemic.

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Gordon Brown calls for ‘economic coalition of the willing’ to tackle Trump tariffs

Former PM says it is also the moment for the UK to go even further in renewing ties with the EU

Gordon Brown has called for an “economic coalition of the willing” to respond to Donald Trump’s tariffs with coordinated economic policies, including a reduction of interest rates.

The former prime minister also said it was a moment for the UK to go even further in renewing ties with the EU, suggesting it should mean “collaboration that is even more extensive than removing post-Brexit trade barriers”.

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EU to impose retaliatory 25% tariffs on US goods from almonds to yachts

Bloc says it ‘considers US tariffs unjustified and damaging, causing economic harm to both sides’

The EU has agreed to impose retaliatory tariffs on €21bn (£18bn) of US goods, targeting farm produce and products from Republican states, in Europe’s first act of retaliation against Donald Trump’s tariffs.

The EU plans to introduce 25% tariffs on scores of goods from almonds to yachts, with the first duties being collected from 15 April, while the bulk apply from 15 May and the remainder from 1 December.

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Trump brags world leaders are ‘kissing my ass’ as tariff chaos rocks markets

President boasts at National Republican Congressional Committee dinner: ‘I know what I’m doing’

Donald Trump has insisted “I know what the hell I’m doing” by imposing sweeping tariffs and bragged that world leaders are “kissing my ass” as they try to negotiate trade deals.

The US president was speaking to political donors at the National Republican Congressional Committee’s annual fundraising dinner in Washington on Tuesday night.

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EU drug companies warn of exodus to US as Trump threatens import tariffs

Von der Leyen urged to take ‘rapid and radical action’ as president says tariffs on pharmaceuticals coming ‘shortly’

Pharmaceutical companies in the EU have warned of a “risk of exodus” to the US as stocks in the sector slid around the world on the back of Donald Trump’s renewed threat to impose tariffs on US drugs imports.

Drugmakers’ shares across Europe and India, another foreign drugs hub, slipped on Wednesday after Trump indicated further carnage was on the way in addition to the 20% “reciprocal tariffs” on imports that kicked in overnight.

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Asian markets fall as Trump’s sweeping global tariffs, including 104% against China, due to take effect – business live

Stock markets down from Australia to Japan and Taiwan as Trump presses ahead with plans to hit China with huge retaliatory tariffs

Today’s tariffs follow Trump’s 10% tariff on all imports from many countries, including Australia, which came into effect at the weekend.

US customs agents began collecting the unilateral tariff at US seaports, airports and customs warehouses on Saturday. Today’s measures are higher levies on goods from 57 larger trading partners.

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British Steel could be nationalised as PM and chancellor consider ‘all options’

Whitehall sources say Starmer and Reeves aligned in seeing steel as of ‘huge strategic importance’

Keir Starmer and Rachel Reeves are actively considering nationalising British Steel in an escalation of plans first revealed in the Guardian last year.

The prime minister said all options were on the table to secure the future of the Scunthorpe plant, which is owned by the Chinese firm Jingye and employs about 3,500 people.

Defended the welfare cuts as being based on “dignity” and criticised the Office for Budget Responsibility for not taking into account possible behavioural changes of people affected by the cuts when assessing the consequences of the policy.

Said threats from foreign powers targeting people in the UK were “growing” and the issue was constantly being raised in international talks. He added: “I think we generally underestimate that threat, and it’s very important we’re alive to it.”

Stepped up his criticism of regulators, telling MPs he was “astonished” by how many there were and saying he was “frustrated” by the barriers they put up.

Called for an inquiry into the killing of 15 aid workers in Gaza and said international law “underpins everything we do bilaterally and multilaterally” when questioned about the conflict in the Middle East.

Said he would speak to the intelligence agencies and the Kyiv government after Volodymyr Zelenskyy, the Ukraine president, said two Chinese citizens had been captured fighting as part of the Russian army.

Said changes to the social care system could come as soon as next year amid a review led by Lady Louise Casey.

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How Trump tariffs could push Vietnam into the arms of China

The move has sent shock waves through a region of US strategic importance that had respected Trump as tough on Beijing

Vietnam had tried to appease Donald Trump: tariffs on US goods were reduced; regulations were passed to allow Elon Musk’s SpaceX to launch its Starlink in the country. The prime minister, Pham Minh Chinh, even joked in January that he would happily “play golf all day long” at Trump’s Mar-a-Lago home in Florida if it could “bring benefits to my country and my people”.

The strategies do not appear to have worked. Trump has inflicted an extraordinary 46% tariff on Vietnam that threatens to devastate its economic growth plans and undermine relations between the two countries. The tariff has sent shock waves through Vietnam, a manufacturing powerhouse where Trump has always been fairly popular, and across south-east Asia.

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US Supreme Court clears way for Alien Enemies Act deportations – but migrants must get court hearing | First Thing

Family members of many deported Venezuelans deny alleged gang ties. Plus, global executions hit 10-year high in 2024

Good morning.

The supreme court on Monday allowed the Trump administration to use an 18th-century wartime law to deport Venezuelan people, but said they must get a court hearing before they are taken from the US.

What was the reaction? Lee Gelernt, an attorney with the American Civil Liberties Union, which filed suit against the deportations, said the court’s ruling that deportees were entitled to due process was an “important victory”. Donald Trump posted: “The Supreme Court has upheld the Rule of Law in our Nation by allowing a President, whoever that may be, to be able to secure our Borders, and protect our families and our Country, itself. A GREAT DAY FOR JUSTICE IN AMERICA.”

What did Beijing say on Tuesday? China’s commerce ministry accused the US of “blackmail” and said Trump’s threats of additional 50% tariffs if Beijing did not reverse its own 34% reciprocal tariff were a “mistake on top of a mistake”.

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China vows to ‘fight to the end’ against latest Trump tariff threat

Beijing accuses US of blackmail and adding a ‘mistake on top of a mistake’ as Wednesday deadline for latest levies looms

China’s government says it will “fight to the end” if the US continues to escalate the trade war, after Donald Trump threatened huge additional tariffs in response to China’s retaliatory measures.

On Tuesday, China’s commerce ministry accused the US of “blackmail” and said the US president’s threats of additional 50% tariffs if Beijing did not reverse its own 34% reciprocal tariff were a “mistake on top of a mistake”.

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