Trump tariffs live updates: Global trade reacts

The UK manufacturers of Jaguar and Land Rover cars have suspended freight to the US as they function to mitigate the 25% tax impact on vehicle imports imposed by the Trump administration.

Jaguar Land Rover Automotive, one of the UK’s biggest automakers, said a suspension will take place this month on Saturday.

“The US is an important market for JLR’s luxury brands,” the company said in a statement. “As we work to address new terms of business with our business partners, we are taking several short-term actions, including a cargo suspension in April, in developing a medium to long term period plan.”

The UK auto industry is expected to be hit hard by new tariffs coming as British automakers struggle with reduced demand at home and the need to remodel plants for the transition to electric vehicles.

“The industry is already facing multiple headwinds and this announcement is at the worst possible time,” said Mike Haws, CEO of the UK Association of Auto Manufacturers and Traders. “SMMT is in constant contact with the government and is looking for accelerating trade debate as it needs to ensure there are ways to support employment and economic growth on both sides of the Atlantic.”

According to SMMT, the number of cars made in the UK fell 13.9% last year to 779,584 vehicles. Over 77% of these vehicles were doomed to the export market.

– Reuters

Top Trade aide Peter Navarro downplayed the sharp market sale caused by Trump’s aggressive tariff rollout.

“The market will find a bottom. It will soon be. From there, we will have a bullish boom and the Dow will reach 50,000 during Trump’s term,” he insisted on CNN Saturday. The S&P 500 has undergone a very broad recovery, wages will rise, profits will rise, life will be beautiful here in America. ”

The Dow Jones industrial average fell 2,231.07 points on Friday, the biggest drop during the Covid-19 pandemic since June 2020. This is the first time it has dropped more than 1,500 points on consecutive days following a 1,679 point decline on Thursday. The S&P 500 drove 10% in two days, taking over 17% off the recent high.

– Yunli

President Donald Trump on Saturday claimed that China was “a far more hit than the US” in the escalating trade war.

“They and many other countries have treated us badly unsustainably,” Trump said. post A true society. “We were stupid and helpless ‘whipposts’, but there’s no more. ”

He touted his drastic new tariffs, saying, “We’re reclaiming our jobs and businesses like never before.”

“Already, over $5 trillion investments, and rapidly rising! This is an economic revolution and we win. It’s difficult, it’s not easy, but the end result is historic. Trump wrote.

-Anika Kim Constantino

Eli Lily CEO David Ricks warned that Trump’s decision to impose widespread tariffs could ultimately hurt drug research and development in the pharmaceutical industry.

Trump’s mutual tariffs exempt drugs from imported US drugs and sighed drugmakers for temporary relief. However, industry leaders are still supported by Trump’s plan to impose drug-specific tariffs soon.

“We cannot violate these contracts, so we have to eat the costs of customs and make trade-offs within our company,” Rix said. BBC interview on friday. “Usually, it’s a reduction in staff or research and development and we expect R&D to be the first to come. That’s a disappointing result.”

Eli Lilly has been leading the industry since 2020 with $50 billion to build and upgrade new factories, boosting US production capacity and guiding the industry. These facilities are key to the company’s huge hit weight loss and manufacturing diabetes medication.

But Eli Lily relies primarily on foreign manufacturing, particularly Ireland, which is building new facilities worth over 3,000 and $800 million.

Rix described tariffs as a moment of turning point in the country’s economic history.

“It’s a pivot of US policy and I think it’s going to be difficult to get back from here,” he said.

-Anika Kim Constantino

Some automakers are trying to capitalize on the moment amid tariffs, industry analysts told CNBC. Although Ford and Stellantis offer employee pricing programs, Hyundai Motor said it will not raise prices for at least two months to alleviate consumer concerns.

Automakers see it as a way to remove vehicles from vehicles and maintain or increase sales amid uncertain market conditions due to tariffs.

“We understand that these are times of uncertainty for many Americans. Whether we navigate the complexities of economic change or need a reliable vehicle for our families, we want to help,” Ford announced the program Thursday morning. “We have a retail inventory to do this and there are many options for customers who need the vehicle.”

– Michael Wayland

China’s Foreign Ministry on Saturday said it was “the markets talking” following the US imposing the US to wipe out new tariffs, calling on the White House to ease the escalating trade war through “equal talks.”

The US stock market fell sharply for the second day in a row on Friday, with all three major indices down more than 5% as part of the global route.

“The trade and tariff wars that the US has launched against the world are unprovoked and unfair,” said Guo Zi-Kun, a spokesman for the Chinese Ministry of Foreign Affairs, who shares a photo of the US stock market slump on Friday.

– Sammeredith

With one of the most troublesome two-day selling points in history following President Donald Trump’s launch of punitive tariffs on most trading partners, the stock market is in one of those volatile spots.

The bespoke investment group made a sound at this unpleasant moment. At this moment, the market, built to generate “crowd wisdom” through rational and collective pricing, involves a president who leads decades of anti-trade sentiment through executive power to declare “urgent” tariffs.

Israeli Prime Minister Benjamin Netanyahu will visit the White House on Monday to discuss the recently announced tariffs with Trump, three Israeli officials and White House officials said on Saturday.

An improvised in-person visit could mark the first visit by foreign leaders trying to meet with Trump and negotiate a deal to remove tariffs.

Netanyahu’s office has not confirmed visits. That would also include debates over the Iran-Israel war against Gaza’s Palestinian extremist group Hamas. The visit was first reported by Axios.

Trump’s invitation came on Thursday in a call with Netanyahu, who is currently visiting Hungary, when Israeli leaders raised the issue of tariffs.

As part of a drastic new tariff policy announced by Trump, exports of unspecified Israeli goods to the United States face 17% tariffs. The United States is Israel’s closest ally and largest single trading partner.

An Israeli Treasury official said Thursday that Trump’s latest tariff announcement could affect Israeli machinery and medical equipment exports.

Israel had already moved on Tuesday to cancel remaining duties on US imports. The two countries signed a free trade agreement 40 years ago, and about 98% of the goods from the US are currently not tax-exempt.

– Reuters

Before Wednesday, President Donald Trump’s tariffs were expected to be a problem for the market and the economy, but they were manageable. But what actually emerged was economic and geopolitical mayhem.

It began with Trump’s Rose Garden press conference on Wednesday after the market closed, when the president slapped 10% tariffs on all US trading partners starting on Saturday, earning separate fees for 60 other countries starting in a week. Essentially overnight, the effective US tariff rate was set to rise from 2.5% to 20%.

China has retaliated with a 34% tariff on all goods, and European Union leaders are also considering measures.

The market rebounded against development, sending the stock to a two-day sale, with Nasdaq composite, with the name of the powerhouse Silicon Valley that Trump had courted the bear market early in his second term.