President Trump, seemingly referring to the U.S. economy or markets, took to Truth Social to post: “THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING. THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!”
At the time of Trump’s post, S&P 500 stock futures were down more than 3.5% and the Dow was set to plunge about 1,300 points at the opening bell.
Commerce Secretary Howard Lutnick said on CNBC that the U.S. appreciates countries that buy our goods but the administration is really looking at increasing production at home “for people to get jobs.”
However, Lutnick continued: “We all hold our iPhones, which we love. Why do they have to be made in Taiwan and China? Why can’t those be made with robotics in America?”
Commerce Secretary Howard Lutnick says he expects the main result of Trump’s tariffs to be that other countries will re-examine their trading policies with regard to accepting imports of goods from the United States.
“And stop picking on us. Stop saying that we can’t sell our corn to India, stop saying that we can’t sell our beef anywhere. Just stop treating us so poorly,” Lutnick added.
Canada will fight U.S. tariffs with countermeasures, Prime Minister Mark Carney said yesterday, though the White House didn’t roll out additional levies on Canadian imports in Trump’s highly anticipated massive tariffs plan.
While Canada is not among the 185 nations facing Trump’s newly announced “reciprocal” tariffs, the 25% duties slapped on Canadian goods remain in place and the 25% auto tariffs would also begin soon, Carney told reporters.
“We are going to fight these tariffs with countermeasures,” Carney said. “We are going to protect our workers, and we are going to build the strongest economy in the G7.”
He said U.S. tariffs will “directly affect millions of Canadians.”
“In a crisis, it’s important to come together,” he added. “It’s essential to act with purpose and with force. And that’s what we will do.”
Australia’s Prime Minister Anthony Albanese said that Trump’s 10% tariffs on the country are “not the act of a friend” but added that he won’t retaliate against the U.S.
“This is not the act of a friend,” Albanese told reporters. “The administration’s tariffs have no basis in logic, and they go against the basis of our two nation’s partnership.”
However, he said Australia won’t join a “race to the bottom that leads to higher prices and slower growth” for the country’s households.
Trump singled out Australia’s ban on the import of U.S. beef as the reason for what he called a “reciprocal tariff.” In 2003, Australia prohibited fresh beef imports from the U.S. due to the detection of mad cow disease in U.S. cattle.
Australia charge no duties on U.S. imports, Albanese said. adding that a “reciprocal tariff would be zero, not 10%.”
Major U.S. stock indexes were set to plunge Thursday in the wake of Trump’s shock tariffs announcement, with some $2 trillion in market value set to be erased from the S&P 500, according to Bloomberg News calculations.
S&P 500 futures were off 3.3%. Nasdaq futures were down 3.8%. Dow Jones Industrial Average futures declined 2.8%, or more than 1,100 points.
More than 90% of companies in the S&P 500 were lower in premarket trading, with more than half down at least 2%.
A chart from Evercore ISI, an investment banking firm, highlights just how big Trump’s tariffs are.
The firm below charts average U.S. tariffs, with the sizable and historic Smoot-Hawley Act toward the left. To the right, you can see just how aggressive Trump’s tariff plan is: Evercore estimates that U.S. tariffs will exceed a weighted average of 25% — well above Smoot-Hawley.
Evercore
Despite only meeting the baseline 10%, Trump’s reciprocal tariffs led to shares in London falling Thursday, stoking widespread fears of a global recession.
The FTSE 100 stock index still fell 1.4% as of 10:27 a.m. GMT (5:27 a.m. ET), while the FTSE 250 index dropped 1.3%.
London felt the soft impact of Trump’s announcement after being hit with the lowest import duty rate of 10% — which it said was the result of the country’s efforts to strike a new trade partnership with the U.S.
“Nobody wins in a trade war. That is not in our national interest,” British Prime Minister Keir Starmer said in a statement Thursday, adding, “I will only strike a deal if it is in the national interest.”
Following Trump’s announcement, Starmer met with business leaders in Downing Street, where he warned them, “Clearly, there will be an economic impact from the decisions the U.S. has taken, both here and globally.”
Britain’s already-sluggish economy is vulnerable to a global economic slowdown due to its manufacturing sector forming part of the European supply chain, though its exports are mostly in services.
The British government will consider responding to Trump’s measures “with a cool head,” Starmer said Thursday, with hopes that a new trade deal could see tariffs on British exports lifted.
Among the latest round of sweeping reciprocal tariffs imposed by President Trump was also a 25% levy on all U.S. beer imports, affecting Mexican Corona, Dutch Heineken and Irish Guinness.
While industry experts were relieved that Trump’s threats of a 200% tariff on European alcohol did not materialize Thursday, along with 25% tariffs on Mexican tequila and Canadian whiskey, they warned that the tariffs will likely still hit sales among U.S. drinkers for European makers of wine and spirits, which amounted to 2.9 billion euros ($3.18 billion) of exports last year.
Italian trade association Federvini president Micaela Pallini warned Thursday that production of drinks like champagne and Scotch whisky cannot move from specific countries or regions.
“Many labels, which cannot be replaced by local production, will disappear from the tables of U.S. consumers, while a serious production and employment crisis is looming in Italy and Europe,” Pallini said in a statement, according to Reuters.
In March, Diageo, which sells billions of dollars worth of tequila and Canadian whisky in the U.S., wrote a letter to the U.S. Trade Representative suggesting an alternative to tariffs, where it implored the government to consider tougher rules of origin requirements in trade agreements.
It warned that Trump’s tariffs on Mexico and Canada could result in a $200 million hit to operating profit in the company’s second half alone.
Meanwhile, Japanese drinks maker Suntory said it would now focus on selling its spirits in countries where they were originally produced.
Stateside, the president and CEO of the Distilled Spirits Council of the United States, Chris Swonger, said the decades-long, mostly zero-for-zero tariffs in the spirit industry had benefitted the U.S. and warned that U.S. jobs linked to European spirits imports would also be under threat.
Federal job cuts resulted in the U.S. seeing the third-highest number of layoffs ever recorded in a single month in March, according to a report from jobs and career consultancy Challenger, Gray & Christmas, Inc.
The report said cuts enacted by the Department of Government Efficiency, the effort spearheaded by Elon Musk that’s helped scramble the federal workforce, had resulted in 216,215 layoff plans of federal workers and contractors impacting 27 agencies.
In total, 275,240 cuts were registered across the U.S. economy.
“Job cut announcements were dominated last month by Department of Government Efficiency [DOGE] plans to eliminate positions in the federal government. It would have otherwise been a fairly quiet month for layoffs,” Andrew Challenger, senior vice president and workplace expert for Challenger.
So far this year, employers have announced 497,052, the highest year-to-date and quarterly total since Q1 2009, Challenger said.
The U.S. Bureau of Labor Statistics is slated to release its official monthly jobs report for March tomorrow. Expectations are for approximately 140,000 payrolls added.
Trump’s tariffs on the European Union will hit the economic growth of Belgium, one of its members, at a time when the U.S. is demanding European partners step up defense spending, Belgian Foreign Minister Maxime Prevot said today.
Figures at the Athens stock exchange today.Nick Paleologos / Bloomberg via Getty Images
“It will, one way or another, hit not only Belgian companies but also our citizens, partly due to a lesser economic growth … and that at a moment where the same United States demands an increase in defense spending,” Prevot said in a statement, according to Reuters.
The Belgian government announced in February that it would accelerate defense spending by 4 billion euros ($4.2 billion) in the coming months, in order to meet the minimum 2% increase in defense spending agreed to by NATO allies.
The U.S. is Belgium’s fourth-largest export market and crucial for its pharmaceutical and chemical sectors.
In recent years, retailers and brands have turned to Vietnam to manufacture goods from sneakers to couches while moving some or all production out of China.
China’s southern neighbor became a popular alternative for companies trying to avoid the crossfire of U.S. trade tensions with Beijing. Now, as Trump expands his tariff targets, they can no longer steer clear.
Vietnamese garment factory workers in Ho Chi Minh City today.Huu Khoa / AFP – Getty Images
Trump said he will put a 46% duty on imports from Vietnam as part of a new wave of global levies announced yesterday. That could soon raise costs for major corporations in the apparel, furniture and toy space, and some of them may pass those increases to consumers in the form of price hikes. The tariffs on Vietnam take effect April 9.
China exported more goods to the U.S. than any other country for more than two decades, but Mexico surpassed China as the top source in 2023. China is now the second-largest supplier to the U.S., accounting for $438.9 billion worth of goods in 2024, according to government data from the Office of the U.S. Trade Representative.
For companies that have looked to diversify the countries they rely on for production and reduce risks from trade conflicts with China, Vietnam has also become a popular place to go. Imports from Vietnam grew to $136.6 billion in 2024, up about 19% from 2023.
Carey Stewart Cezar, a retired nurse who lives in Baltimore, watched with dismay yesterday as Trump announced sweeping tariffs on imports.
Cezar voted for then-Vice President Kamala Harris in last year’s presidential election and opposes Trump’s economic policies. But she said she has another reason to be skeptical of Trump’s tariffs: She is a descendant of one of the legislators behind the Smoot-Hawley Tariff Act of 1930, a law that many economic historians believe worsened the Great Depression.
Carey Cezar has kept news clippings about her great-grandfather, Rep. Willis C. Hawley, who was instrumental in getting a tariff act passed and signed into law in 1930.Courtesy Carey Cezar
“I think it’s a terrible idea and potentially devastating,” Cezar, 70, said in a phone interview yesterday, a few hours after Trump announced plans to impose duties on goods brought into the United States from other countries. “I think people don’t remember all the harm caused by tariffs in our history.”
Cezar’s great-grandfather Rep. Willis C. Hawley, an Oregon Republican, sponsored the 1930 tariff act with Sen. Reed Smoot, a Utah Republican. The act, which President Herbert Hoover signed into law roughly a year into the Great Depression, increased duties, set off a trade war and — in the eyes of many historians — aggravated the effects of the era’s economic downturn.
Trump singled out Australian beef exports while slapping a 10% tariff on all Australian products.
“They’re wonderful people, and wonderful everything — but they ban American beef,” Trump said in his Rose Garden speech. “They don’t want it because they don’t want it to affect their farmers and I don’t blame them but we’re doing the same thing right now, starting at midnight tonight, I would say,” he added.
Black Angus cows on a farm outside Melbourne, Australia.Paul Crock / AFP – Getty Images
The U.S. is Australia’s largest red meat market, importing a record 400,000 tons of Australian beef worth $2.52 billion last year. Since 2003, the country has banned the imports of fresh beef from the U.S. after a mad cow disease outbreak in U.S. cattle.
American fast-food chains rely on Australian beef for its lower fat content, which enables them to achieve an ideal fat content of 30% or less, as mandated by the U.S. Agriculture Department.
That means Australian beef farmers aren’t too fazed by the 10% tariff, which is identical to export rivals Brazil and Argentina.
“[American buyers] are completely reliant on our grass-fed beef and some of our high quality grain-finished beef to meet their requirements of their domestic consumers,” Garry Edwards, chair of industry body Cattle Australia, told Reuters.
“I can’t imagine that the American consumer is going to like paying more for their burgers or their steaks for the foreseeable future,” he added.
Australian Trade Minister Don Farrell said last month that higher tariffs on beef could push up the price of McDonald’s hamburgers, while Prime Minister Anthony Albanese said today that the government would assist any industries impacted by the tariffs to sell into alternative markets.
Trump yesterday signed an executive order shutting the de minimis trade loophole, effective May 2.
Trump in February abruptly ended the de minimis trade exemption, which allows shipments worth less than $800 to enter the U.S. duty-free. The order overwhelmed U.S. Customs and Border Protection employees and caused the U.S. Postal Service to temporarily halt packages from China and Hong Kong. Within days of its announcement, Trump reversed course and delayed the cancellation of the provision.
President Trump yesterday.Saul Loeb / AFP – Getty Images
Yesterday’s announcement, which came alongside a set of sweeping new tariffs, gives customs officials, retailers and logistics companies more time to prepare. Goods that qualify under the de minimis exemption will be subject to a duty of either 30% of their value, or $25 per item. That rate will increase to $50 per item June 1, the White House said.
Use of the de minimis provision has exploded in recent years as shoppers flock to Chinese e-commerce companies Temu and Shein, which offer apparel at ultra low cost, electronics and other items. U.S. Customs and Border Protection has said it processed more than 1.3 billion de minimis shipments in 2024, up from more than 1 billion shipments in 2023.
Greek Finance Minister Kyriakos Pierrakakis said today that the new Trump administration tariffs signal a historic shift toward protectionism and deviate from the European Union’s view of economic and social progress.
“As a country, we are in favor of free trade,” Pierrakakis said in a statement, according to Reuters, adding that “we hope that this chapter will last as little as possible.”
Feta cheese production in Greece.Bastian Parschau / Getty Images file
Trump’s decision to slap a 20% tariff on the European Union has shaken the country’s feta cheese producers, who were exempt from U.S. tariffs imposed in European goods in 2019.
“I’m afraid feta will not find a way out of these tariffs this time,” said Christos Apostolopoulos, head of Greece’s association of dairy industries, according to Reuters. “We have to figure it out, how to divert these quantities to other markets.”
Feta, a protected E.U. trademark since 2022, has been produced in Greece for more than 6,000 years. The country produced some 138,000 tons of feta worth 800 million euros ($882 million) last year, with around 8% of its exports reaching the U.S.
Reporting from Washington
Many of the world’s poorest countries now face the highest tariffs imposed by Trump yesterday.
Lesotho in southern Africa has been slapped with the highest duty of 50%. Listed as the world’s 22nd poorest country, it primarily exports diamonds and garments, with the U.S. as one of the top five exporting destinations.
A textile factory in Maseru, Lesotho, on March 19.Roberta Ciuccio / AFP via Getty Images
Cambodia is hit by 49% U.S. tariffs, the second highest, though the U.S. is Cambodia’s largest single-country export destination.
Madagascar in East Africa, the world’s ninth-poorest country, will face 47% reciprocal tariffs. It primarily exports vanilla, cloves and garments, with the U.S. among the top five countries it exports to.
Reporting from Washington
Trump may have threatened over the weekend to put secondary tariffs on Russian oil, but Russia isn’t among the 185 countries affected by the newest round of U.S. levies announced yesterday.
Russia is not on the list because of heavy sanctions on the country due to the Ukraine-Russia war and the U.S. currently has no trade with it, the White House told NBC News. The value of U.S.-Russia trade plunged from about $35 billion in 2021 to $3.5 billion last year, after the Biden administration introduced the measures.
While Trump promised to slap “reciprocal” tariffs on both friends and foes, he also left out Cuba, Belarus and North Korea.
Trump told NBC News on Sunday that if he believes Russia is at fault for a ceasefire not reached with Ukraine, he may impose secondary tariffs on Russian oil.
India’s shares fell Thursday after President Trump slapped a 26% tariff on India, but a comparatively lower tariff rate than neighboring China and duty exemptions on pharma companies helped cushion the blow by giving the country a comparative edge.
The Nifty 50 Indian index of India’s largest stocks was trading 0.2% lower at 10:45 a.m. local time (1:15am ET), while the BSE Sensex, the country’s largest index, fell 0.27%, according to Reuters. On a day when indices around the world are flashing red, those losses are relatively tiny.
Meanwhile, the country’s pharma index jumped 2.6% after Trump exempted pharmaceutical products from the list of imports hit by tariffs.
The Indian trade ministry said Thursday it was “carefully examining” the implications of Trump’s tariff announcement, adding that ongoing talks between the U.S. and India were focused on “enabling both countries to grow trade, investments and technology transfers.”
If you’ve ever fixed your own car brakes, the part you bought could very well have been made by Chinese auto parts supplier Judy Zhang.
Zhang’s company, which is based in the eastern Chinese city of Qingdao and supplies brake hoses for thousands of car models in the U.S., is among those targeted by a 25% U.S. tariff on imports of automobiles, including automobile parts, that is set to take effect Thursday.
A demonstration at the Auto Maintenance and Repair Expo in Beijing on Monday.Hilary Pan / CNBC
That’s on top of a 25% tariff imposed during President Donald Trump’s first term, plus 20% tariffs he has imposed on Chinese imports since returning to office in January. On Wednesday, Trump announced an additional 34% levy on Chinese imports as part of “reciprocal” tariffs imposed on countries around the world, bringing the total combined tariff on Chinese goods to at least 54%.
Though Trump insists that China, among other countries, will pay for the U.S. tariffs, Zhang and other auto parts suppliers say that the tariffs will most likely be shouldered by American consumers and that they won’t bring manufacturing in their industry back to the United States.
Italy’s Prime Minister Giorgia Meloni said the 20% tariff imposed on the EU was “wrong” but added the bloc should try to avert a trade war. Meloni on Thursday cancelled all engagements for the day to focus on Italy’s actions in response to U.S. tariffs, the Italian government said in a statement.
“The tariffs are wrong and not in the interest of either party,” Meloni, a close ally of President Trump, said in a post on Facebook on Thursday. “We will do everything we can to work towards an agreement with the United States, with the goal of avoiding a trade war that would inevitably weaken the West in favor of other global players,” she added.
Hannes P Albert / DPA via Getty Images file
Italy’s food and drinks industry will be hit hard by the new tariffs, and Meloni on Wednesday told business leaders in the sector that the EU may need to adopt “appropriate responses,” according to Reuters.
Italian trade association Federvini also said it was bracing to relive the “economic trauma” caused by tariffs in Trump’s first term, when exports fell by 50%.
“Many labels, which cannot be replaced by local production, will disappear from the tables of U.S. consumers, while a serious production and employment crisis is looming in Italy and Europe,” Federvini President Micaela Pallini said in a statement.
The sweeping tariffs Trump announced today stretched around the globe, including the remote Heard and McDonald Islands, which are populated by zero humans but lots of seals and penguins.
A waddle of King penguins standing on the shores of the Australian territory of Heard Island.Matt Curnock / Australian Antarctic Division
Despite having no apparent exports or imports, the sub-Antarctic islands, which are an external territory of Australia, will be subject to a 10% tariff, according to a document the White House provided during Trump’s tariff announcement today.
Other tiny nations and territories were also hit with 10% tariffs, including Tokelau, a dependent territory of New Zealand, with a population of around 1,600 people, and the Cocos Islands, another territory of Australia, with a population of around 600 people.
Calling the U.S. tariffs “extremely regrettable,” Japan said it will examine the impact on domestic industries and will take “all necessary measures,” including providing support for cash flow.
“We will promptly establish a special consultation service and provide support for cash management and fund procurement,” chief cabinet secretary Yoshimasa Hayashi told reporters in a regular news briefing.
Hayashi said he would not disclose the “specifics of what is being considered” when asked if Japan was considering arbitration by the World Trade Organization or reciprocal tariffs.
Japan’s Nikkei index closed 2.8% lower Thursday.
French officials slammed President Trump’s 20% tariff measures on all goods imported from the European Union, saying that the bloc could be expected to retaliate in mid-April, and then again in late April.
The first of the two responses by the EU will tackle Trump’s attacks on aluminum and steel, followed by the broader range of products and services, French government spokesperson Sophie Primas told local broadcaster RTL radio Thursday.
The Euronext NV stock exchange in Paris on Tuesday.Nathan Laine / Bloomberg via Getty Images
“We are also going to attack services,” she said, including online services from Google, Apple, Facebook, Amazon and Microsoft. She added that the EU would also review access of U.S. companies to procurement contracts in Europe.
France is “ready in this trade war,” Primas said, after accusing Trump of behaving like he’s “master of the world” and of having an “imperialist posture.”
Markets across Asia slid after some of the highest Trump tariffs targeted countries in the region.
In Vietnam, which was slapped with some of the Trump administration’s highest tariffs of 46%, the mains stock index dropped nearly 7% amid fears the levy could impact its manufacturing industry, which is closely tied to American brands like Nike, American Eagle and Wayfair.
Hong Kong’s Hang Seng Index stood 1.5% lower this afternoon (local time), and Shanghai’s SSE Composite Index was down 0.3%. Japan, where officials urged U.S. to reconsider the 24% levy, the Nikkei 225 index fell by 2.7%.
European markets have opened with heavy losses as traders on the continent react to the Trump administration’s global 10% base level tariffs and 20% levies on the European Union.
The STOXX Europe 600 Index — a basket of Europe’s largest companies — was down around 1.8% shortly after the open, with Germany’s DAX index the worst hit among the bourses of Europe’s major economies. That’s no surprise given that Germany is the continent’s industrial powerhouse.
The European companies whose share prices have been worst hit by the fresh taxes are retailers popular in the U.S. such as jewelry manufacturer Pandora and sportswear brands Adidas and Puma — stocks in all three companies had dropped 10% shortly after markets opened.
But it’s perhaps in heavy industry where European business will feel the worst of the pain. Engineering firm Siemens was down 4% and steel-maker Thyssen Krupp fell 3.4%. German carmakers — after President Trump imposed huge new tariffs on foreign car imports — suffered losses, with Volkswagen, Mercedes-Benz, BMW and Stellantis all down 2% or more.
The U.K.’s major index, the FTSE 100, suffered comparatively small losses of 1.3%. With Trump imposing just the 10% base tariff rate on the British economy, U.K. Prime Minister Keir Starmer told journalists that “nobody wins in a trade war, that is not in our national interest. We have a fair and balanced trade relationship with the US.”
Starmer added that the U.K. would only make a trade deal with Trump “if it is in our national interest and if it is the right thing to do for the security of working people, protects the pound in their pocket that they have worked hard to earn”.
President Donald Trump has favored tariffs for years. His expanding trade war is sure to ripple through the global economy for a long while, too.
That’s because ramping up tariffs on foreign governments frequently draws retaliation — a likelihood that even industries Trump aims to support are already bracing for. While he has been rolling out an ever-shifting series of import taxes for months, the sweeping “reciprocal” tariffs he announced yesterday are opening salvos in what could become drawn-out tit-for-tats with potentially dozens of governments.
Steel production in Hangzhou, eastern China.AFP – Getty Images
Unlike the narrower, targeted tariffs Trump imposed on certain countries and products in his first term, his latest duties are set to rewrite the rules of global trade on a far broader level — and in an environment in which inflation is running hotter.
“This is a game changer, not only for the U.S. economy but for the global economy,” Olu Sonola, head of U.S. economic research at Fitch Ratings, said in a note Wednesday evening.
“Many countries will likely end up in a recession. You can throw most forecasts out the door, if this tariff rate stays on for an extended period of time,” she said, adding that the levels Trump is introducing haven’t been seen since 1910.
The European Union is preparing further countermeasures against U.S. tariffs if negotiations fail, according to European Commission President Ursula von der Leyen.
President Donald Trump had imposed 20% tariffs on the bloc on Wednesday.
Speaking on a livestreamed broadcast, von der Leyen said that Trump’s move was a “major blow” to the world economy.
“There seems to be no order in the disorder, no clear path to the complexity and chaos that is being created as all U.S. trading partners are hit,” she said.
Shortly after Trump’s announcement, the British government said the United States remains the U.K.’s “closest ally.”
Business Secretary Jonathan Reynolds said the U.K. hoped to strike a trade deal to “mitigate the impact” of the 10% tariffs on British goods announced by Trump.
“Nobody wants a trade war and our intention remains to secure a deal,” said Reynolds. “But nothing is off the table and the government will do everything necessary to defend the U.K.’s national interest.”
China urged the Trump administration to cancel the new U.S. tariffs and said it would “resolutely take countermeasures” to protect its rights and interests.
The latest round of tariffs leaves China, one of the largest U.S. trading partners, facing the highest U.S. tariff rate with a combined total of at least 54%.
“The so-called ‘reciprocal tariffs,’ based on the U.S.’s own subjective and unilateral assessments, violate international trade rules, severely harm the legitimate rights and interests of other parties, and represent a typical act of unilateral bullying,” the Chinese Commerce Ministry said in a statement.
“Many trading partners have already voiced strong dissatisfaction and clear opposition,” it said, adding that the U.S. should “resolve differences with its trading partners through equal-footed dialogue.”
Apple slid more than 6% in late trading on Wednesday and led a broader decline in tech stocks after President Donald Trump announced new tariffs of between 10% and 49% on imported goods.
The majority of Apple’s revenue comes from devices manufactured primarily in China and a handful of other Asian countries. Nvidia, which manufactures new chips in Taiwan and assembles its artificial intelligence systems in Mexico and elsewhere, fell about 4%, while electric vehicle company Tesla dropped 4.5%.
Across the rest of the megacap universe, Alphabet, Amazon and Meta all dropped between 2.5% and 5%, and Microsoft was down by almost 2%.
If Apple’s postmarket loss is matched in regular trading on Thursday, it would be the steepest decline for the stock since September 2020.
The global financial services firm ING said a 20% tariff from the United States on the European Union will hurt.
“It’s worsened the eurozone’s short-term outlook. Now, so much depends on European governments to push through with their planned fiscal stimulus and reforms to strengthen domestic economies,” it said.
“Wednesday’s tariff announcements by Donald Trump should be the final reminder for Europe that the Transatlantic relationship has changed for good. And this doesn’t only apply to security and defense policies.”
Ireland Prime Minister Micheál Martin slammed the 20% tariff on imports from across the European Union, calling it “deeply regrettable.”
“I strongly believe that tariffs benefit no one. My priority, and that of the government, is to protect Irish jobs and the Irish economy,” he said.
Manfred Weber, the president of the EPP, the European Parliament’s largest party, said Wednesday: “To our American friends, today isn’t liberation day — it’s resentment day. Donald Trump’s tariffs don’t defend fair trade; they attack it out of fear and hurt both sides of the Atlantic. Europe stands united, ready to defend its interests, and open to fair, firm talks.”
