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US: Trump implements sweeping 10% tariffs on many countries

US President Donald Trump’s 10% “universal” tariffs have been imposed on countries such as the UK, sparking fears of a global trade war. Meanwhile, anti-Trump protests are expected not only in the US, but also in Europe.

Defiant Trump doubles down on ‘economic revolution’
US President Donald Trump has insisted that his sweeping tariffs, which have sent shockwaves through global markets and upended the post-World War II trading order, will bring “historic” results.

In a post on his social media platform Truth Social, Trump said the US would “no longer” be treated like a “dumb and helpless ‘whipping post'” by its trading partners.

“We are bringing back jobs and businesses like never before,” the president said, adding that “this is an economic revolution, and we will win.”

Italy warns against retaliating to Trump’s tariffs
Italy’s Economy Minister Giancarlo Giorgetti has warned against retaliating to the tariffs imposed by the Trump administration.

In his announcement at the White House on Wednesday, Trump said countries in the European Union would face levies of 20% from April 9.

Addressing a business forum outside Milan on Saturday, Giorgetti said the Italian government prefers to try to deescalate the situation, amid fears of a global recession.

“We must avoid launching a policy of counter-tariffs that could be damaging for everyone, and especially for us,” Giorgetti warned.

“Our message is that we need to avoid pushing the panic button. We are following a pragmatic and rational approach.”

The minister also called for the EU’s fiscal rules to be relaxed to allow member states to increase spending.

In the wake of Trump’s announcement, European Commission President Ursula von der Leyen on Thursday said the bloc was ready to respond with sweeping countermeasures should negotiation with Washington fail.

Von der Leyen said the EU was already preparing a first round of tariffs on some €26 billion ($28.5 billion) on US imports, that will take effect in mid-April.

China says ‘market has spoken,’ urges US to stop weaponizing trade
China’s Foreign Ministry spokesman Guo Jiakun said Saturday that “the market has spoken” after stocks around the world plummeted this week in the wake of Trump’s tariffs announcement.

“Now is the time for the US to stop doing the wrong things and resolve the differences with trading partners through equal-footed consultation,” Guo said in a post on Facebook.

Trump has ordered 34% tariffs on Chinese imports to the US, bringing the total taxes on goods from China this year to 54%.

Beijing retaliated in kind on Friday, slapping tariffs of 34% on all US goods as well as curbing exports on key rare earth elements.

The moves are the latest in a rapidly escalating trade war between the world’ two largest economies.

Chinese state media Xinhua, meanwhile, published a statement from China’s central government which urged the Trump administration to “stop using tariffs as a weapon to suppress China’s economy and trade, and stop undermining the legitimate development rights of the Chinese people.”

“China has taken and will continue to take resolute measures to safeguard its sovereignty, security and development interests,” Beijing said, adding that Washington’s actions “seriously undermines” the rules-based multilateral trading system, and global economic stability.

Hong Kong, however, will not be imposing counter tariffs, with the Special Administrative Region’s Finance Secretary Paul Chan saying the city must remain “free and open.”

“Allowing a free flow of capital and acting as a free port are our advantages, and this will not change,” Chan told Hong Kong’s public broadcaster RTHK.

“The rules-based multilateral trading system is our core,” he added.

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