Donald Trump Announces New Tariffs Affecting Over 60 Countries
Trade measures to take effect on April 5 and 9, prompting international reactions and economic concerns.
On April 3, 2025, U.S. President Donald Trump announced a series of tariffs affecting more than 60 countries, including a 10% tariff on various imports.
The new trade measures are set to take effect on April 5 and April 9, sparking significant reactions from global markets and political leaders.
During a flight to Florida, Trump indicated that he might offer tariff relief to China if the Chinese government agrees to facilitate the sale of TikTok to U.S. investors.
Furthermore, Trump stated that the U.S. is 'close' to an agreement with TikTok, which has faced scrutiny regarding data privacy.
The economic impact of Trump's tariff announcement was immediately felt on Wall Street, which experienced its worst day since 2020, with the S&P 500 closing down 4.85%, the Nasdaq falling 5.99%, and the Dow Jones dropping 3.98%.
Oil prices also declined significantly, falling more than 6%.
In the automotive sector, Stellantis announced it would halt production in Canada and Mexico for two weeks and the month of April, respectively, resulting in layoffs of up to 900 employees across its U.S. facilities.
This decision reflects the broader uncertainty in the auto industry linked to the new tariffs.
Pepe Álvarez, Secretary General of the UGT labor union in Spain, has called for political unity to shield the Spanish economy from U.S. tariffs, highlighting the difficulties faced by workers and urging political parties to cooperate in response to the heightened trade tensions.
Internationally, responses varied.
Canada's Prime Minister Mark Carney announced retaliatory tariffs of 25% on U.S. automobiles that do not comply with the free trade agreement known as CUSMA.
Meanwhile, the European Union expressed its intention to negotiate with the U.S. to avert a trade war, with EU Commissioner Maros Sefcovic scheduled for talks with U.S. counterparts.
Several Latin American leaders articulated their concerns about the tariffs.
Brazilian President Luiz Inácio Lula da Silva stated that his government would take all possible measures against the U.S. tariffs, emphasizing the need for free trade and multilateralism.
Colombian President Gustavo Petro criticized the measures as a 'great error,' asserting that such tariffs could undermine economic stability.
On a regional level, the Extremadura government in Spain has called for an immediate response to Trump's tariffs, while the footwear sector has requested protection from the government as it faces significant challenges in its largest non-EU export market.
In the U.S. Senate, two senators introduced a bill aimed at limiting the president's authority to impose tariffs, requiring congressional approval for new tariffs.
This legislative initiative follows widespread concern regarding the unilateral nature of Trump’s tariff imposition.
While financial markets reflected pessimism following the tariff announcement, Trump expressed confidence in the U.S. economy, suggesting that market conditions would improve.
He remained resolute in his belief that the tariffs were necessary to correct perceived trade imbalances with other countries.
Overall, the announcement has incited global debates on economic protectionism and raised alarms regarding potential retaliatory measures from affected nations as they navigate the evolving trade landscape.
The new trade measures are set to take effect on April 5 and April 9, sparking significant reactions from global markets and political leaders.
During a flight to Florida, Trump indicated that he might offer tariff relief to China if the Chinese government agrees to facilitate the sale of TikTok to U.S. investors.
Furthermore, Trump stated that the U.S. is 'close' to an agreement with TikTok, which has faced scrutiny regarding data privacy.
The economic impact of Trump's tariff announcement was immediately felt on Wall Street, which experienced its worst day since 2020, with the S&P 500 closing down 4.85%, the Nasdaq falling 5.99%, and the Dow Jones dropping 3.98%.
Oil prices also declined significantly, falling more than 6%.
In the automotive sector, Stellantis announced it would halt production in Canada and Mexico for two weeks and the month of April, respectively, resulting in layoffs of up to 900 employees across its U.S. facilities.
This decision reflects the broader uncertainty in the auto industry linked to the new tariffs.
Pepe Álvarez, Secretary General of the UGT labor union in Spain, has called for political unity to shield the Spanish economy from U.S. tariffs, highlighting the difficulties faced by workers and urging political parties to cooperate in response to the heightened trade tensions.
Internationally, responses varied.
Canada's Prime Minister Mark Carney announced retaliatory tariffs of 25% on U.S. automobiles that do not comply with the free trade agreement known as CUSMA.
Meanwhile, the European Union expressed its intention to negotiate with the U.S. to avert a trade war, with EU Commissioner Maros Sefcovic scheduled for talks with U.S. counterparts.
Several Latin American leaders articulated their concerns about the tariffs.
Brazilian President Luiz Inácio Lula da Silva stated that his government would take all possible measures against the U.S. tariffs, emphasizing the need for free trade and multilateralism.
Colombian President Gustavo Petro criticized the measures as a 'great error,' asserting that such tariffs could undermine economic stability.
On a regional level, the Extremadura government in Spain has called for an immediate response to Trump's tariffs, while the footwear sector has requested protection from the government as it faces significant challenges in its largest non-EU export market.
In the U.S. Senate, two senators introduced a bill aimed at limiting the president's authority to impose tariffs, requiring congressional approval for new tariffs.
This legislative initiative follows widespread concern regarding the unilateral nature of Trump’s tariff imposition.
While financial markets reflected pessimism following the tariff announcement, Trump expressed confidence in the U.S. economy, suggesting that market conditions would improve.
He remained resolute in his belief that the tariffs were necessary to correct perceived trade imbalances with other countries.
Overall, the announcement has incited global debates on economic protectionism and raised alarms regarding potential retaliatory measures from affected nations as they navigate the evolving trade landscape.
Translation:
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