Financial markets around the world are reeling following President Donald Trump’s latest and most severe volley of tariffs, and the U.S. stock market may be taking the worst of it. Little was spared as fear flared globally about the potentially higher inflation and weakening economic growth that tariffs can create. Prices fell for everything from crude oil to Big Tech stocks to small companies that invest only in U.S. real estate. The U.S. Senate voted 51-48 to counter Trump’s tariffs on Canada by ending the presidential emergency declaration on fentanyl Trump used to justify them. The resolution has little chance of passing the Republican-controlled House but shows the limits of GOP support for Trump’s vision of remaking the U.S. economy by restricting free trade. A new AP-NORC poll shows Trump’s dramatic changes to the federal government have yet to emerge as an obvious political winner or loser. And while U.S. Secretary of State Marco Rubio and the Trump administration’s new envoy to NATO seek toreassure wary allies of the U.S. commitment to the alliance, the current Supreme Allied Commander Europe tells senators that if the U.S. relinquishes this commander role, it could put large numbers of U.S. troops under non-U.S. command for the first time since the First World War. Here’s the latest: Trump has moved to fire some NSC officials, sources say The president took action involving several senior White House National Security Council officials soon after he was urged by the far-right activist to purge staffers she deemed insufficiently committed to his Make America Great Again agenda, according to several people familiar with the matter Thursday. Loomer presented her research to Trump in an Oval Office meeting, making her case for the firings, the people said, speaking on condition of anonymity to discuss sensitive personnel matters. Vice President JD Vance, chief of staff Susie Wiles, national security adviser Mike Waltz and Serio Gor, the director of the Presidential Personnel Office, took part in the meeting, the people said. NSC spokesman Brian Hughes declined to comment on the meeting or the firings. Schools must sign certification against DEI to receive federal money The Trump administration is ordering schools nationwide to certify that they are following federal civil rights laws — and eliminating DEI practices — as a condition for receiving federal money. A notice sent Thursday by the Education Department gives the nation’s states and schools 10 days to sign and return the certification. It marks another escalation in the Trump administration’s attack on diversity, equity and inclusion policies, apparently giving the administration a new lever for terminating federal money. “Federal financial assistance is a privilege, not a right,” Craig Trainor, acting assistant secretary for civil rights, said in a statement. The certification asks state and school leaders to acknowledge that their federal aid is conditioned on compliance with antidiscrimination laws. It says “the use of certain DEI practices can violate federal law” and result in a termination of funding. It follows a Feb. 14 memo declaring that any school policy that treats students or staff differently because of their race is illegal. It aimed to fight what the memo described as widespread discrimination in education, often against white and Asian American students. Lesotho now faces 50% tariffs on exports to U.S. Lesotho is one of the smallest countries in Africa with a population of 2.2 million people, yet exports $237.3 million worth of goods to the U.S. — mostly textiles and diamonds — sectors which create most of its jobs. “There is no country immune from those tariff hikes he made. That means countries will have to renegotiate their positions with the USA and see how they will manage to trade in,” said government spokesman Thabo Sekonyela. The U.S. is Lesotho’s second biggest trade partner after South Africa. This a second blow for Lesotho after Trump withdrew foreign aid. Top U.S. general in Europe says giving up U.S. role as NATO Supreme Commander could affect nukes Gen. Christopher Cavoli, commander of United States European Command and Supreme Allied Commander Europe, told lawmakers Thursday that a potential Trump administration plan to relinquish U.S. control over the role of Supreme Allied Commander Europe as part of its downsizing efforts could create issues for control over U.S. nuclear weapons based there as well as the tens of thousands of troops deployed there. The position oversees all NATO decisions in Europe, where the U.S. is often the largest troop contributor to NATO operations. “I think that would bring some challenges in terms of nuclear command and control. It would put us in a position where, in an Article Five situation, we could have for the first time since the First World War large numbers of American troops under non-U.S. command. So I think those are things that would have to be considered carefully,” Cavoli told members of the Senate Armed Services Committee. Democrats warn that Trump’s tariffs could result in a recession Democrats are blaming Trump for plunging financial markets and calling on him to rescind his tariffs. Sen. Chuck Schumer, the Senate Democratic leader, said the tariffs amount to the biggest tax hike on families since World War II. Schumer spoke on the Senate floor as financial markets tanked, saying “Donald Trump has singlehandedly created a financial forest fire.” “President Trump should reverse course on his disastrous tariffs immediately,” Schumer said. “Or else, he risks plunging America into recession.” U.S. prices for some furniture could nearly double, trade association says The Home Furnishings Association, which represents more than 13,000 U.S. furniture stores, predicted that the tariffs will increase prices between 10% and 46%. Vietnam and China are the top furniture exporter to the U.S. The association said manufacturers in Asia are offsetting some of the costs by discounting their products and lowering ocean freight rates. But it still expects U.S. furniture prices to rise. Even domestically made furniture often relies on imported components, the association said. “While many in the industry support the long-term goal of reshoring manufacturing, the reality is that it will take at least a decade to scale domestic production,” Home Furnishings Association CEO Shannon Williams said in a statement. “Permitting, training a skilled workforce and managing the higher costs of U.S. manufacturing are significant hurdles. Applying steep tariffs during this transition period only hurts the American consumer.” Senate Armed Services chair chides ‘mid-level’ Pentagon leaders for plan to pull U.S. troops from Europe “There are some who believe now is the time to reduce drastically our military footprint in Europe,” Republican Sen. Roger Wicker said at Thursday’s hearing with U.S. military commanders for Europe and Africa. “I’m troubled at those deeply misguided and dangerous views held by some mid-level bureaucrats within the Defense Department. They’ve been working to pursue a U.S. retreat from Europe and they’ve often been doing do without coordinating with the Secretary of Defense,” Wicker said. It was not immediately clear what “mid-level bureaucrats” Wicker was talking about. U.S. troops in Europe increased by about 20,000 to a total of roughly 100,000 in response to Russia’s invasion of Ukraine, to assist with training and logistics and to reassure NATO allies that the U.S. would defend them. El Salvador’s president heads to Washington Nayib Bukele is scheduled to visit with Trump on April 14. Bukele posted on social media a signed letter from Trump inviting him to a meeting and thanking him for help fighting illegal immigration. The Trump administration is paying Bukele’s government to house deportees, particularly people it accuses of being Venezuelan gang members, at one of his notorious prisons. A White House official confirmed the date of the visit. The official was not authorized to speak publicly. AP-NORC poll: Trump’s government changes aren’t a clear political winner or loser -- yet President Donald Trump’s dramatic changes to the federal government haven’t emerged as an obvious political winner or loser, according to a new poll that indicates some Americans may be giving him the benefit of the doubt for now on his Department of Government Efficiency. The Associated Press-NORC Center for Public Affairs Research poll found that about 4 in 10 U.S. adults “somewhat” or “strongly” approve of Trump’s handling of Social Security and a similar share approve of the way he’s managing the federal government. Those numbers are almost identical to Trump’s overall presidential approval, suggesting that his Republican administration’s moves to fire thousands of federal workers, close Social Security Administration field offices, effectively shutter entire agencies and cancel thousands of government contracts haven’t yet created a significant independent backlash — or spurred independent support. Views of Trump and his adviser Elon Musk are still largely intertwined, despite Democrats’ recent focus on Musk. The two men suffered a defeat on Tuesday when the conservative candidate they had endorsed for the Wisconsin Supreme Court was defeated. Musk and the groups he backed spent more than $21 million in the race, the first major test of how voters feel about Musk’s political impact. Marco Rubio seeks to reassure wary NATO allies of U.S. commitment The U.S. secretary of state and U.S. ambassador to NATO Matt Whitaker are in Brussels for a meeting of alliance foreign ministers. Many hope Rubio will clarify Trump’s intentions amid persistent signals from Washington that NATO as it has existed for 75 years may no longer be relevant. “The United States is as active in NATO as it has ever been,” Rubio told reporters as he greeted NATO chief Mark Rutte. “And some of this hysteria and hyperbole that I see in the global media and some domestic media in the United States about NATO is unwarranted.” “President Trump’s made clear he supports NATO,” Rubio said. “We’re going to remain in NATO.” JD Vance urges Americans to be patient as markets slide The vice president appeared on Fox & Friends, saying it will take some time for Trump’s tariffs, spending cuts and support for U.S. industries to help everyday Americans. “We are not going to fix things overnight,” Vance said. “Frankly, a lot of people have gotten rich from American jobs moving overseas,” Vance said. “But American workers have not gotten rich. And frankly, American companies have not gotten wealthy from the increasing growth of foreign competitors manufacturing overseas.” “We know people are struggling. We’re fighting as quickly as we can to fix what was left to us, but it’s not going to happen immediately. But we really do believe that if we pursue the right deregulation, we pursue those energy cost reducing policies — Yes, people are going to see it in their pocketbook. They’re also going to benefit from the fact that foreign countries can’t take advantage of us anymore.” Americans eat fresh fruit year-round thanks to imports from the Global South The sweeping tariffs declared by Trump could increase prices for Americans who depend on citrus from 1400 producers across southern Africa, according to Boitshoko Ntshabele, chief executive of the Citrus Growers Association in Johannesburg. “South Africa does not compete with the citrus producers of the US,” Ntshabele said. “In fact, quite the opposite — we sustain customers’ interest when their local citrus is out of season, benefitting US citrus growers in the end.” South African President Cyril Ramaphosa said Trump’s 30% tariffs on U.S. imports of South African products shows the urgent need for a new bilateral trade deal. Canned peaches in the U.S. more likely came from Greece. Trump’s tariffs could reverse that Greece’s exports of canned peaches to the United States in 2020 were worth 32 million euros ($35.3 million) and soared to 95 million euros ($105 million) in 2024. The new 20% tariff, on top of existing duties, could reverse those gains, according to Christos Giannakakis, vice president of Venus, one Greece’s largest peach canning cooperatives. “This creates a huge problem,” Giannakakis told the Associated Press. “It means reduced exports, lower revenue and shrinking production.” Trump said his decision to impose sweeping import tariffs will boost American industries. Norway’s foreign minister says tariffs hurt NATO allies Norway’s Foreign Minister Espen Barth Eide said the new U.S. tariffs may violate NATO’s Article 2, which stresses the importance of economic cooperation among allies to avoid conflict. “If you want a strong NATO, you should ensure that there is as much economic growth as possible in the NATO countries. That was the insight of those who established NATO, that economic cooperation would be good for the entire alliance,” Eide said during a visit to Brussels for a NATO meeting, according to the NRK broadcaster. Eide told NRK that he will raise the tariff war with U.S. Secretary of State Marco Rubio during the meeting. Polish prime minister says tariffs may shave off 0.4% of GDP Polish Prime Minister Donald Tusk said the new U.S. tariffs many reduce Poland’s GDP by 0.4%. He said it was “a severe and unpleasant blow, because it comes from the closest ally, but we will survive it.” The Polish-U.S. friendship, he added, “must also survive this test.” Spanish PM announces measures to mitigate U.S. tariffs Spanish Prime Minister Pedro Sánchez said Thursday that his government will implement a $15.6 billion (14.1 billion euro) spending package to mitigate the effects of U.S. tariffs on the eurozone’s fourth-largest economy. The Spanish leader called the tariffs “19th-century protectionism,” against which the European Union and Spain had to act proactively and diversify their economic ties with the rest of the world. Sánchez also called for a negotiated solution with the U.S. “We’re once again asking President Trump to reconsider, to sit down at the negotiating table with the European Union and also with the rest of the world.” Australia puzzled by tariffs on remote islands The local government leader of Christmas Island, one of several Australian external island territories that like Australia have been assigned a 10% U.S. tariff, said his Indian Ocean atoll exported nothing to the United States. The Australian outpost of fewer than 2,000 people 360 kilometers (225 miles) south of the Indonesian capital Jakarta has used U.S. heavy machinery to mine phosphate for decades, Christmas Island Shire President Gordon Thomson said. The uninhabited Heard and McDonald Islands in the remote Antarctic are another Australian territory included in the 10% tariff. The mostly barren islands include two active volcanoes and can only be reached by sea. Australian Prime Minister Anthony Albanese said Australia imposes no tariffs on U.S. imports. The U.S. and Australia have a free trade agreement. Hong Kong urges U.S. to withdraw tariffs Hong Kong strongly opposed the extra tariffs announced by Trump and urged the U.S. to withdraw them. It said Hong Kong, as a free port, always practices free trade and doesn’t impose tariffs on imported goods, including those from the U.S. It said the U.S. had a trade surplus of $271.5 billion with the semiautonomous Chinese territory over the past decade, the highest among its global trading partners. “The U.S. imposing tariffs on Hong Kong products as so-called reciprocal tariffs defies logic,” Hong Kong’s government said in a statement, adding that it would take measures including filing complaints with the WTO. Hong Kong, a former British colony returned to China in 1997, has a different economic and political system from mainland China that allows it to set its own policies most of the time. India wants to expedite trade talks with U.S. India’s Trade Ministry is assessing the latest U.S. tariffs announced by President Donald Trump. It said the Indian government strives to expedite the negotiations for a trade agreement with the U.S. to potentially garner some concessions and offset the impact of higher import taxes. The agreement, first tranche of which is expected to be in place by the fall, would focus on enabling both nations to boost trade, investments and technology transfers in addition to deepening supply chain integrations, it said. “We remain in touch with the Trump administration and expect to take them forward in the coming days,” it said. The U.S was New Delhi’s biggest trading partner in 2024 with trade estimated at $129 billion. The countries have now set an ambitious target of more than doubling their bilateral trade to $500 billion by 2030. Stock market in Vietnam plunges and people rush to buy gold Vietnam’s stock market plunged Thursday while gold prices reached a record high after U.S. President Donald Trump slapped 46% tariffs on Vietnam’s exports. Meanwhile people lined up to buy gold in Hanoi despite the high prices. “Investing in gold would be at lower risk because the economy is very uncertain at the moment,” said Nguyen Trung, a buyer. Vietnam has long realized that it was too reliant on the U.S. and has been diversifying its trade relations by signing free trade agreements with over a dozen countries, said Dan Martin, international business adviser of Dezan Shira & Associates. “The lesson is clear now, the reliance that Vietnam had as a U.S. export market, it’s not safe,” he said. Especially hard-hit will be the garments and sportswear section, including household names like Adidas and Nike. Nike made of its shoes and about a third of its clothes in Vietnam last year, while factories in Vietnam made 39% of Adidas’s shoes and 18% of its clothes. U.S. tariffs on goods from Vietnam among the highest on any country Vietnam’s Prime Minister Pham Minh Chinh said that the country still hoped to reach its economic growth target of at least 8% despite the Trump administration imposing 46% tariffs on its exports. Chinh chaired a Cabinet meeting Thursday to assess the impact of the tariffs, among the highest imposed on any country, and said that Vietnam hoped that U.S. policy would be “consistent with the good relations between the two countries.” He added that Vietnam was still overcoming the consequences of the long war between the two nations. The tariffs will deal a severe blow to Vietnam since the U.S. is its largest export market. Exports to the U.S., valued at $142 billion, in 2021 made up a third of the country’s GDP. Ukrainian minister says her country can get better tariff conditions from U.S. Ukraine is working to get better tariff conditions from the United States, Ukrainian Economy Minister Yuliia Svyrydenko wrote on her X account. Svyrydenko says Ukrainian tariffs on U.S. goods are “quite low” and that Ukraine imported more goods from the U.S. in 2024 than exported to the country. She said the 10% tariff Trump imposed on Ukrainian goods will mainly impact small producers. “Ukraine has something to offer the United States as a reliable ally and partner. Both our countries will benefit from fair tariffs,” she wrote. Japan PM regrets US tariffs and says ready to negotiate with Trump Japanese Prime Minister Shigeru Ishiba said it was “extremely regrettable” that the United States slapped the 25% auto tariff on Japan despite its huge contribution to the U.S. economy. Japanese companies have been the world’s biggest investors in the U.S. since 2019, especially automakers, creating jobs for millions of Americans, Ishiba said. Ishiba said Japan will continue to strongly request the United States to reconsider its tariffs measures and that he will directly negotiate with Trump, whenever it is considered appropriate. “I will do so at a most appropriate time and method without hesitation.” Germany’s Scholz says tariffs are an ‘attack’ on global trade German Chancellor Olaf Scholz says the tariffs are an “attack” on a trading system that brought global prosperity and that America itself helped design. Scholz said Thursday “the whole global economy will suffer from these decisions that haven’t been thought through.” He added that “the U.S. administration is setting off on a road at the end of which there will only be losers.” Scholz said in Berlin that “this is an attack on a trading order that has created prosperity across the globe — a trading order that is also to a very significant extent the result of American efforts.” Fiji criticizes tariffs as ‘disproportionate’ and ‘unfair’ Among the small island nations of the South Pacific Ocean, a few were singled out for higher tariff rates than the 10% baseline. Fiji’s Deputy Prime Minister Biman Prasad on Thursday criticized as “disproportionate” and “unfair” the 32% tariffs announced on Fiji’s exports to the U.S. The U.S. is a major trading partner for the nation of 924,000 people, accounting for 10% of total imports and exports, Prasad said Thursday on social media. Fiji’s biggest export to the U.S. is bottled water, with its most famous brand — Fiji Water — owned by a U.S. conglomerate. The U.S. administration justified Fiji’s higher tariffs with a claim that the Pacific nation imposes 63% tariffs on American goods arriving on its shores. Prasad rejected that figure, telling reporters that Fiji does not impose such tariff rates on any country. ‘There are no winners in trade wars,’ China’s Foreign Ministry says A Chinese Foreign Ministry spokesperson says “there are no winners in trade wars and tariff wars, and protectionism is not a way out. What the U.S. should do is to correct its wrong practices and resolve trade disputes with all countries, including China, through consultations based on equality, mutual respect and mutual benefit.” Guo Jiakun added that the tariffs violate WTO rules, “harm the common interests of people of all countries, and do not help solve the problems of the U.S. itself. It is clear to everyone that more and more countries are opposing the U.S.’s unilateral bullying actions, such as imposing tariffs.” Israeli finance minister says his office is ‘analyzing’ tariff implications Israeli Finance Minister Bezalel Smotrich says his office is studying Trump’s tariff order and “analyzing its implications for the economy,” in the country’s first reaction to Trump’s announcement of a 17% tariff on imports from Israel. On Wednesday, ahead of Trump’s announcement, Israel cancelled all remaining tariffs on imports from the U.S. The Prime Minister’s Office said in a statement the move would go into effect after final approval by the economy minister and the parliament’s finance committee. Smotrich said in a statement on X he was talking with industry leaders about Trump’s new order and would meet Thursday with the Finance Ministry leadership to decide on “courses of action” in response to it. Spain’s economy minister says negotiations with U.S. essential Spain’s Economy Minister Carlos Cuerpo said a negotiated solution with the United States was essential for the eurozone’s fourth-largest economy, but that Spain was prepared to take steps to protect its companies and industries. “We have a lot at stake. We have to protect the very important trade and economic relationship we have between the planet’s two biggest partners,” Cuerpo said in an interview Thursday with the RNE radio station after the U.S. announced 20% tariffs against the European Union. German economy minister says this day will become U.S. Inflation Day “This day is not going to become Liberation Day for consumers in the U.S., but Inflation Day,” said Germany’s vice chancellor and economy minister, Robert Habeck. “The U.S. mania for tariffs could set off a spiral that could also pull countries into recession and cause massive damage worldwide.” “We have always pushed for negotiations, not confrontation. That remains right,” Habeck said. “So it is good that the European Commission still aims for a negotiated solution with the U.S. There is still some time for that. But if the U.S. doesn’t want a negotiated solution, the EU will give a balanced, clear and determined answer. We have prepared for this.” Germany’s main industry federation calls for a coordinated reaction to tariffs Germany’s main industry lobby group, the Federation of German Industries, said that “the EU must now strengthen its alliances with other major trading partners and should coordinate its reaction with them. A coordinated reaction is also necessary to counter diversionary effects in international trade.” The group, known by its German acronym BDI, said that the tariffs are “an unprecedented attack on the international trade system, free trade and global supply chains. The reasoning for this protectionist escalation is incomprehensible.” The United States was Germany’s biggest single trading partner last year for the first time since 2015, displacing China. UK’s Starmer vows to act with ‘cool and calm heads’ to Trump’s tariffs Prime Minister Keir Starmer said the U.K. government would react with “cool and calm heads” to Trump’s announcement of a 10% tariff on imports from Britain. Starmer told business leaders gathered in 10 Downing St. that “clearly there will be an economic impact,” but that he still hoped to get tariffs lifted through a trade deal with Washington. “Negotiations on an economic prosperity deal — one that strengthens our existing trading relationship — they continue and we will fight for the best deal for Britain,” Starmer said. “Nobody wins in a trade war. That is not in our national interest,” he added. Honda CEO says company will take some time to determine how to respond to tariffs Honda Chief Executive Toshihiro Mibe says the Japanese automaker will take some time to look at the market situation and other factors to determine the right way to respond to Trump’s tariffs. “Sudden changes like this are tough as it’s hard to respond speedily,” he told reporters on Thursday. Taiwan calls U.S. tariffs ‘strongly unreasonable’ Taiwan responded to the imposition of a 32% tariff on its high-tech economy by calling it “strongly unreasonable and highly regrettable,” adding it would “lodge solemn representations with the United States.” “The proposed tax rate does not reflect the actual economic and trade situation between Taiwan and the United States (and) is unfair to Taiwan,” Cabinet spokesperson Lee Hui-chih said in an official news release. Lee said the tariff calculation method was unscientific and unclear and “cannot reflect the high degree of complementarity in the trade structure between Taiwan and the U.S. and the actual trade relationship.” Taiwan’s exports to the U.S. and corresponding trade surplus have risen significantly in recent years, mainly reflecting the surge in demand from U.S. customers for semiconductors and related products, especially AI products, Lee said. British officials say they will push to secure a free trade deal with U.S. The British government says it will push to secure a free trade deal with the United States rather than retaliate after Trump slapped a 10% tariff on U.K. goods. Labelling the announcement a “disappointment,” Business Secretary Jonathan Reynolds said “I’m pleased the U.K. is in a better position than other countries, but I’m not satisfied.” Reynolds told Sky News that the message he was hearing from businesses was “remain at the table, don’t overreact.” Britain argues that it has a broadly balanced trade relationship with the U.S., and has been negotiating with Washington on a trade deal in hope of escaping import taxes. Japan’s prime minister says tariffs will have a ‘great impact’ on U.S.-Japan relations Japanese Prime Minister Shigeru Ishiba says the tariffs are a matter of great concern and stressed that Japan’s contributions to the American economy are significant both in terms of investment and jobs. He said he repeatedly made his case with the Trump administration not to move ahead with the tariffs. “They will have a great impact not only on U.S.-Japanese economic relations but also on the global economy and various trade relations overall,” Ishiba told reporters Thursday. “We as the government will work as one to decisively protect people’s lives, jobs and industries,” he added. Thailand says it is ready to negotiate with U.S. over trade balance The Thai prime minister says her country is ready to negotiate with the U.S. to find a fair trade balance for both sides, after Trump announced 36% tariffs on Thailand. Paetongtarn Shinawatra said Thursday that Thailand is committed to working with the U.S. to achieve sustainable economic growth. She added that Thai exporters should also look for additional markets for their products to reduce their risk of relying on one main market. Indian analysts see opportunity in supply chain realignments Indian exporters and analysts say Trump’s new tariffs are a mixed bag for the country. Trump announced a reciprocal tariff of 26% for India, as compared to 34% for China, 46% for Vietnam, 37% for Bangladesh and 36% for Thailand. Observers said Thursday the move will likely impact Indian industry and pressure jobs, but that there is room for new business to come in since India is in a lower band than its Asian peers. “These tariffs do present challenges, but India’s position remains comparatively favorable,” said S.C Ralhan, president of the Federation of Indian Exports Organisations. Ajay Srivastava, a former Indian trade official and founder of the New Delhi-based think tank Global Trade Research Initiative, said the protectionist tariff regime could be a catalyst for India to gain from global supply chain realignments. South and Southeast Asia are targeted with some of the highest tariff rates Vietnam, Sri Lanka and other countries across South and Southeast Asia are the targets of some of the highest tariff rates. Trump imposed 46% “reciprocal” duties on goods from Vietnam, 49% on products from Cambodia, 37% on Bangladesh and 44% on Sri Lanka. The duties will affect domestic exporters to the U.S. but also Chinese, Japanese and South Korean companies that have over the past few years shifted production to Southeast Asian nations to escape the trade frictions during Trump’s first term in office. Automaker Stellantis will shut down its assembly plant in Windsor, Canada, for 2 weeks Automaker Stellantis will shut down its assembly plant in Windsor, Canada, for two weeks from April 7, the local union said late Wednesday. The president of Unifor Local 444, James Stewart, said more scheduling changes were expected in coming weeks. “The company said there are multiple factors at play, with the primary driver behind the final decision being this afternoon’s announcement from U.S. President Donald Trump of the U.S. tariffs,” Stewart said. “This has and continues to create uncertainty across the entire auto industry. This is not just affecting our plant—it’s impacting facilities in the U.S. and Mexico as well.” 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. 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.
