Trump’s tariffs incite fury in China and dismay in Europe: Live updates

U.K. Business Secretary Jonathan Reynolds said the country faces a “threat” to its open economy from any global fallout from Trump’s new tariffs regime, which included a baseline 10% “reciprocal” tariff on British goods exported to the States.

The U.K. has escaped relatively unscathed compared to many other nations, facing the lowest trade tariff that President Trump announced Wednesday thanks to its largely balanced trade in goods with the States.

Trade deficits that the U.S. runs with many trading partners were used in large part by the White House to calculate which level of tariff should be imposed on specific countries or territories.

Recognizing the U.K. was in a better position than many countries, Reynolds nonetheless said Britain was vulnerable to turmoil in other parts of the world hit with higher tariffs, such as the EU which will see a 20% levy on its goods exports to the U.S.

“Anything that disrupts the global trading system is a threat to the U.K. because we are a much more globally orientated trading economy than some partners,” Jonathan Reynolds told Times Radio on Thursday, according to Reuters

He said the government would continue work to strike a trade deal with the Trump administration and would hope to get tariffs reversed. He didn’t rule out counter-measures “if we need to.”

— Holly Ellyatt

Spain is prepared to take action and protect its companies and consumers from the impact of sweeping tariffs freshly announced by U.S. President Donald Trump’s administration, Spanish Economy Minister Carlos Cuerpo said Thursday.

He added that Madrid remains eager to negotiate with the White House, but criticized the new U.S. measures — which involve 20% tariffs against the European Union, to which Spain is a member — as “unfair and unjustified,” according to Reuters reporting.

— Ruxandra Iordache

The French government slammed U.S. President Donald Trump on Thursday, with one official saying his slew of fresh tariffs reflected an “imperialist posture” toward the rest of the world.

Trump is behaving as if he’s “master of the world,” French government spokesperson Sophie Primas told RTL Radio, according to comments reported and translated by Reuters. Primas said the EU was likely to issue countermeasures initially in mid-April and then again in late April.

Trump on Wednesday announced a blanket 20% tariff on all goods imported from the EU, purporting that the new tariff was roughly half of what the EU “charged” the United States.

Trump said Wednesday that the U.S. would charge trading partners “approximately half of what they are and have been charging us,” noting “so, the tariffs will be not a full reciprocal.”

That halved figure includes “the combined rate of all their tariffs, nonmonetary barriers and other forms of cheating,” he said. The EU denies unfair trading practices with the U.S., though it has a long-standing trade surplus with the States. Trade deficits have been taken into account by the White House when calculating the “reciprocal tariffs” it would impose on other nations.

— Holly Ellyatt

Norway will try to negotiate with the U.S. regarding tariffs, Prime Minister Jonas Gahr Støre told public broadcaster NRK on Thursday.

U.S. President Donald Trump announced on Wednesday that Norway would face a 15% duty on goods it exports to the States. The levy is lower than that placed on many other countries but Norway’s leader said it could be very damaging for his country, “which has a lot of exports and lives off exports.”

“This is bad news, it is serious,” Støre told NRK, adding that “it will have consequences for many Norwegian companies and for jobs.”

“If the opportunity to negotiate arises, we will definitely put our foot in the door and stand up for Norwegian interests,” he added, in Google-translated comments.

— Holly Ellyatt

The Monetary Authority of Singapore said it was ready to curb excessive volatility in the Singapore dollar, following the market turmoil after the reciprocal tariffs announcement from the U.S.

In a statement, the MAS said it will also ensure that Singapore’s foreign exchange and money markets continue to function in an orderly manner.

“MAS is closely monitoring developments and assessing the implications for the Singapore economy.”

The Monetary Authority of Singapore said it was ready to curb excessive volatility in the Singapore dollar, following the market turmoil after the reciprocal tariffs announcement from the U.S.

In a statement, the MAS said it will also ensure that Singapore’s foreign exchange and money markets continue to function in an orderly manner.

“MAS is closely monitoring developments and assessing the implications for the Singapore economy.”

Malaysian government said in a statement Thursday that it is not considering reciprocal tariffs after U.S. President Donald Trump unleashed sweeping levies.

The Ministry of Investment, Trade & Industry said it is actively engaging with U.S. policymakers to seek solutions that will “uphold the spirit of free and fair trade.”

Trump set a baseline 10% tariff on all exporters to the U.S. starting April 5, which is set to be levied on Malaysian goods.

The Southeast Asian country recorded a trade surplus of $24.8 billion with the U.S. last year, the ministry said, attributing the deficit in part to U.S. firms operating in Malaysia.

— Anniek Bao

Norway will try to negotiate with the U.S. regarding tariffs, Prime Minister Jonas Gahr Støre told public broadcaster NRK on Thursday.

U.S. President Donald Trump announced on Wednesday that Norway would face a 15% duty on goods it exports to the States. The levy is lower than that placed on many other countries but Norway’s leader said it could be very damaging for his country, “which has a lot of exports and lives off exports.”

“This is bad news, it is serious,” Støre told NRK, adding that “it will have consequences for many Norwegian companies and for jobs.”

“If the opportunity to negotiate arises, we will definitely put our foot in the door and stand up for Norwegian interests,” he added, in Google-translated comments.

— Holly Ellyatt

South Korea’s acting President Han Duck-soo on Thursday ordered emergency support measures for industries and businesses that will be impacted by Trump’s sweeping tariffs, according to a statement from the Ministry of Trade, Industry and Energy.

Han urged the ministry to closely analyze the details and impact of the U.S. “reciprocal” tariffs and actively negotiate with Washington to minimize the impact of tariffs.

Separately, Australian Prime Minister Anthony Albanese told reporters at a press conference that Trump’s decision is “not the act of a friend,” while ruling out responding with counter-levies against the U.S.

— Anniek Bao

Canadian Prime Minister Mark Carney said Ottawa will unveil on Thursday a full set of “countermeasures” in response to U.S. President Donald Trump’s sweeping new tariffs.

“We are gonna fight these tariffs with purpose and with force,” he told reporters ahead of a cabinet meeting to discuss Canada’s response.

The U.S. Senate just passed legislation that would terminate new tariffs on Canada, shortly after Trump unveiled a raft of duties on foreign goods against global major trade partners.

— Anniek Bao

China’s Ministry of Commerce urged the U.S. to “immediately cancel” its unilateral tariff measures and vowed to take “resolute counter-measures” to safeguard its own rights and interests, after U.S. President Donald Trump unveiled what analysts described as the steepest tariff hikes in a century.

The Chinese official described the Trump administration’s decision to impose reciprocal tariffs as a “typical unilateral bullying practice,” adding that many countries have expressed “strong dissatisfaction and clear opposition.”

Separately, the European Union is preparing further countermeasures against U.S. tariffs if negotiations fail, according to European Commission President Ursula von der Leyen.

Speaking on a livestreamed broadcast, the EC president 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,” von der Leyen said.

— Anniek Bao, Lim Hui Jie, Sophie Kiderlin

Trump’s 25% tariffs on imported vehicles to the U.S. have taken effect.

Announced last week, the levies will be imposed on any vehicles that are not assembled in the U.S.

The auto industry is awaiting more clarity on potential upcoming tariffs on some auto parts such as engines and transmissions.

Even if vehicles are produced in the U.S. — meaning the final assembly takes place in the country — the tens of thousands of parts for new cars and trucks come from a global supply chain.

— Michael Wayland and Michele Luhn

President Donald Trump on Wednesday 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…