Live Updates: China and Europe Vow to Respond to Trump’s Tariffs
Apr 03, 2025
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Live Updates: China and Europe Vow to Respond to Trump’s Tariffs
Investors’ shock at the size of the levies sent markets in Asia sharply lower. Experts warned that the global economy could be upended.
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Ana SwansonAlan RappeportTony Romm and
Here’s the latest.
The world’s biggest economies reacted swiftly on Thursday to President Trump’s latest round of tariffs, warning of retaliation against what they described as a counterproductive move.
Markets in Asia and Europe dropped sharply in response to the tariffs, and U.S. futures were down. China vowed to take countermeasures to “safeguard its own rights and interests.” Its state media described the tariffs as “self-defeating bullying.”
In Brussels, Ursula von der Leyen, the European Commission president, said in an early-morning news conference that the bloc would be united in its response to the tariffs. “If you take on one of us, you take on all of us,” she said. The duties posed a particular threat to attempts to revive the largest economy in Europe, Germany’s, which has been stagnant for years.
The response from Japan, the largest overseas investor in the United States, was more restrained. Prime Minister Shigeru Ishiba called the tariffs “extremely regrettable.” But he refrained from talk of retaliation, saying that his government was trying to impress upon the Trump administration that Japan is helping the United States to industrialize again.
Britain also did not suggest it would immediately retaliate. Instead, Prime Minister Keir Starmer said negotiations toward a trade deal with the U.S. would continue.
Mr. Trump’s move, a significant escalation, is likely to drive up prices for American consumers and manufacturers. While he had said for weeks that he would impose “reciprocal tariffs,” the specifics went far beyond what many experts had expected.
Business groups, trade experts, economists, Democratic lawmakers and even a few Republicans swiftly denounced the tariffs, while some industries scrambled to understand how they would be affected.
Mr. Trump framed his policies as a response to a national emergency, saying that tariffs were needed to boost domestic production. Others in the United States were less enthusiastic about what lay ahead.
Mr. Trump could have tried to fix the rules governing global trade, which he says allies have abused to the detriment of the U.S. economy and American consumers, said Eswar Prasad, a professor of trade policy at Cornell University. Instead, he said, “Trump has chosen to blow up the system governing international trade.”
Here’s what else to know:
Steep rates: The United States will subject Chinese goods to a staggering new tariff of 34 percent, on top of the tariffs that Mr. Trump had already imposed since January. The European Union’s tariff was set at 20 percent, Japan’s at 24 percent, Britain’s at 10 percent and India’s at 26 percent. Mr. Trump said little about the methodology behind those calculations.
Markets fall: The initial market reaction suggested that the scale of the tariffs had come as a surprise. Futures on the S&P 500 slumped over 3 percent, as benchmark indexes dropped more than 3 percent in Japan and nearly 2 percent in Hong Kong and South Korea. The Stoxx Europe 600 was down 1.2 percent in morning trading.
China’s response: The country’s Commerce Ministry said the new U.S. tariffs were “based on subjective and unilateral assessments,” and described them as “unilateral bullying.” The tariffs have likely dimmed hope of a meeting between the country’s top leader, Xi Jinping, and Mr. Trump, who has expressed interest in a summit.
Loophole closed: Mr. Trump also scrapped a loophole called the de minimis rule, which has been used by many e-commerce companies to send low-cost goods to the United States from China without having to pay taxes.
Auto tariffs: New tariffs on all automobiles made outside the United States took effect, adding to previous tariffs on steel, aluminum and other imports that Mr. Trump has imposed since returning to office in January.
Prime Minister Pedro Sánchez of Spain has challenged the Trump administration’s argument that the latest tariffs are “reciprocal,” questioning the figures the United States has cited on trade with the European Union. During a televised statement, Sánchez called the Trump administration’s move an effort to “collect money to try to mitigate the deficit caused by a questionable fiscal policy.” He asked Trump to reconsider and to negotiate a different outcome with the European Union and the rest of the world.
India’s commerce ministry said it was “carefully examining the implications of the various measures” announced by the United States, after President Trump imposed 27 percent tariffs against the country. The value of India’s goods exports to the U.S. stood at over $87bn last year, compared to its imports of about $42bn, and President Trump has long been irritated by the U.S. deficit in the trade of goods with India, despite enjoying a close relationship with Prime Minister Narendra Modi.
The commerce ministry said it remained focussed on doubling goods and services trade between U.S. and India to $500bn by 2030 — a goal outlined by the two governments during Modi’s visit to the White House in February.
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With one fifth of France’s exports to the United States related to aeronautics, Airbus, the world’s biggest aircraft maker, has been watching the tariff situation closely. A spokesman said the European aeronautics giant had “taken note of the announcements from the Trump administration” and was “assessing its impact.” The company may be partially shielded due to a large industrial presence in the United States, where it has an assembly plant in Alabama. But it also has manufacturing sites around Europe, as well as Canada, Mexico and China.
Trump’s tariffs pose a new threat for Germany’s stagnant economy.
Germany had hoped that a new government would revive its stagnant economy, but President Trump’s sweeping new tariffs are stoking worries that Europe’s biggest economy will fall short of its 0.3 percent growth expectations this year.
Jörg Kukies, Germany’s finance minister, met with the U.S. Treasury secretary, Scott Bessent, and U.S. trade representatives in Washington last week, and said on Thursday that the country remained hopeful that Europe would be able to reach a deal with Washington. But he added that negotiations alone would not be enough.
“We do need a strong reaction,” Mr. Kukies told the BBC. “It would be naïve to think that if we just sit there and let this happen, things will get better.” He said that he believed Washington was expecting the European Union to respond, but called for it to be in “a measured and constructive way.”
Mr. Trump imposed a 20 percent tariff on European Union goods, and a 25 percent levy on cars and automotive parts. But Monika Schnitzer, a professor of economics at the Ludwig-Maximilians University of Munich who is an adviser to the German government, said the uncertainty created by Mr. Trump’s policies, which can be announced or rescinded on a moment’s notice with little explanation, made the situation even worse.
“Companies can adjust to tariffs, but not to threats that change by the hour,” she said. “That damages the economy.”
German carmakers were already bracing for the effects of the 25 percent tariffs that Mr. Trump announced last week and that go into effect on Thursday. Automaking is Germany’s largest industry, and the United States is its most important export destination.
Analysts at Bernstein, a financial research firm, have predicted that the new measures would cost Volkswagen, BMW and Mercedes-Benz, the country’s three leading automakers, $11 billion overall.
The auto companies have assembly plants in the United States but they will not be immune from the tariffs because most vehicles are assembled with parts that come from a patchwork of countries. In recent weeks, sales for BMW and Volkswagen have jumped in the United States, as consumers scramble to get ahead of expected price increases caused by Mr. Trump’s new tariffs.
Calling the sweeping tariffs “a frontal attack on world trade,” Dirk Jandura, president of the German trade association BGA, urged the European Union to swiftly enact counter-tariffs in an effort to end the trade dispute.
Mr. Jandura also urged Germany’s export-dependent industries to rethink their business model. “This is also a wake-up call for us: We have to become more competitive ourselves,” Mr. Jandura said.
But German officials warned that the trade war would ultimately hurt Americans more than the targets of the tariffs. “For consumers in the U.S., the day will not be Liberation Day, but Inflation Day,” Robert Habeck, Germany’s economy minister, told reporters.
Denmark’s industry minister, Morten Bodskov, said the country was ready to “stand firm” in response to Trump’s tariffs, and that the European Union “is ready with responses that are proportional but also robust.” Denmark, which has been in Trump’s crosshairs because of his desire to take over Greenland, has “no wish” to escalate trade tensions, but will work to protect its businesses and workers, Bodskov said in a statement.
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A shocked world weighs responses to Trump’s tariffs.
Laptop computers from Taiwan, wine from Italy, frozen shrimp from India, Nike sneakers from Vietnam and Irish butter.
These products are found in homes across the United States, a testament to America’s enduring role as a champion of free trade and its standing as the most lucrative market for goods from around the world.
They are now among the vast categories of goods subject to additional taxes after President Trump, on Wednesday, imposed universal tariffs on all U.S. trade partners as well as additional, heavier duties on 60 countries he deemed the “worst offenders” of unfair trade practices.
In a sharp shift away from decades of trade policy, Mr. Trump instituted a 10 percent base line duty on all goods imported into the United States. In addition, other nations will be charged a so-called reciprocal tariff at an even higher rate next week.
For the European Union and China, the two largest U.S. trading partners, the White House imposed tariffs of 20 percent and 34 percent. The additional levy on China will be added to a 20 percent tariff previously imposed by Mr. Trump.
Even close allies such as Japan and South Korea were not spared. Neither were countries like Australia and Brazil that buy more from America than they sell to it.
The announcement, which Mr. Trump had hailed as America’s “Liberation Day,” sent shock waves across the world and raised the specter of a global trade war. Stock markets tumbled on the news, as investors were surprised at the size and scope of the tariffs.
In less than three months, Mr. Trump has pronounced tariffs on Canada, Mexico and China along with import duties on steel, aluminum, cars and car parts. The executive order on Wednesday included exemptions for semiconductors, pharmaceuticals and lumber. But analysts think those are not reprieves; they are products next to be targeted.
Allies and adversaries are scrambling to make sense of Mr. Trump’s tariff barrage, which has lifted U.S. import duties to their highest levels in more than a century and showed no sign of relenting. Some threatened to retaliate. Others openly pressed for negotiations, while some quietly pushed for concessions through back channels.
China accused America of “unilateral bullying,” pledging to take “firm countermeasures to safeguard its own rights and interests.” South Korea convened an emergency task force and vowed to “pour all government resources to overcome a trade crisis.” In Brazil, the government of President Luiz Inácio Lula da Silva said it was evaluating retaliatory measures.
In an early morning address on Thursday, Ursula von der Leyen, president of the European Commission, said that the global economy will “massively suffer” from the tariffs. While urging negotiation, she said the bloc is preparing further countermeasures in addition to the retaliatory tariffs it had already prepared for the earlier tax on foreign steel and aluminum.
Asia was particularly hard hit by Mr. Trump’s plan. Vietnam, a beneficiary of companies moving production out of China during the first Trump presidency, got slapped with a 46 percent levy. Taiwan, Thailand and Indonesia were all dealt import duties of more than 30 percent. The White House put a 26 percent tariff on imports from India.
For decades, exports have served as a pathway to economic prosperity for developing Asian countries emerging from conflict, crisis or poverty. The latest tariffs punished countries like Taiwan and Japan that have succeeded in modernizing their economies through trade, and they also darkened the prospects for poorer nations like Cambodia and Bangladesh still looking to follow that route.
Cambodia, a producer of clothing and footwear, was hit with a 49 percent tariff. The United States is the country’s largest export market.
“As a small country, we just want to survive,” said Sok Eysan, a spokesman for Cambodia’s ruling Cambodian People’s Party.
Mr. Trump has blamed the sale of inexpensive goods from these countries for the hollowing out of America’s manufacturing sector. But they have also helped to keep inflation at bay, lowering prices for U.S. consumers.
Sarang Shidore, director of the Global South program at the Quincy Institute for Responsible Statecraft in Washington, D.C., said the tariffs would hit several developing countries hardest, while encouraging much of the world to move more quickly toward an order without the United States at its center.
“When it comes to trade, we are very much in a multipolar world, and alternative markets exist. Though of course there will be pain and transaction costs in diversification,” he said.
Anthony Albanese, the prime minister of Australia, said his country would not respond with retaliatory tariffs, vowing Australia would not “join a race to the bottom that leads to higher prices and slower growth.”
In Japan, officials and trade experts were caught off guard by the size of the new tariff the country will face — 24 percent. It was particularly jarring given Japan’s average tariff on nonagricultural goods is among the lowest globally. Japan called the tariff “extremely regrettable” and vowed to continue seeking an exemption.
Prime Minister Shigeru Ishiba has pledged to increase Japanese investment to roughly $1 trillion, focusing on purchasing more U.S. products like liquefied natural gas.
Speaking before the latest tariffs were announced, Takeshi Niinami, chief executive of Suntory Holdings, a Japanese beverage giant known for premium whiskey brands, said he believed the tariffs could be negotiated down because Japan is the biggest foreign investor in the United States.
“A period of chaos may ensue,” he said. “But ultimately, the situation will stabilize.”
Exiger, a data analytics firm, calculated that Trump’s announcements would result in $600 billion of new U.S. tariffs per year. The bulk of the levy would come from 10 countries, with Chinese exports accounting for a quarter of the additional tariffs at $149 billion. Vietnamese goods would face $63 billion, Taiwanese products $37 billion, and Japanese exports $36 billion in tariffs. German and Irish goods combined would face $41 billion in additional levies.
During the first Trump presidency, tech companies moved some production to Vietnam to protect against a possible trade war with China. One-third of Vietnam’s exports are now electronics.
Apple moved manufacturing of AirPods, watches and iPads over the last several years to Vietnam. It also shifted some iPhone production to India, after years of relying solely on Chinese factories.
South Korean conglomerate Samsung Electronics has invested more than $20 billion in Vietnam since it started opening factories there nearly two decades ago. It now produces more goods in Vietnam than China. Last year, it produced roughly $70 billion worth of goods at its Vietnamese factories, most of it for export.
Mr. Trump’s policies are also complicating decisions for smaller American businesses. Brenden McMorrow, co-founder of Move2Play, a toymaker based in Torrance, Calif., said the company built all of its products in China since it started about nine years ago. But it began to consider factories in Vietnam or India to protect against Chinese import tariffs.
In Vietnam, it found that the factories run by Chinese companies using materials from China were not much cheaper. Instead, it decided to try a test run of manufacturing one of its toys in India — a decision that Mr. McMorrow said looks better with the lofty tariff imposed on Vietnam. It studied whether it could manufacture in the United States, but he said that the costs were roughly five times higher than in China.
And despite the higher cost of tariffs, he doesn’t see U.S. production as any more viable now.
“I don’t think it really makes sense to invest in trying to do a lot of this manufacturing in the U.S. If the next president comes in and just reverses course on all these tariffs, then you’re going to be in a terrible spot,” he said. “It makes more sense to just kind of stick to where we’re currently manufacturing and not make big risky moves.”
Damien Cave, Jack Nicas, Victoria Kim, Alex Travelli, Choe Sang-Hun, Sui-Lee Wee and David Pierson contributed reporting.
Trump’s decision to put a 32 percent tariff on Switzerland stunned politicians and business leaders in the Alpine country. Switzerland has an open trade policy and recently abolished all industrial tariffs, including on goods from the United States, which is also its largest export market.
EconomieSuisse, Switzerland’s main business lobby, denounced the tariff as “unfair,” and said it was “excessively high” compared to a 20 percent levy on the European Union and 10 percent for the U.K.. The tax will deal “a severe blow” to the Swiss economy, the group said.
European stock markets have followed Asian indexes lower. The Stoxx Europe 600 was down 1.2 percent in morning trading, with shares in most sectors, including banks, technology and consumer goods, falling.
Among the hardest hit European stocks were retail brands after Trump imposed steep tariffs on major shoe- and clothing-producing countries, such as Vietnam and Indonesia. Shares in Adidas and Puma tumbling more than 9 percent. Pandora, a Danish jewellery company that makes products in Thailand, was the worst performer in the Stoxx Europe 600, plunging 13 percent.
Although President Trump held off on imposing tariffs on oil and natural gas, prices for these commodities still fell sharply today. Brent crude, the international oil benchmark, dropped by 3 percent on Thursday. European natural gas futures also fell, by about 2.5 percent.
The reaction likely reflects fears that the tariffs will apply brakes to the world economy. Demand for oil is closely related to economic growth. And Trump has focused much of his tariff fire on Asia, which has been the main growth market for oil in recent years. In a note to clients on Thursday, analysts at Citigroup said that the tariffs were “much worse than expected.”
Bernd Lange, chair of the European Union Parliament’s International Trade Committee, called President Trump’s tariff announcement a “mess” and “unfair” to E.U. and American producers. “Trump called it ‘liberation day’; I call it ‘inflation day,’” he quipped.
Prime Minister Keir Starmer of Britain said negotiations toward a trade deal with the U.S. would continue and did not suggest any immediate retaliation. The Trump administration imposed a 10 percent tariff on Britain, which the government has taken as a favorable sign, in comparison with the 20 percent tariff imposed on the European Union.
Prime Minister François Bayrou of France said that the tariffs were “a catastrophe for the economic world.” He added that while the levies would create “an immense difficulty for Europe,” they would also prove “catastrophic” for the United States.
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Germany had been hoping that a new government could help revive its stagnant economy, but economists fear the tariffs could dampen the modest growth of 0.3 percent predicted for this year. The country’s acting finance minister, Jörg Kukies, is calling on the European Union to react.
Kukies said on Thursday that Germany remained hopeful that Europe might be able to reach a deal with Washington but that negotiations alone would not be enough.“We do need a strong reaction,” he told the BBC. “It would be naive to think that if we just sit there and let this happen, things will get better.”
Japan lacks a ‘viable option’ for retaliating to Trump’s tariffs.
After being smacked with double-digit percentage tariffs by a key ally, Japan finds itself with few retaliatory options.
Since President Trump began threatening broad tariffs in January, Japan has pursued a conciliatory strategy, with Prime Minister Shigeru Ishiba pledging in February to boost U.S. investment to $1 trillion.
Up until the day before Mr. Trump’s tariff announcements on Wednesday, prominent business executives in Tokyo said they were hopeful Japan would be spared. Those hopes were dashed when Mr. Trump said U.S. imports from Japan would face a 24 percent tariff. Last week, he said that cars, Japan’s top export to the United States, would be subject to a 25 percent tax.
While other places affected by the U.S. tariffs — including the European Union, Canada and China — have declared their intentions to retaliate with their own taxes on American goods, Japanese officials have refrained from talking about a similar move.
That is in part because the state of Japan’s economy and the importance of its trade with the United States would make it difficult to do so, analysts say.
Over the past few years, inflation, largely driven by rising energy and food costs, has surged in Japan and strained its economy. Japan’s imports from the United States are largely commodities, including natural gas and agricultural products.
That is why imposing retaliatory tariffs on U.S. imports would be “self-defeating” and “simply not a viable option,” said Stefan Angrick, a senior economist at Moody’s Analytics in Tokyo. “The only remaining strategy is to shift the narrative and emphasize Japan’s willingness to import more commodities,” he said.
American officials, including Mr. Trump, have repeatedly raised concerns about Japan’s non-tariff trade barriers, specifically citing import restrictions on agricultural products like rice and automotive standards that they contend put American manufacturers at a disadvantage.
At a news conference on Thursday, Japan’s chief cabinet secretary, Yoshimasa Hayashi, declined to comment on what Japan would be willing to consider conceding in trade negotiations with the United States. Other officials, including the prime minister, refrained from talk of retaliation.
Japan’s standards for certifying automobiles for use in the country are based on those established by the United Nations, Mr. Hayashi said. He also said that he has explained to his counterparts in Washington the details and logic behind Japan’s rice-import policies.
“Despite this, it is extremely regrettable that the U.S. government has announced the recent reciprocal tariff measures mentioning rice,” Mr. Hayashi said. “In any case, Japan will continue to strongly urge the United States to review its measures.”
The United States is Bangladesh’s largest export destination, with over $8 billion in exports last year, largely of garments. Officials in Bangladesh, which is trying to emerge from a political crisis that has choked its economy, said they were reviewing tariffs on products from the United States after the Trump administration levied a new 37% tariff on the country.
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Prime Minister Giorgia Meloni of Italy said President Trump’s tariffs were “a measure that I consider wrong.” In a Facebook post, she said Europe would “do everything we can to work a deal with the United States, aiming to prevent a trade war that would inevitably weaken the West in favor of other global actors.”
Meloni cleared her schedule for the day to focus on the response to U.S. tariffs, her office said in a statement. President Trump’s announcement included a new 20 percent tariff on imports from the European Union.
South Korea is devising support measures to help its industries weather the new tariffs, the country’s industry minister, Ahn Duk-geun, said on Thursday. “We regret that the U.S. tariffs have become a reality, with their profound impact on global trade,” Ahn said during a meeting with business leaders.
The French wine and spirits industry is bracing for a possible 800 million euro hit to exports to the United States because of Trump’s tariffs, the French Federation of Wine and Spirits said in a statement. While Trump did not follow through on a threat to tax Champagne and other European alcohols by 200 percent, the new 20 percent tariffs “will have extremely serious consequences” including on American wine and spirits importers, wholesalers and retailers, it said.
France’s government spokeswoman, Sophie Primas, provided some detail about how the European Union could respond to the new tariffs. “We are also going to attack services,” she said, including online services. Those could include Google, Apple, Facebook, Amazon and Microsoft, she said in an interview with French radio. The E.U.’s response could also include reviewing access of U.S. companies to procurement contracts in Europe, she said.
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The countries facing U.S. tariffs on their exports will want to negotiate, but “these are the same people who have been ripping us off for all these years,” Commerce Secretary Howard Lutnick told Sean Hannity on Fox News on Wednesday night, echoing President Trump’s criticism of the United States’ trading partners.
The “European Union won’t take chicken from America. They won’t take lobsters from America. They hate our beef because our beef is beautiful and theirs is weak,” Lutnick said. He also cited India, Japan and South Korea as examples of countries that have treated the United States unfairly.
Taiwan’s government condemned the tariffs as unreasonable and said it would lodge a strong protest with the U.S. trade representative. Taiwan’s exports to the United States have increased in recent years, reflecting demand for the island’s electronics and advanced technology like semiconductors, Lee Hui-chih, a spokeswoman for Taiwan’s cabinet, said in a statement. The new tariffs “do not accurately reflect the actual situation of Taiwan-U.S. trade,” the statement said.
Europe will continue to negotiate with the United States but is ready to use retaliatory measures if necessary, Sophie Primas, the French government spokeswoman, told RTL radio on Thursday morning. “We are ready for this trade war,” she said.
The office of President Emmanuel Macron of France said that he would meet with representatives of industries affected by the new tariffs later in the day.
India is one of the biggest global suppliers of generic medicines and vaccines, and its pharmaceutical industry sold nearly $9 billion of goods to the U.S. last year. Those products are exempt from the new tariff Trump levied on the country.
The exemption came despite Trump’s complaints about drug exports hurting American pharma companies.
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Prime Minister Shigeru Ishiba of Japan called the tariffs “extremely regrettable”at a news conference. He once again refrained from talk of retaliation. Instead, he said, his government was trying to impress upon the Trump administration that Japan is helping the United States to re-industrialize as its largest overseas investor.
The small island nation of Sri Lanka faced one of the highest tariffs from Trump, 44 percent. The South Asian nation sends about $3 billion of exports to the United States, largely garments and gems. Its government was scrambling to assure people that the tariff jolt wouldn’t affect the slow recovery from an economic crash three years ago.
“As a government, we take full responsibility for addressing it—thoughtfully, steadily, and with the people’s interest at heart,” Arun Hemachandra, the deputy foreign minister, said.
The garment industry in Sri Lanka manufactures for some of the largest brands in the United States. Industry officials there are alarmed that the new tariffs will make it nearly impossible to compete in the garment manufacturing market.
“We will have to write our obituary notice — 44 percent is no joke,” said Tuli Cooray, a consultant with the Joint Apparel Association Forum of Sri Lanka, the industry’s apex body.
China assails Trump’s new tariffs and vows retaliation.
China on Thursday vowed countermeasures against President Trump’s sweeping new tariffs, warning that there would be no winners in a trade war.
The tariffs are “based on subjective and unilateral assessments,” China’s commerce ministry said in a statement, describing them as “unilateral bullying.”
The tariffs imposed on Chinese imports by Mr. Trump during his second term have created a severe burden on companies importing from China. These are on top of the tariffs he placed on Chinese imports during his first term.
“There are no winners in a trade war,” the commerce ministry said, urging the United States to use dialogue for resolving trade issues.
The tariffs on China have likely dimmed hope of a meeting between the country’s top leader, Xi Jinping, and Mr. Trump, who has expressed interest in a summit.
Wang Yi, China’s top diplomat, told Russian state media this week that the United States needed to remove the tariffs imposed on China earlier this year before any talks could take place between the two countries.
“If the U.S. side keeps on pressuring and even blackmailing, China surely will be resolute in its countermeasures,” Mr. Wang said.
China imposed tariffs on American exports, such as agricultural products, in response to the two earlier rounds of U.S. tariffs. Beijing’s options this time could include more tariffs, restrictions on U.S. investment in China or export controls on rare earth minerals.
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