The new tariffs announced Wednesday by U.S. President Donald Trump were met initially with measured reactions from key trading partners, highlighting the lack of appetite for a full-fledged trade war
The Latest: Key US trading partners and global officials react to Trump’s new tariffsBy The Associated PressThe Associated Press
The new tariffs announced Wednesday by U.S. President Donald Trump were met initially with measured reactions from key trading partners, highlighting the lack of appetite for a full-fledged trade war.
Trump presented the import taxes, which he calls “reciprocal tariffs” and range from 10% to 49%, in the simplest terms: the U.S. would do to its trading partners what he said they had been doing to the U.S. for decades.
European Commission President Ursula von der Leyen said they are a “major blow to the world economy,” while a Japanese official called them “extremely regrettable” and Korea’s prime minister called for emergency measures to support industries affected by the tariffs. Asian markets tumbled in Thursday morning trading.
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Here’s the latest:
EU leader says tariffs are a major blow to the world economy
European Commission President Ursula von der Leyen says the tariffs are a “major blow to the world economy.”
“The consequences will be dire for millions of people around the globe,” von der Leyen said. Groceries, transport and medicines will cost more, she said, “And this is hurting, in particular, the most vulnerable citizens.”
Von der Leyen acknowledged that the world trading system has “serious deficiencies” and said the EU was ready to negotiate with the U.S.
Japan’s chief cabinet secretary calls tariffs ‘extremely regrettable’
Japan’s chief cabinet secretary has called the tariffs “extremely regrettable,” saying officials thought the country deserved an exemption, after Trump slapped 24% additional tariffs on Japan.
Yoshimasa Hayashi on Thursday also questioned whether the tariffs are compatible with Japan-U.S. bilateral trade agreements and said the move would likely impact their economic ties, as well as the global economy and multilateral trade system.
He said Japanese officials are continuing to negotiate with Washington seeking an exemption. Asked if Japan would consider retaliatory tariffs or file complaints with the World Trade Organization, Hayashi declined to comment.
Asian markets tumble following Trump’s tariff announcement
Tokyo’s Nikkei 225 index dipped more than 3.4%, while the Kospi in South Korea dropped 1.8%. In Australia, the S&P/ASX 200 also sank 1.8%.
U.S. stocks whipped through another dizzying day before Trump’s unveiled the tariffs Wednesday. The S&P 500 rose 0.7%, and the Dow gained 0.6%. The Nasdaq composite surged 0.9%.
Tesla swung from a sharp loss in the morning to a gain later in the day to help pull the market higher. Treasury yields also veered from lower to higher following a better-than-expected report on the job market.
▶ Read more about markets’ reaction to the tariffs
House majority whip praises Trump’s actions, including tariffs, during town hall
House Majority Whip Tom Emmer fielded mostly friendly questions during an hourlong telephone town hall with constituents in Minnesota.
House Speaker Mike Johnson has encouraged Republican lawmakers to avoid holding in-person town halls where they’d run the risk of hostile questioning and protesters.
Emmer extensively praised the actions that Trump has been taking in his first months back in office, including the tariffs he announced earlier Wednesday.
“How about we give this guy some grace while he tried to actually do what he’s been campaigning on for years and his mission to protect American companies and workers?” Emmer said. “There’s still going to be some choppy waters, but when we come out the other side, it’s going to be much better than it was beforehand, and certainly much better than it was the last four years.”
South Korea prime minister calls for emergency measures to support industries affected by tariffs
South Korea’s acting leader called for swift emergency measures to support the auto industry and other businesses potentially affected by the Trump administration’s new tariffs, pledging full government efforts to address what he described as a looming “global tariff war.”
During an emergency government meeting, Prime Minister Han Duck-soo also instructed officials to work with business groups to analyze the impact of the U.S. tariff increases and actively engage in negotiations with Washington to “minimize damage” to South Korea’s economy, the trade ministry said.
Han, serving as South Korea’s acting leader while President Yoon Suk Yeol remains impeached over his December imposition of martial law, convened the meeting with trade and foreign policy officials after Trump announced a 25% tariff on South Korea.
