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      Trump’s chaos-inducing global tariffs, explained in charts

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      Donald Trump’s announcement of a long slate of new tariffs on the US’s trading partners has caused chaos in global markets and threatens a global trade war and US recession.Long trailed on his election campaign, Trump’s plans were even more sweeping than many had predicted: a baseline 10% tariff on all imports and higher tariffs for key trading partners, including China and the EU.Though the tariffs won’t go into effect for a few more days, global markets have been reeling from the announcement of what’s to come.Here’s a breakdown of what the tariffs are and how they’ve affected the economy since Trump’s announcement.The new tariffsTrump’s new tariffs are twofold. First, all imported goods will be subject to a 10% universal tariff starting 5 April. Then, on 9 April, certain countries will see higher tariff rates – what Trump has deemed “reciprocal tariffs” in retaliation for tariffs the countries have placed on American exports.Keep in mind that tariffs are paid by American companies that are importing goods such as wine from Europe or microchips from Taiwan.Some of the highest tariffs will be put on imports from Asian countries, including China, India, South Korea and Japan. EU exports will also have a 20% tariff.How did the White House calculate its reciprocal tariffs? The administration said that it looked at the trade deficit between the US and a specific country as a percentage, and then considered that to be a tariff. So, for example, the value of US goods that are exported to China are 67% of the value of the Chinese goods that are imported into the US.The White House calls this definition a “tariff” placed on American goods, though a deficit and a tariff are not the same thing.It then halved the “tariff” and used that percentage to represent the new levy that the US would place on goods from that country.Canada and Mexico are notably absent from the list, despite being targets of a proposed 25% tariff. The White House said that goods covered under an existing trade agreement between the two countries will continue to have no tariffs.Targeting key trading partnersTrump and his economic advisers argue that the tariffs will strengthen US manufacturing while also lowering barriers other countries put on American goods. But the US has long been in a trade deficit, importing more goods than exporting.While increasing domestic manufacturing and relying less on foreign suppliers could strengthen the US economy in the long run, economists say that Trump’s tariffs are too aggressive and uncertain for them to actually encourage domestic investment. Instead, companies have said they will pass the cost of the tariffs on to consumers.Fear on Wall StreetMarkets immediately plummeted when exchanges started trading on Thursday morning, as Wall Street reacted to the new levies.Wall Street has been slumping for the last month as Trump introduced new tariffs and teased the ones he announced on Wednesday. All three exchanges went into correction territory in March, meaning that the indexes fell more than 10% from their recent peaks.The tariffs have also hit stock markets abroad. The UK’s FTSE 100 saw its worst day since August 2024, while markets in Japan, Hong Kong and Germany also tumbled.Leaders around the world expressed shock and frustration over the new tariffs. Ursula von der Leyen, president of the European Commission, called the tariffs “a major blow to the world economy”.“The global economy will massively suffer,” she said Thursday. “Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire.”The new tariffs have also made the US dollar fall in value in relation to other major currencies.The strength of the US dollar is an important measure of how the US economy is seen by investors, relative to other economies. That the dollar has been falling shows that investors see instability in the US economy that is likely to last. More

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      ‘Did you stand up?’: read part of Cory Booker’s blockbuster 25-hour speech | Cory Booker

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      Editor’s note: the following is an excerpt from Cory Booker’s 25-hour marathon speech on the US Senate floorTonight, I rise with the intention of getting in some good trouble. I rise with the intention of disrupting the normal business of the United States Senate for as long as I am physically able.I rise tonight because I believe, sincerely, that our country is in crisis.And I believe that not in a partisan sense, because so many of the people that have been reaching out to my office – in pain, in fear, having their lives upended – so many of them identify themselves as Republicans.Indeed, conversations from in this body, to in this building, to across my state – and recently in travel across the country – Republicans as well as Democrats are talking to me about what they feel as a sense of dread about a growing crisis, or what they point to about what is going wrong.The bedrock commitments in our country – that both sides rely on, that people from all backgrounds rely on – those bedrock commitments are being broken.Unnecessary hardships are being borne by Americans of all backgrounds. And institutions which are special in America, which are precious, which are unique in our country, are being recklessly – and I would say even unconstitutionally – affected, attacked, even shattered.In just 71 days, the president of the United States has inflicted so much harm on Americans’ safety, financial stability, the core foundations of our democracy, and even our aspirations as a people. From our highest offices: a sense of common decency. These are not normal times in America, and they should not be treated as such.John Lewis – so many heroes before us – would say that this is the time to stand up, to speak up. This is the time to get in some good trouble, to get into necessary trouble. I can’t allow this body to continue without doing something different – speaking out. The threats to the American people and American democracy are grave and urgent. And we all must do more. We all must do more against them.But those 10 words: “If it is to be, it is up to me.” All of us have to think of those 10 words – 10 two-letter words: “If it is to be, it is up to me.” Because I believe generations from now will look back at this moment and have a single question: “Where were you? Where were you when our country was in crisis and when American people were asking for help? Help me. Help me.” Did we speak up?When 73 million American seniors, who rely on social security, were to have that promise mocked, attacked, and then to have the services undermined – to be told that there will be no one there to answer if you call for help – when our seniors became afraid and worried and panicked because of the menacing words of their president, of the most wealthy person in the world, of cabinet secretaries … Did we speak up?When the American economy, in 71 days – 71 days – has been upended, when prices at the grocery store were skyrocketing, and the stock market was plunging, when pension funds, 401(k)s, were going down, when Americans were hurting and looking up, where the resounding answer to this question was: “No.”Are you better off economically than you were 71 days ago? Where were you? Did you speak up?At a time when the president of the United States was launching trade wars against our closest allies, when he was firing regulators who investigate America’s biggest banks and biggest corporations – and stop them from taking advantage of the little guy, or the little gal, or my grandmother, or your grandfather – dismantling the agency that protects consumers from fraud, the only one whose sole purpose is to look out for them … Did you speak up?When the president of the United States, in a way that is so crass and craven, peddled his own meme coin and made millions upon millions upon millions of dollars for his own bank account – at a time so many are struggling economically – did you speak up?Did you speak up when the president of the United States did what amounts to a conman’s house – the White House – when the president tried to take healthcare away? Where were you? Did you speak up?Threatening a program called Medicaid, which helps people with disabilities, helps expectant mothers, helps millions upon millions of Americans – and why? Why? As part of a larger plan to pay for tax cuts for the wealthiest among us, who’ve done the best over the last 20 years.For billionaires who seem so close to the president that they sat right on the dais at his inauguration and sit in his cabinet meetings at the White House.skip past newsletter promotionafter newsletter promotionDid you speak up when he gutted public education, slashed funds for pediatric cancer research, fired thousands of veterans who risked their lives for their country? When he abandoned our allies and our international commitments?At a time when floods, fires, hurricanes and droughts are devastating communities across this country – when countries all around the world are banding together to do something – and he turned his back?Did you speak up when outbreaks of dangerous infectious diseases are still a global threat, yet we have stopped engaging in the efforts necessary to meet those threats?Where were you when the American press was being censored? When international students were being disappeared from American streets without due process? When American universities were being intimidated into silence, challenging that fundamental idea of freedom of thought, freedom of expression?When the law firms that represent clients that may not be favored were attacked, and attacked, and attacked – where were you? Did you speak up when they came for those firms?Or what about when the people who attacked the police officers – defended this building, an American democracy – on January 6, who just outside those doors put their lives on the line for us, and many of them would later die … Where were you when the president pardoned them, celebrated them, and even talked of giving them money – people who savagely beat American police officers?Did you speak up when Americans from across the country were all speaking up – more and more voices in this country speaking up – saying: “This is not right. This is un-American. This is not who we are. This is not America.” Did you speak up?And so I rise tonight because I believe to be about what is normal right now, when so much abnormal is happening, is unacceptable.I rise tonight because silence at this moment of national crisis would be a betrayal of some of the greatest heroes of our nation. Because at stake in this moment is nothing less than everything that we brag about, that we talk about, that makes us special.At stake right now are some of our most basic American principles – principles that so many Americans understand are worth fighting for, worth standing for, worth speaking up for.

      Cory Booker is a US senator from New Jersey More

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      Dear Disney: don’t cave to Trump. We need you to shape dreams for kids everywhere | Jeff Yang

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      I remember the moment I truly recognized the power Disney has to move young hearts and minds.It was when I attended a sneak preview of Disney’s adaptation of the Chinese legend of Mulan, about a young woman who disguises herself as a man and takes up her wounded father’s sword to defend her nation.I enjoyed the movie, with its combination of swashbuckling, slapstick and show tunes. But as I filed out of the theater, what I saw hit me like a fire-dragon rocket: two blond, apple-cheeked siblings, probably under the age of eight, leaping and sparring and loudly arguing over the right to pretend to be the movie’s main character, Mulan. A boy and a girl, neither of them Asian, both so enthralled by the film’s Chinese protagonist that they each aspired to be her.It reminded me that Disney doesn’t just tell stories; it shapes dreams, creating heroes iconic enough to inspire young kids to imagine and be more, and providing empowering figures that enable people from different backgrounds to see themselves – and one another.It’s still staggering for me to think that Mulan, a story from China with a gender-blurred title role, was greenlit, made and released in 1998 and is now broadly accepted alongside Bambi as a timeless animated classic – especially now that Maga has announced it’s coming after the House of Mouse, with the apparent objective to make sure that nothing like it is ever made again.On 27 March, the Trump-appointed Federal Communications Commission (FCC) chair, Brendan Carr – a dead ringer for Who Framed Roger Rabbit’s mirthless toon-terrorizer Judge Doom – sent a letter to Disney’s CEO, Bob Iger, informing him that he had directed the agency’s enforcement bureau to begin an investigation into Disney’s diversity, equity and inclusion policies.Carr stated that he wanted to ensure that Disney had not been “promoting invidious forms of DEI discrimination”, calling out as examples the company’s employee affinity groups, its “Reimagine Tomorrow” multicultural showcase and especially the company’s “inclusion standards”, a set of goals that aim to increase the number of characters from underrepresented groups to half of the regular and recurring roles on its TV network, ABC.It’s hard to explain why any of these are “discriminatory” or “invidious”; voluntary employee-led clubs – which have no restrictions or requirements for membership – are discriminatory? A website featuring remixes of Disney songs sung by artists of color and explanations of how to sign “Mickey Mouse” in ASL is invidious? Even the “inclusion standards” are just broadly aspirational objectives, which could be met in any number of ways: Disney’s definition of “underrepresented groups” includes women, people of color, LGBTQ+ people, disabled persons and military veterans.But the mere threat of the investigation has triggered Disney to begin a cautious reframing of some of these initiatives. The Reimagine Tomorrow site is gone, and now points to a generic inclusion page headed by the message: “At Disney, we want everyone to belong and thrive.” The company’s business employee resource groups have been redubbed “belonging” employee resource groups.Carr’s letter makes it clear that mere semantic shifts won’t be enough, demanding that Disney’s policies be “changed in a fundamental manner”. And while Carr cites “equal opportunity rules” and the need to ensure “fair and equal treatment under the law”, it’s obvious that he won’t be satisfied until Disney changes the one thing that the FCC is restricted from regulating by the US constitution: its content.View image in fullscreenOf course, the first amendment prevents the government from infringing on freedom of expression, except in very narrowly delimited ways. Where the FCC is concerned, the only way it can impose its will on a creative company’s storytelling choices is if they are obscene, indecent or profane or contain dangerous disinformation. So the agency can’t just demand that Disney stop making shows about Asian princesses or Black superheroes or Latina anthropomorphic automobiles.Yet that’s just what Carr is doing – using the back door of equal employment opportunity to claim that by casting people who aren’t straight or white or male in its movies and TV programs, Disney is unfairly withholding employment from straight white males. And unless Disney is ready to announce Timothée Chalamet as the new Black Panther, which, thank God, it isn’t, targeting the studio’s ability to hire diverse talent is a deliberate attempt to force it away from making diverse stories.That would spell business disaster for Disney.Yes, the studio has had its share of flops, which the Maga mob has blamed on multicultural casting – including, most recently, its unfairly pilloried live-action remake of the 1937 animated masterpiece Snow White, starring Rachel Zegler, whose mother is Colombian. The film, made on a $240m budget, has so far earned just $142m at the box office, its prospects poisoned by controversy over Zegler’s advocacy on behalf of Palestine and racist backlash over her Latina heritage from online creeps.But similar attacks were also levied against Disney’s The Little Mermaid remake, starring the African American actor Halle Bailey as Ariel, and that film was a box-office success and global streaming blockbuster. It also made the storyline relevant in new ways to young women – which makes sense, given that Disney’s goal with its remakes isn’t simply to photocopy the past, but to extend and refresh it, reaching untapped audiences of the present and emerging markets of the future.If that means they sometimes swing and miss in the short term, in the long run it all evens out, because Disney doesn’t actually plan their business by quarter or year – they blueprint it by age bracket. Their franchises are designed to be evergreen and intentionally aligned to “graduate” kids up a ladder of content: girls go from Muppets to Disney Fairies to Disney princesses to Disney’s Descendants. Boys go from Cars to Pirates to Star Wars to Marvel superheroes. The ultimate goal is to ensure that there’s something for every stage of growing up until young adulthood arrives and their fans become parents themselves, allowing Disney to earn money across the consumer life cycle, generation after generation.And every generation of Americans is more diverse. Baby boomers were 29% people of color. Gen X, 41%. Millennials, 46%, gen Z, 50%. The youngest rising cohort – those born after 2012, and currently squarely in Disney’s prime target demo – is officially the first to be “majority minority”, with kids of color making up a full 52% of gen Alpha.Whatever Trump’s mandate may be, Disney’s demographic mandate should be stronger. The company defiantly and successfully resisted attempts by Ron DeSantis to strong-arm it into ending its diversity practices in Florida. While Trump’s flying assault is coming from a higher top rope, the Mouse should still be mighty enough to fend it off and roar back.Disney’s incentive will be what it always has been: making money. But for diverse communities, the positive manifestation of Disney’s profit motive has been that kids growing up today know what it feels like to be mirrored in the media they consume, with all of the psychological and emotional benefits that confers.I’ve seen this first-hand, as someone who grew up in an era nearly devoid of Asian representation in Hollywood, and who went through the bizarre experience of having my elder son, Hudson Yang, star in the first hit TV series focused on an Asian American family. To this day, Hudson still receives surprise hugs from people who grew up tuning into Fresh Off the Boat once a week, and wide-eyed stares from kids who have discovered it years later through TikTok clips and streaming reruns.The network that aired the show for six seasons, beginning in 2014? Disney’s ABC, a decade before inclusion standards existed and before Maga was around to protest them. And that gives me optimism that Disney will keep doing what it has done so well for generations, regardless: give children from a wide array of backgrounds an answer – “now and here” – to the question in Mulan’s signature ballad: “When will my reflection show who I am inside?” More

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      Global economy will ‘massively suffer’ from Donald Trump tariffs, Ursula von der Leyen warns – Europe live

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      European Commission president Ursula von der Leyen warned this morning that the global economy “will massively suffer” as a result of tariffs imposed by US president Donald Trump last night, as she said the EU was “prepared to respond.”Despite Trump’s direct attack on “pathetic” EU as he imposed 20% tariffs on the bloc, von der Leyen still expressed hopes that the relationship could “move from confrontation to negotiation,” as she warned “there seems to be no order in disorder.”But it wasn’t immediately obvious that there was any genuine prospect of that happening.Instead the EU and the individual member states are now scrambling to consider how to manage the situation.French president Emmanuel Macron has called an emergency meeting with sectors affected by Trump’s tariffs this afternoon.German economic daily Handelsblatt published new estimates this morning that the US tariffs – including 25% on car imports – could cost German carmakers BMW, Mercedes and Volkswagen as much as €11 bn given Germany is the largest EU car exporter to the US. For perspective, it’s just under a third of the total value of German automotive exports to the US at €36.8 bn.But the worry is not only about the immediate impact, but the more long term consequences of last night’s decision.Addressing Europeans directly, von der Leyen said “I know that many of you feel let down by our oldest ally,” as she stressed the need to think about what’s next.Or as Moritz Schularick, president of the Kiel Institute for the World Economy, put it to Handelsblatt:
      “There is this memorable picture of a stick that you can bend and that comes back again and again. But at some point, if you bend too much, the stick breaks.
      I believe that in terms of trust in the United States, something has broken down in recent weeks that will not come back so quickly.”
      It’s Thursday, 3 April 2025, it’s Jakub Krupa here, and this is Europe Live.Good morning. Fasten your seatbelts, it’s going to be a lively one.Rutte opens with expressing condolences about the death of four US soldiers during a Nato training in Lithuania.He then highlights the new US administration’s desire to “break the deadlock” on Ukraine with Russia, and he pointedly says that European allies step up their spending in response to demands from president Trump.Rubio thanks for his condolences and stresses that the troops’ participation in training shows that the “US is in Nato, … as active as it has ever been,” as he criticised “this hysteria and hyperbole” about the US and Nato.The United States President Trump’s made clear he supports Nato. We’re going to remain in Nato. He’s made it clear,” he says.But he adds that the US wants Nato “to be stronger, more viable” and “invest more in national security.”“[Trump] is not against Nato. He is against a Nato that does not have the capabilities that it needs to fulfil the obligations that the treaty imposes upon each and every member state,” he says.He adds that “no one expects that you’re going to be able to do this in one year or two, but the pathway has to be real.”No questions after their statements, so that’s it.Meanwhile in Brussels, US state secretary Marco Rubio is taking part in today’s Nato ministerial meeting.He is appearing at a press conference together the alliance’s secretary general Mark Rutte now.You can follow it below and I will bring you the key lines here.Italian prime minister Giorgia Meloni has cancelled all her appointments on Thursday as she wants to focus on the response to Trump’s tariffs, her office said.La Repubblica reported that she had been expected to attend events in Calabria, but decided to stay in Rome instead.Earlier today, I brought you her initial response to Trump’s announcement from last night, as she opposed the decision and vowed to “do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favor of other global players.”Meloni was the only sitting European leader to attend Trump’s inauguration in January.Elsewhere, Israeli prime minister Benjamin Netanyahu is in Hungary today to meet with the country’s prime minister Viktor Orbán, and that’s despite, as AP notes, a warrant for his arrest issued by the world’s top war crimes court.Instead, Netanyahu was welcomed with military honours at the beginning of his four-day trip, and the two leaders will speak together at a press conference in Budapest later this morning.The international criminal court in The Hague, the Netherlands, issued a warrant for Netanyahu’s arrest last year over his government’s actions in the Gaza Strip. Hungary criticised it at the time as “outrageously impudent” and “cynical.”A senior aide to Orbán said today that Hungary would now move to withdraw from the court, “in accordance with the constitutional and international legal framework.”While that’s a more radical move, a number of other countries previously indicated they would allow Netanyahu to visit without arresting him, including Germany and Poland, while France claimed he had “immunity” from the court’s order.I will keep an eye on this story for you and bring you the latest.The tariff issue has put Spain’s far-right Vox party – devoted fans of Trump and his radical agenda – in something of a bind.But, reacting to news of the 20% tariffs on EU products, the party’s leader, Santiago Abascal, has chosen to blame … the EU and his political opponents in Spain.His recent post on X has more than a whiff of diversionary tactics to it. In it, he accuses Ursula von der Leyen, the president of the European Commission, Spain’s Socialist prime minister, Pedro Sánchez, and Alberto Núñez Feijóo, leader of the conservative People’s party (PP) of failing to defend the interests of the Spanish people.“The People’s party and the Socialists are dragging us into a suicidal trade war,” he wrote.“Our economy competes on unequal terms because of the ideological bureaucracy of the two-party system. And the only solution they offer is further submission to China, continued wars, and censorship of anyone who speaks out. We must expel this corrupt caste that has only brought ruin and loss of freedoms. And we will do it.”The Spanish Wine Federation (FEV) has described Trump’s imposition of a 20% tariff on EU products as a “significant blow to Spanish wineries”, for whom the US is the second largest export destination, and the No 1 export destination when it comes to sparkling wines.“The tariffs announced by the US are completely unjustified in the specific case of wine, considering that the current tariff gap between the tariffs applied by the EU and the US is minimal,” the FEV’s director general, José Luis Benítez, said on Thursday.Benítez warned that the measure would harm not only Spanish wine-makers but also US consumers, “who consume more wine than they produce”.He also pointed out that the newly announced tariffs would be particularly damaging to small and medium-sized producers, which make up 99% of Spain’s wineries, as they have less capacity to diversify their exports and are more dependent on the main export markets.The US market represents approximately 13% of Spain’s total foreign sales. In 2024, 97m litres of wine were exported for a value of around €390m.German chancellor Olaf Scholz said Trump’s decision was “fundamentally wrong” and undermined the free trade globally, as he warned that all countries “will suffer from these ill-considered decisions.”He said it amounted to “an attack on a trade system that has created prosperity all round the world, itself an American achievement.”Using similar language, German economy minister Robert Habeck said these were “the most disruptive tariff increases in 90 years,” as he warned of potentially “dramatic” effects of the US president’s decisions.Speaking at a press conference in Berlin, Habeck said it was “economically wrong” to say that the existing trading arrangements were “of detriment to the US,” as he called to reject this logic and urged nations in favour of free trade to form a united front in response.Habeck warned that the consequences of these decisions will affect the next federal government and have ramifications “far beyond Germany and beyond Europe.”]The minister also spoke about countermeasures being prepared in response. He said he was not in a position to show them or announce details yet – although he briefly waves the documents at reporters – but he insisted that “good work has been done there” to prepare for this moment.He added that he hoped Trump would buckle under pressure, but “the logical consequence is that he has to feel the pressure” from Germany, Europe and other like-minded countries.Greek finance minister Kyriakos Pierrakakis said that the fresh tariffs imposed by the US government on world trade were a historic shift towards protectionism and a deviation from how the European Union sees economic and social progress, Reuters reported.“As a country, we are in favour of free trade,” Pierrakakis said in a statement. “We hope that this chapter will last as little as possible.”French prime minister François Bayrou told reporters that Donald Trump’s tariffs marked “a catastrophe” for the global economy, and posed “an immense difficulty” for Europe.Speaking on the margins of a meeting in the French Senate, he also said the move will be “a catastrophe for the US and for US citizens.”In comments reported by BFMTV and Le Figaro, Bayrou criticised the US for turning on its allies, as he warned about “serious times” facing Europe and the West.The EU will respond in a “legitimate, proportionate and decisive way” to Donald Trump’s trade tariffs, but its strongest weapon is still “a last resort”, the head of the European parliament’s international trade committee has said.Bernd Lange, a German Social Democrat, said the EU was discussing the use of the anti-coercion instrument, which EU insiders almost inevitably describe as “the big bazooka”.The anti-coercion legislation, which entered into force in 2023, gives the EU wide leeway to impose commerce and investment sanctions against a foreign government deemed to be using trade in an attempt to browbeat countries into changing unrelated policies. The law allows the EU to use ten different kinds of retaliation against a coercive government, notably targeting services. Possible measures could include taxing tech companies, revoking banking licenses and intellectual property rights, blocking companies from public procurementIt was agreed not long after China had imposed trade restrictions on Lithuania over the Baltic state’s friendly policy towards Taiwan.Lange, who helped negotiate the law, said the EU was discussing use of this instrument – “this is of course the bazooka, the strongest measure we could take” – but it would only be used as a last resort.“This is not our first step. Using the ACI, this would really be hard escalation and therefore a last resort, but we have it.”Having renamed Trump’s so-called “liberation day”, as “inflation day”, the MEP said that the EU could target US tech giants in retaliation for tariffs, which is possible even without the anti-coercion law. “Of course if we are really on an escalation ladder, then of course we will have a look to the tech giants as well – I would say this is not the first choice.”The MEP, who travels to Washington next week, still hopes the EU can negotiate its way out of tariffs, but is not optimistic. He described the structure of the US government as “totally unclear” and that only the president and his trade adviser, Peter Navarro, controlled trade, rather than senior officials, such as the US Trade Representative, adding: “That is really a mess.”The EU has some options when considering its response to overnight announcements, including retaliating with tariffs on US goods and services and forming closer ties with other countries.The bloc has already rejected one possible option: fold your cards. But vowing retaliation is only the start.The questions are about what response the EU will have, how quickly it can be marshalled and whether divisions between member states will undermine the tough talk.The EU response will depend on how tightly its 27 member states line up behind a common strategy in a trade war that could trigger economic turmoil and job losses in Europe. An early indication should come on Monday when EU trade ministers meet to discuss the retaliation planned for this month and other measures.Nerves are building. France is worried about the fallout on its wines and spirits industry; Dublin fears an exodus of US multinationals headquartered in Ireland; and the Italian prime minister, Giorgia Meloni, has said the bloc should not act on impulse while the national industry group Confindustria has called for negotiations with the White House.Forging a common line will be critical to new forms of trade retaliation: for example, only a weighted majority of EU countries can decide whether the bloc is facing coercion from the US. That would be an outcome almost no one imagined a decade ago.The German Federation of Business, BDI, has denounced Trump’s tariffs as an “unprecedented attack” on global trade.In a statement issued this morning, it warned that “the European economy must not become a plaything of geopolitical interests” and called for a united response to the 20% tax the 27 countries now face.
      “The announced tariffs are an unprecedented attack on the international trading system, free trade, and global supply chains. The rationale for this protectionist escalation is incomprehensible. It threatens our export-oriented companies and jeopardizes prosperity, stability, jobs, innovation, and investment worldwide.
      The European Union can only act as a united front. This applies to the 27 member states as well as across sectors. The EU has its own instruments for an effective counter-reaction, which it can use decisively. We support the Commission’s strategy of remaining willing to negotiate, aware of Europe’s strengths, and responding flexibly to potential offers.
      German industry has always relied on fair competition, open markets, and cooperative relations with the United States. The EU must now strengthen its alliances with other major trading partners and should coordinate its response with them. A coordinated response is also necessary to counter diversion effects in international trade.”
      Elsewhere, Danish prime minister Mette Frederiksen continues her three-day trip to Greenland amid escalating tensions with the US over the future status of the island.Arriving yesterday, she said “it is clear that with the pressure put on Greenland by the Americans, in terms of sovereignty, borders and the future, we need to stay united.”“I have but one wish and that is to do all that I can to take care of this marvellous country and to support it at a difficult time,” Frederiksen said.She had a dinner with the new Greenlandic prime minister, Jens-Frederik Nielsen, last night, and today gets on with a full programme of meetings likely to touch on the future shape of Danish-Greenlandic relations and economic cooperation.Frederiksen also met with the outgoing prime minister Múte B. Egede who will remain a prominent figure in the new government formed after last month’s snap elections in Greenland.The talks will be a first test for Nielsen’s new administration on whether it can formulate new demands to Copenhagen and get things done in the face of US interest in the island.Frederiksen’s visit comes just days after a highly controversial trip by US vice-president JD Vance, who came over to the US Pituffik Space Base only to directly criticise Denmark for “not doing a good job at keeping Greenland safe,” and accusing it of “underinvesting in the people of Greenland and … in the security architecture” of the island.Earlier this week, Washington Post reported that the Trump administration was studying the potential costs involved should the US succeed in its plans of taking control over Greenland, including whether it could put together a more attractive financial package to compete with Denmark.The paper said that officials were also looking at what revenue to the US Treasury could be gained from the island’s natural resources.I will keep an eye on what comes out of Frederiksen’s meetings.European stock markets are now open and they’re reacting exactly as you would expect them to.The pan-European Stoxx 600 index has fallen 1.5% at the start of trading, to its lowest level in over two months.Germany’s DAX fell almost 2.5% at the start of tading in Frankfurt, while in Paris the CAC 40 is down 2.2% and Spain’s IBEX lost 1.5%.You can follow all the latest business reaction here:Norwegian prime minister Jonas Gahr Støre expressed alarm over “bad news” on US tariffs warning they were “very serious,” with Norway hit by a 15% levy on its goods imported to the US.But Støre told public broadcaster NRK that “there is an opening for negotiations here, the Americans say, and we will use that in every possible way that we can,” Reuters reported.Støre also said he would travel to Brussels on Monday to meet with senior EU officials, including European Commission president Ursula von der Leyen to discuss further steps.UK prime minister Keir Starmer told business chiefs that “clearly there will be an economic impact” from Donald Trump’s tariffs, as he insisted the government would react with “cool and calm heads,” PA news agency reported.He said “nothing is off the table” when it comes to the UK response.Starmer said the government will now focus on making decisions “guided only by our national interest” and on “putting money in the pockets of working people,” as he stressed “one of the great strengths of this nation is our ability to keep a cool head.”Here are some further quotes from Starmer, via PA:
      “Today marks a new stage in our preparation. We have a range of levers at our disposal and we will continue our work with businesses across the country to discuss their assessment of the options.”
      “Our intention remains to secure a deal, but nothing is off the table.”
      “We must rise to this challenge and that is why I’ve instructed my team to move further and faster on the changes I believe will make our economy stronger and more resilient.”
      “Because this Government will do everything necessary to defend the UK’s national interest, everything necessary to provide the foundation of security that working people need to get on with their lives.”
      “That is how we have acted and how we will continue to act: with pragmatism, cool and calm heads, focused on our national security.”
      Our political editor, Pippa Crerar, noted that Downing Street, which had been expecting a 20% rate to be imposed on the UK, expressed relief to have escaped the higher rate with lower, 10% tariffs.Keir Starmer’s more conciliatory approach to the Trump administration appeared to have paid off, she said.European Commission president Ursula von der Leyen warned of “dire consequences” for millions of people, as she said tariffs would “hurt consumers around the world.”She said there was “no clear path through the complexity and chaos that is being created as all US trading partners are hit,” but she insisted the EU’s unity “is our strength” and the bloc would be prepared to respond with calibrated countermeasures.Outgoing German economy minister Robert Habeck stressed the need for a united EU response, saying the bloc should leverage the fact it has the largest single market in the world.“Europe’s strength is our strength,” he said, adding he hoped for “a negotiated solution.”Italian prime minister Giorgia Meloni called the introduction of US tariffs “wrong” as she vowed to “do everything we can to work towards an agreement with the United States, with the aim of avoiding a trade war that would inevitably weaken the West in favor of other global players.”“In any case, as always, we will act in the interest of Italy and its economy, also by discussing with other European partners,” she added.Swedish prime minister Ulf Kristersson said he “deeply regreted” the US decision, saying “we don’t want growing trade barriers” as he lauded the benefits of free trade.But he said the government was ready to respond and work with the EU to “take every opportunity to reverse these developments.”“We want to find our way back to the path of trade and cooperation together with the US,” he stressed.Irish prime minister Micheál Martin said that tariffs “benefit no one,” as he warned they are “bad for the world economy, they hurt people [and] businesses.”“My priority, and that of the government, is to protect Irish jobs and the Irish economy, and we will work with our companies … to navigate the period ahead,” he said.He said he would work with EU partners to “get on a negotiation with the US to limit the damage.”Martin also highlighted “the added value and the strength that Ireland has given to so many US companies” based there.Polish prime minister Donald Tusk posted a brief update on social media, saying: “Friendship means partnership. Partnership means really and truly reciprocal tariffs. Adequate decisions are needed.”Finnish prime minister Petteri Orpo said the tariff decisions were “concerning,” as he warned “there are no winners in a trade war.”“Businesses, consumers, and economic growth suffer. The EU is ready to respond and negotiate. We support this effort. Finland is prepared as part of the Union,” he said.European Commission president Ursula von der Leyen warned this morning that the global economy “will massively suffer” as a result of tariffs imposed by US president Donald Trump last night, as she said the EU was “prepared to respond.”Despite Trump’s direct attack on “pathetic” EU as he imposed 20% tariffs on the bloc, von der Leyen still expressed hopes that the relationship could “move from confrontation to negotiation,” as she warned “there seems to be no order in disorder.”But it wasn’t immediately obvious that there was any genuine prospect of that happening.Instead the EU and the individual member states are now scrambling to consider how to manage the situation.French president Emmanuel Macron has called an emergency meeting with sectors affected by Trump’s tariffs this afternoon.German economic daily Handelsblatt published new estimates this morning that the US tariffs – including 25% on car imports – could cost German carmakers BMW, Mercedes and Volkswagen as much as €11 bn given Germany is the largest EU car exporter to the US. For perspective, it’s just under a third of the total value of German automotive exports to the US at €36.8 bn.But the worry is not only about the immediate impact, but the more long term consequences of last night’s decision.Addressing Europeans directly, von der Leyen said “I know that many of you feel let down by our oldest ally,” as she stressed the need to think about what’s next.Or as Moritz Schularick, president of the Kiel Institute for the World Economy, put it to Handelsblatt:
      “There is this memorable picture of a stick that you can bend and that comes back again and again. But at some point, if you bend too much, the stick breaks.
      I believe that in terms of trust in the United States, something has broken down in recent weeks that will not come back so quickly.”
      It’s Thursday, 3 April 2025, it’s Jakub Krupa here, and this is Europe Live.Good morning. Fasten your seatbelts, it’s going to be a lively one. More

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      Trump news at a glance: sweeping tariffs announced; Musk could be nearing end of role

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      Donald Trump announced sweeping tariffs on some of its largest trading partners on Wednesday, upending decades of US trade policy and threatening to unleash a global trade war on what he has dubbed “liberation day”.Trump said he will impose a 10% universal tariff on all imported foreign goods in addition to “reciprocal tariffs” on a few dozen countries, charging additional duties onto countries that Trump claims have “cheated” America.The 10% universal tariff will go into effect on 5 April while the reciprocal tariffs will begin on 9 April. Markets plunged as they opened in Asia on Thursday – you can follow the latest here, live.Trump launches trade onslaught with celebratory airFor the start of what appears to be a dramatic shift in American trade policy, one that could cause ricochets in the global economy, Trump tried to sell the tariffs with a celebratory tone.Nine giant US flags flanked Trump on stage in the Rose Garden, as the president spoke in front of his cabinet and a crowd of union workers wearing hard hats and fluorescent construction worker vests. Before Trump came on stage, a marine band played celebratory music to excite the crowd.At one point, Trump paused his speech to throw a Maga hat into the crowd. In the next breath, he announced the 10% universal baseline tariff.Read the full storyCanada exemption ‘like dodging a bullet into the path of a tank’Canada’s exemption from Donald Trump’s global tariffs was “like dodging a bullet into the path of a tank”, said one business leader as other levies are poised to hit key industries that drive the country’s economy.Speaking speaking to reporters on Parliament Hill, prime minister Mark Carney said 25% tariffs on Canadian steel and aluminum, as well as on automobiles, will come into effect within hours.Read the full storyRepublicans join Democrats in symbolic Senate vote to rescind Canada tariffsSeveral Republican senators joined Democrats to pass a resolution that would block Donald Trump’s tariffs on Canada, a rare rebuke of the president’s trade policy just hours after he announced plans for sweeping import taxes on some of the country’s largest trading partners.In a 51-48 vote, four Republicans – Susan Collins of Maine, Lisa Murkowski of Alaska, and both Kentucky senators, the former majority leader Mitch McConnell and Rand Paul – defied Trump’s pressure campaign and supported the measure. Democrats used a procedural maneuver to force a vote on the resolution, which would terminate the national emergency on fentanyl Trump is using to justify tariffs on Canada.Read the full storyMusk to soon step down from Trump administration – reportElon Musk’s polarizing stint slashing and bashing federal bureaucracy will probably soon end, with the world’s richest man’s government service hitting its legal limit in the coming weeks. Insiders reportedly told Politico that Musk will leave when 130-day cap on government service expires.Read the full storyGloating at Musk after liberal judge wins Wisconsin raceDemocrats were tasting unfamiliar triumphalism on Wednesday after the election for a vacant Wisconsin supreme court seat turned into an emphatic repudiation of Elon Musk, Donald Trump’s richest supporter and key ally.Read the full storyWaltz’s team set up at least 20 Signal chats – reportDonald Trump’s national security adviser, Mike Waltz, and his team have created at least 20 different group chats on the encrypted messaging app Signal to coordinate sensitive national security work, sources tell Politico.Read the full storyUS health secretary and agency sued by 23 states over $11bn funding cutTwenty-three states and the District of Columbia are suing the US Department of Health and Human Services (HHS) and the health secretary Robert F Kennedy Jr, alleging the abrupt terminations of $11bn in public health funding were “harmful” and “unlawful”.Read the full storyHead of DC’s African American museum on leaveKevin Young, the director of the National Museum of African American History and Culture (NMAAHC) in Washington DC, is not currently in charge of the museum and has been on leave since 14 March, as Donald Trump targets the Smithsonian museum network for its content.Read the full storyJoe Rogan breaks with Trump on Venezuelan deportationsJoe Rogan, the influential podcast host and prominent supporter of Donald Trump, has criticized the president’s administration over the deportation of a professional makeup artist and hairdresser to a prison in El Salvador, calling it “horrific”.Read the full storyWhat else happened today:

      Joe Biden’s former White House chief of staff paints a devastating picture of the then-US president’s mental and physical state before the debate with Donald Trump that sent his 2024 campaign into a tailspin.

      A judge dismissed the corruption case against New York City mayor Eric Adams weeks he bowed to Trump administration pressure cooperate on immigration crackdowns.

      Former Biden administration health secretary Xavier Becerra became the latest Democrat to join the crowded field seeking to become California’s next governor.
      Catching up? Here’s what happened on 1 April 25. More

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      Republicans join Democrats in Senate vote to rescind Trump Canada tariffs

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      Several Republican senators joined Democrats to pass a resolution that would block Donald Trump’s tariffs on Canada, a rare rebuke of the president’s trade policy just hours after he announced plans for sweeping import taxes on some of the country’s largest trading partners.In a 51-48 vote, four Republicans – Susan Collins of Maine, Lisa Murkowski of Alaska and both Kentucky senators, the former majority leader Mitch McConnell and Rand Paul – defied Trump’s pressure campaign and supported the measure. Democrats used a procedural maneuver to force a vote on the resolution, which would terminate the national emergency on fentanyl Trump is using to justify tariffs on Canada.While Trump’s sweeping new tariffs, introduced in a White House Rose Garden ceremony on Wednesday, did not include additional levies on Canada, the Senate vote amounted to a significant bipartisan condemnation of the president’s escalating global trade war with allies and enemies alike.“Tariffs will hurt our families. Canada is not an enemy,” the Democratic senator Tim Kaine, the bill’s sponsor, said in a floor speech on Wednesday. “Let’s not label an ally as an enemy. Let’s not impose punishing costs on American families at a time they can’t afford it. Let’s not hurt American small businesses. Let’s not make our national security investments in ships and subs more expensive.”Republicans have expressed varying degrees of unease over Trump’s clampdown on free trade – once a pillar of conservative orthodoxy – but few were willing to cross him, and many GOP leaders and supporters, including the House speaker Mike Johnson, were in the Rose Garden on Wednesday – a day dubbed “liberation day” by the president – as a way of championing the historic barrage of tariffs on goods from overseas he believes will boost American manufacturing.The Senate’s legislation has practically no chance of passing the Republican-controlled House and being signed by Trump, but it showed the limits of Republican support for Trump’s vision of remaking the US economy by restricting free trade. Many economists are warning that the plan could cause an economic contraction, and GOP senators are already watching with unease as Trump upends the United States’ relationship with the rest of the world.Before the vote, the Senate majority leader John Thune of South Dakota urged Republicans to oppose the resolution, arguing that the tariffs were needed to “ensure that President Trump has the tools to combat the flow of fentanyl from all directions”.In a post on his social media platform, Truth Social, sent just before 1am ET on Wednesday, Trump assailed the four GOP senators who had expressed opposition to his tariffs, imploring them to “get on the Republican bandwagon, for a change, and fight the Democrats wild and flagrant push to not penalize Canada for the sale, into our Country, of large amounts of Fentanyl”.He vowed not to sign the measure if it reached his desk.Defending her vote, Collins said that the tariffs would hurt working families in her state of Maine, which shares a long border with Canada.“The price hikes that will happen for Maine families, every time they go to the grocery store, they fill their gas tank, they fill their heating oil tank, if these tariffs go into effect, will be so harmful,” she said in a Wednesday floor speech. “And as price hikes always do, they will hurt those the most who can afford them the least.”She also argued that fentanyl from Canada was not a major threat to the US, as Trump’s national emergency claims. “The fact is the vast majority of fentanyl in America comes from the southern border,” she said.Democrats argued that Americans were turning against Trump’s agenda, pointing to a string of strong performances by their party in recent special elections that included a consequential victory in a Wisconsin state supreme court race on Tuesday night.“The American people are seeing how bad Trump is,” the Senate minority leader, Chuck Schumer, said in a floor speech. “Tariffs is a good part of it. And they are not supporting people like Elon Musk and those who support Donald Trump.”Earlier on Wednesday, the representative Gregory Meeks, the top Democrat on the House foreign affairs committee, said he would also force a similar vote in the House on the tariffs.“Republicans can’t keep ducking this – it’s time they show whether they support the economic pain Trump is inflicting on their constituents,” he wrote on X. More

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      Trump goes full gameshow host to push his tariff plan – and nobody’s a winner

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      It was Jeopardy!, or The Price Is Right, come to Washington.On an unseasonably chilly day in the White House Rose Garden, Donald Trump stood with a giant chart listing which reciprocal tariffs he would impose on China, the European Union, the United Kingdom and other hapless contestants.The winner?Trump, of course, the maestro of fake populism, watched by a crowd that included men in hard hats and fluorescent construction worker vests.The losers?Everybody else.Sensing a bad headline, Trump hadn’t wanted his “liberation day” to coincide with April Fools’ Day, so he waited until 2 April to enter his fool’s paradise. It turned out to be liberation for his decades-old grievances about the US getting ripped off as Trump stuck two fingers up at the world.“For decades, our country has been looted, pillaged, raped and plundered by nations near and far – both friend and foe alike,” the president said against a backdrop of nine giant US flags on the White House colonnade. “Foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream.”He nodded to American steelworkers, car-workers, farmers and craftspeople in the audience. These blue-collar workers have been central to Trump’s political rise. Their industrial towns in the midwest and elsewhere were hollowed out by the trade policies of Ronald Reagan and Bill Clinton, which sent thousands of jobs abroad where labour was cheaper.Trump couldn’t quite bring himself to say that “liberation day” represents a final repudiation of Reagan, still a god in Republican circles. But he did drive a stake through the heart of the 1994 North American Free Trade Agreement, or Nafta, describing it as “the worst trade deal ever made”.In 2016’s great revolt against globalization, the forgotten workers could have voted for the leftwing populism of Bernie Sanders, but he lost the Democratic party nomination to Hillary Clinton.Instead, enough went for Trump to make him president, believing his promises that he alone could fix it, end American carnage and get the factories throbbing again. As it turned out, he delivered a $1.5tn bill that slashed taxes for corporations and the wealthy.Many workers duly switched back to the Democrats, with Joe Biden in 2020. He did pour money into manufacturing – for example, with the Chips and Science Act, a bipartisan bill investing $52bn to revitalize the semiconductor industry.Yet in 2024 the pendulum swung again.Somehow a Manhattan billionaire with a criminal record again persuaded blue-collar workers that he was on their side. He claimed he could wave tariffs (taxes on foreign imports), which he has described as the most beautiful word in the English language, like a magic wand.In reality, experts say, it will result in higher prices and slower growth. The Ontario premier Doug Ford called this not liberation day but termination day because of all the jobs that will be lost. Trump playing with tariffs is like a child playing with matches.As he prepared to sign an executive order imposing reciprocal tariffs on about 60 countries, he mused that it was payback time: “Reciprocal: that means they do it to us and we do it to them. Very simple. Can’t get any simpler than that. This is one of the most important days, in my opinion, in American history. It’s our declaration of economic independence.”It was a strange message to hear from the leader of the wealthiest, most powerful country in the world as he slapped tariffs on the likes of Ethiopia, Haiti and Lesotho.“For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it’s our turn to prosper … Today we’re standing up for the American worker and we are finally putting America first,” he said.View image in fullscreenEven then, Trump claimed he was being kind by not going “full reciprocal”. He summoned his commerce secretary, Howard Lutnick, to bring the chart to the podium and, as if it were a gameshow, began running through the scores on the doors:“China, first row. China, 67%. That’s tariffs charged to the USA, including currency manipulation and trade barriers. So 67%, so we’re going to be charging a discounted reciprocal tariff of 34%. I think in other words, they charge us, we charge them, we charge them less. So how can anybody be upset?“European Union, they’re very tough – very, very tough traders. You know, you think of the European Union, very friendly. They rip us off. It’s so sad to say, it’s so pathetic. Thirty-nine percent. We’re going to charge them 20%, so we’re charging them essentially half.“Vietnam: great negotiators, great people, they like me. I like them. The problem is they charge us 90%. We’re going to charge them 46% tariff.”And so on to Taiwan, Japan (“very, very tough, great people”), Switzerland, Indonesia, Malaysia and Cambodia: “United Kingdom, 10%, and we’ll go 10%, so we’ll do the same thing.”Once he’d gone through the figures, Trump rambled, as he tends to do, as if at a campaign rally: “The price of eggs dropped now 59%, and they’re going down more, and the availability is fantastic. They were saying that for Easter, please don’t use eggs. Could you use plastic eggs? I said, we don’t want to do that.”And: “It’s such an old-fashioned term but a beautiful term: groceries. It sort of says a bag with different things in it. Groceries went through the roof and I campaigned on that. I talked about the word ‘groceries’ for a lot, and energy costs now are down. Groceries are down.”In other words, everything is going great despite Signalgate, despite disappointing election results on Tuesday, despite a falling stock market and sapping consumer confidence. Now, a global trade war, too. The US is about to discover the one thing more dangerous than a politician who believes in nothing is a politician who believes in something stupid. More