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      Tariff turmoil to continue as Trump warns nobody ‘off the hook’ amid smartphone exemption – US politics live

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      Good morning and welcome to our US politics blog.In an announcement made late on Friday evening, Donald Trump’s presidential administration exempted smartphones and computers from the 125% levies imposed on imports from China as well as other “reciprocal” tariffs.The devices would be excluded from the 10% global tariff that Trump recently imposed on most countries, along with the much heftier import tax on China, in what seemed like a softening of the president’s trade positioning towards Beijing.US stock markets were expected to stage a recovery after the announcement. Shares in Apple and chip maker Nvidia were on course to surge after tariffs on their products imported into the US were lifted for three months.China’s commerce ministry said the exemption demonstrated the US taking “a small step toward correcting its erroneous unilateral practice of ‘reciprocal tariffs’,” and suggested the American administration cancel the whole punitive tariff regime.However, Trump’s commerce secretary, Howard Lutnick, said on Sunday that critical technology products from China would face separate new duties along with semiconductors within the next two months.“He’s saying they’re exempt from the reciprocal tariffs, but they’re included in the semiconductor tariffs, which are coming in probably a month or two,” Lutnick said in an interview on ABC. “These are things that are national security, that we need to be made in America.”Amid the confusion over the White House’s tariff policy, Trump said he would provide more details on his administration’s approach on semiconductor tariffs later today.But he suggested any tariff exemption for China-made smartphones would be short-lived, writing on his social media: “Nobody is getting off the hook for unfair trade balances”. Stay with us throughout the day as we bring you the latest tariff developments and other US political stories.Spain’s economy minister, Carlos Cuerpo, is expected to meet the US treasury secretary, on Tuesday as he aims to bolster bilateral ties between the two countries.The Trump administration has slapped a 10% tariff on imports of most European goods, including olive oil, although it announced a 90-day pause last week on higher, 25% “reciprocal” duties.Spain is the world’s top exporter of olive oil and also sells important quantities of auto parts, steel and chemicals to the US. The country’s prime minister, Pedro Sánchez, has announced a €14.1bn (£12.2bn; $16bn) government aid package to industry to lessen the domestic impact of Trump’s levies.Maya Yang, a breaking news reporter and live blogger for Guardian US, has filed this story about a warning over the potential consequences of Trump’s erratic economic policies:Billionaire investor Ray Dalio said that he is worried the US will experience “something worse than a recession” as a result of Donald Trump’s trade policies.Speaking to NBC’s Meet the Press on Sunday, the 75-year-old hedge fund manager said: “I think that right now we are at a decision-making point and very close to a recession. And I’m worried about something worse than a recession if this isn’t handled well.”He went on to add: “A recession is two negative quarters of GDP and whether it goes slightly there. We always have those things. We have something that’s much more profound. We have a breaking down of the monetary order. We are going to change the monetary order because we cannot spend the amounts of money.”Dalio’s comments come in response to a tumultuous week across the global stock markets following the US president’s tariffs policies that include a 145% tariff raise on China. The billionaire also said there are “profound changes in our domestic order … and world order”, comparing current times with the 1930s.“I’ve studied history and this repeats over and over again. So if you take tariffs, if you take debt, if you take the rising power challenging existing power, if you take those factors and look at the factors, those changes in the orders, the systems, are very, very disruptive. How that’s handled could produce something that is much worse than a recession. Or it could be handled well,” he said.Dalio, who correctly predicted the 2008 recession, also said the current economic state of the US is “at a juncture”.“Let’s take the budget. If the budget deficit can be reduced to 3% of GDP, it will be about 7% if things are not changed. If it could be reduced to about 3% of GDP, and these trade deficits and so on are managed in the right way, this could all be managed very well,” he said.He went on to urge congressional members to take what he calls the “3% pledge”, adding that if they don’t, there will be a supply and demand problem for debt with results that will be “worse than a normal recession.”You can read the full story here:Chinese President Xi Jinping will be welcomed by Vietnam’s President Luong Cuong today as he seeks to strengthen economic ties in south-east Asia amid a trade war with Washington that has caused turmoil in global markets.In an article for the Nhan Dan newspaper, Xi called for more regional cooperation, saying China and Vietnam were “friendly socialist neighbours sharing the same ideals and extensive strategic interests”.He added that a “trade war and tariff war will produce no winner, and protectionism will lead nowhere”, without explicitly mentioning the US.The visit, planned for weeks, comes as Beijing faces 145% US duties, while Vietnam is negotiating a reduction of threatened US tariffs of 46%. China is Vietnam’s biggest trading partner; Hanoi has a good relationship with both Washington and Beijing.As my colleague Rebecca Ratcliffe notes in this story, officials in Hanoi were shocked when Vietnam was hit with the 46% tariff, even after various efforts to appease the Trump administration. The tariff, which has been paused, threatens to devastate the country’s ambitious economic growth plan.Xi will visit Vietnam, a manufacturing powerhouse, from 14 to 15 April, and Malaysia and Cambodia from 15 to 18 April. He last visited Cambodia and Malaysia nine and 12 years ago, respectively.Xi’s trip to Hanoi, his second in less than 18 months, aims to consolidate relations with a strategic neighbour that has received billions of dollars of Chinese investments in recent years as China-based manufacturers moved south to avoid tariffs imposed by the first Trump administration.Good morning and welcome to our US politics blog.In an announcement made late on Friday evening, Donald Trump’s presidential administration exempted smartphones and computers from the 125% levies imposed on imports from China as well as other “reciprocal” tariffs.The devices would be excluded from the 10% global tariff that Trump recently imposed on most countries, along with the much heftier import tax on China, in what seemed like a softening of the president’s trade positioning towards Beijing.US stock markets were expected to stage a recovery after the announcement. Shares in Apple and chip maker Nvidia were on course to surge after tariffs on their products imported into the US were lifted for three months.China’s commerce ministry said the exemption demonstrated the US taking “a small step toward correcting its erroneous unilateral practice of ‘reciprocal tariffs’,” and suggested the American administration cancel the whole punitive tariff regime.However, Trump’s commerce secretary, Howard Lutnick, said on Sunday that critical technology products from China would face separate new duties along with semiconductors within the next two months.“He’s saying they’re exempt from the reciprocal tariffs, but they’re included in the semiconductor tariffs, which are coming in probably a month or two,” Lutnick said in an interview on ABC. “These are things that are national security, that we need to be made in America.”Amid the confusion over the White House’s tariff policy, Trump said he would provide more details on his administration’s approach on semiconductor tariffs later today.But he suggested any tariff exemption for China-made smartphones would be short-lived, writing on his social media: “Nobody is getting off the hook for unfair trade balances”. Stay with us throughout the day as we bring you the latest tariff developments and other US political stories. More

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      ‘The sky won’t fall’: China plays down Trump tariff risks as stock markets rally

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      China has played down the risk of damage to its exports from Donald Trump’s tariffs, with an official saying the “the sky won’t fall”, as stock markets rose on Monday amid signs of a retreat on electronics restrictions.The world’s second-largest economy has diversified its trade away from the US in recent years, according to Lyu Daliang, a customs administration spokesperson, in comments reported by state-owned agency Xinhua.China has retaliated forcefully to Washington’s tariffs, with 125% levies on US imports against the US’s total of 145% border taxes on goods moving the other way. The trade war has prompted turmoil on financial markets since Trump first revealed tariffs on every country in the world on 2 April. Since then he has partly retreated on the highest levies on most trading partners for at least 90 days, but has doubled down in his spat with China.The White House offered further relief over the weekend with an exemption from the steepest tariffs for electronics including smartphones, laptops and semiconductors. Trump officials later appeared to walk that back with the commerce secretary, Howard Lutnick, saying such devices would be “included in the semiconductor tariffs which are coming in probably a month or two”.Trump said on Sunday night on his social network, Truth Social, that “NOBODY is getting ‘off the hook’”, highlighting that smartphones are still subject to 20% levies and suggesting they could still rise higher.However, investors on Monday appeared unconvinced by Trump’s attempts to play down the retreat. Japan’s Nikkei gained 1.2% while Hong Kong’s Hang Seng rose by 2.2% and the Shanghai and Shenzhen exchanges climbed by 0.8% and 1.2%, respectively. European stock market indices also jumped in opening trades, with London’s FTSE 100 up by 1.6%, Germany’s Dax up 2.2%, and France’s Cac 40 up 2%.“The sky won’t fall” for Chinese exports,” China’s Lyu said. “These efforts have not only supported our partners’ development but also enhanced our own resilience”.The customs report also played up China’s “vast domestic market”, and said “the country will turn domestic certainty into a buffer against global volatility”. China has increasingly tried to stimulate private consumption.skip past newsletter promotionafter newsletter promotionChina’s president, Xi Jinping, on Monday criticised the US tariffs, during a visit to Vietnam. Vietnam has in recent decades grown to become the eighth largest source of goods for US consumers, but it is facing the threat of 46% tariffs when Trump’s 90-day pause expires.In an article in a Vietnamese newspaper, Xi said that a “trade war and tariff war will produce no winner, and protectionism will lead nowhere”. More

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      US stock markets expected to recover after Trump drops tariffs on mobiles

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      US stock markets were expected to stage a recovery on Monday after Donald Trump excluded imports of smartphones and laptops from his tariff regime late on Friday night.Shares in Apple and chip maker Nvidia were on course to soar after tariffs on their products imported into the US were lifted for 90 days.The temporary reprieve was widely seen as a climbdown after pressure from Republican leaders concerned that the soaring cost of smartphones would spark a voter backlash. US retailers import about 80% of all smartphones, many of them from China, which Trump has slapped with tariffs totalling 145%.US Customs and Border Protection said items like laptops, hard drives, smartphones, flat-panel monitors and some chips would qualify for the exemption. Vital machines made outside the US that are used to make semiconductors were also excluded.It means these products will avoid the China tariff and the 10% baseline tariffs applied on other countries caught by the new regime.Speaking on Air Force One on Saturday evening, Trump said he would be more specific about the latest exemption rules on Monday. “We’ve been making a lot of money,” he said. “It’s been the other way around. Other countries, in particular China was making a lot of money.”It is not clear how long the exemption will last or whether separate tariffs will be negotiated on the specific products.China has responded with a tariff on all US exports of 125%. Beijing said at the weekend that the reprieve for smartphones was a “small step” toward easing the trade fight between the world’s two biggest economies.skip past newsletter promotionafter newsletter promotionHowever, the US commerce secretary, Howard Lutnick, said the reprieve was likely to be lifted in 90 days and reiterated Trump’s longstanding plan to apply a different, specific levy to the sector.Speaking on NBC, he said: “All those products are going to come under semiconductors, and they’re going to have a special focus-type of tariff to make sure that those products get reshored. We can’t be relying on China for fundamental things that we need.”Lutnick dismissed interpretations of Trump’s reprieve that argued it reflected the president’s realisation that his China tariffs were unlikely to shift more manufacturing of smartphones, computers and other gadgets to the US in the near future.On Sunday Trump warned that no country would be getting “off the hook” on his punishing tariffs, again singling out China for criticism. “NOBODY is getting ‘off the hook’ for the unfair Trade Balances,” Trump wrote in a post on his Truth Social platform. “Especially not China which, by far, treats us the worst!”Apple has spent decades building up a finely tuned supply chain in east Asia, including inside China. The firm has pledged to move some facilities back to the US over the next four years, which will cost it $500bn, including constructing a giant factory in Texas for artificial intelligence servers but was expecting to retain much of its international network as it expands its sales.Trump’s move at the start of April to impose tariffs on imports to the US battered the stocks of tech’s magnificent seven – Apple, Microsoft, Nvidia, Amazon, Tesla, Google parent Alphabet and Facebook parent Meta Platforms.At one point, they lost $2.1tn, or 14% of their value, from 2 April. Shares have recovered since last Wednesday after Trump paused the tariffs except on China, allowing tech firms to use India and other conduits to import smartphones. More

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      In the face of Trump’s mayhem, Europe is the direction to which the UK must turn – and Keir Starmer knows it | Tom Baldwin

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      Keir Starmer was back at the Emirates Stadium on Tuesday to watch Arsenal’s 3-0 win over Real Madrid, a result that far exceeded expectations of his team’s chances in Europe. And, over the next few days, I wouldn’t be surprised if he tries to snatch a short Easter break in the warmth and sunshine of that same continent.Football and family holidays offer him some much needed relief from the grim reality of a faltering economy, towering public debt and terrifying global insecurity, which are all being made worse on a daily – sometimes hourly – basis by Britain’s closest ally of the previous 80 years.But that mayhem being caused by Donald Trump’s extended stag party in the White House means that Europe is much more than an occasional distraction for the prime minister. Slowly, if not always surely, it is once again becoming the direction towards which Britain must turn.This is not exactly where Starmer thought he would to be. For all his talk of an EU “reset”, the plan had been to “make Brexit work” within self-imposed “red lines” ruling out joining the single market or a customs union, blocking freedom of movement and appearing to allow only some minor mitigation of the damage done by Boris Johnson’s deal.In the immediate aftermath of Trump’s inauguration, new horizons on the other side of the Atlantic briefly seemed rather more exciting. There was genuine interest in, if not admiration for, this insurgent disruptor of the US’s stuffy political establishment. There was also a prospect that Britain might gain advantage over the EU from a repurposed special relationship being gilded by inviting Trump to hang out with the royals.And, even now, securing some sort of US trade deal that might save thousands of British jobs, or the promise of the minimal military cooperation needed to maintain European security, are still prizes worth having. It’s silly to blame Starmer for trying to win them, or to expect him to strike poses against Trump for the sake of cheap headlines and not much else.What’s changed, however, is a recognition around the cabinet table that the US president is much more of a problem than part of any solution. Gone are the days when a government source would brief it had more in common with Maga Republicans than US Democrats, or Rachel Reeves could tell Britain to learn from Trump’s optimism and “positivity”. Nowadays ministers say it has become almost futile to anticipate his next move because “he’s only ever reliable in his unpredictability”. Whatever happens next, this is a US administration that can’t be regarded as a stable ally either on the economy or security.Those who think Starmer, in his repeated calls for “cool and calm heads”, is still being excessively polite have perhaps been too busy complaining to have noticed a subtle shift in his language. For instance, when the Times last week ran the headline: “Why Keir Starmer hopes Trump’s tariffs could be good news for the UK”, the rebuttal came from the prime minister himself, with an article in the same newspaper the next day, which began by stating: “Nobody is pretending that tariffs are good news.”View image in fullscreenOne well-placed Downing Street adviser now describes how Trump “wants to destroy the multilateral institutions” that Starmer believes are essential “to span divides and bring the world together”. Another mentions polling evidence that apparently shows even if a big US trade deal can be done, British voters would still prefer closer links to the EU because they don’t trust Trump to deliver.Certainly, efforts to reset those relations have been pursued with more vigour over recent weeks. These began with Starmer’s “coalition of the willing” to replace the military support for Ukraine that Trump appears so intent on taking away, and will continue ahead of the EU-UK summit on 19 May. More focus on shared interests and values and less on “red lines” should mean a security and defence pact is agreed. Also within reach is a so-called veterinary deal to make agricultural trade easier, while legislation is already going through parliament that would enable UK ministers to align with EU regulations in other areas to the benefit of small exporters.There may yet be a workable youth mobility scheme for those aged 18-30, which some EU members, notably Germany, regard as a test of whether this government is really different to the last one. Although the proposal was hastily ruled out during last year’s general election, the Treasury is increasingly sympathetic to it because, by some estimates, it could do more for growth than planning reform and housebuilding combined. At the same time, new cooperation on North Sea windfarms and negotiations to align the UK and EU carbon trading scheme could increase investment, improve energy security and generate billions of pounds in additional revenue.But there are still limits to this revived EU-UK relationship and it will never go far enough or fast enough to satisfy the many Labour supporters convinced that Brexit was a catastrophic mistake. Those close to Starmer emphasise he’s less interested in “relitigating old arguments from the previous decade” than in finding new ways to pursue the national interest now that “the era of globalisation is over”. Downing Street believes that part of the appeal of both Trump and our homegrown strain of rightwing populism lies in how institutions like the EU became too detached from the people they were meant to serve. In short, they’re determined not to be seen defending the status quo.The UK wants any security pact to include data-sharing on illegal immigration, which the EU, for its own arcane reasons, may be unwilling to accept. The government will insist that any defence deal must also allow British industry to bid for contracts from a massive new European rearmament fund. That agreement, in turn, could yet be held up by rows with a French government demanding concessions over fish quotas. The hope is that our political leaders prove big enough to hurdle such obstacles. But economic nationalism is not confined to the White House and making meaningful progress in Europe has never been easy.Though Arsenal’s Champions League victory will have been the high point of Starmer’s week, he may reflect that his team haven’t yet reached the semi-final stage of the competition. In politics, as in football, there is much to play for in Europe, and a long way to go.

      Tom Baldwin is the author of Keir Starmer: The Biography More

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      China raises tariffs on US goods to 125% as Xi urges EU to resist Trump ‘bullying’

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      China has raised its tariffs on US products to 125% in the latest salvo of the trade dispute with Washington, just hours after Xi Jinping said there were “no winners in a tariff war”.Xi made the comments during a meeting with the Spanish prime minister in which he invited the EU to work with China to resist “bullying”, part of an apparent campaign to shore up other trading partners.The Chinese commerce ministry announced on Friday that it was raising the 84% tariffs on all US imports to 125%, again saying that China was ready to “fight to the end”. The statement also suggested it may be Beijing’s last move in the tit-for-tat tariff raises as “at the current tariff level, there is no market acceptance for US goods exported to China”.“If the US continues to impose tariffs on Chinese goods exported to the US, China will ignore it,” it said, flagging that there were other countermeasures to come.Some markets continued to tumble on Friday, as the French president, Emmanuel Macron, described the US president’s 90-day tariff pause – which sets most tariffs at 10% until July – as “fragile”.Asian indices followed Wall Street lower on Friday, with Japan’s Nikkei down nearly 5% and Hong Kong stocks heading towards the biggest weekly decline since 2008. Oil prices were also expected to drop for a second consecutive week.Chinese officials have been canvassing other trading partners about how to deal with the US tariffs, after the country was excluded from Trump’s 90-day pause of the steepest global tariffs. Instead the US president made consecutive increases to duties on Chinese imports, which are now 145%.On Friday, Xi welcomed Spain’s Pedro Sánchez, after also talking to counterparts in Saudi Arabia and South Africa. According to the official Chinese summary of the talks, Xi said “there will be no winners in a tariff war, and going against the world will isolate oneself”, in an apparent reference to the US.“China and the EU should fulfil their international responsibilities, jointly maintain the trend of economic globalisation and the international trade environment, and jointly resist unilateral bullying, not only to safeguard their own legitimate rights and interests, but also to safeguard international fairness and justice, and to safeguard international rules and order,” the summary said Xi told Sánchez.Spain said Sánchez told Xi his country favoured a more balanced relationship between the EU and China based on negotiations to resolve differences and cooperation in areas of common interest.Xi plans to travel to south-east Asia, including Vietnam and Cambodia, next week.Macron wrote on X early on Friday that Trump’s partial tariff suspension, pausing new rates on various countries that would have risen as high as 50%, “sends out a signal and leaves the door open for talks. But this pause is a fragile one.”He added: “This 90-day pause means 90 days of uncertainty for all our businesses, on both sides of the Atlantic and beyond.”Battered financial markets were given a brief reprieve on Wednesday when Trump decided to pause duties on dozens of countries. However, his escalating trade dispute with China, the world’s second-largest economy, has continued to fuel fears of recession and further retaliation.The US treasury secretary, Scott Bessent, tried to assuage the fears of sceptics by telling a cabinet meeting on Thursday that more than 75 countries wanted to start trade negotiations, and Trump had expressed hope of a deal with China.But the uncertainty in the meantime extended some of the most volatile trading since the early days of the Covid-19 pandemic.The US’s S&P 500 index ended 3.5% lower on Thursday and was now down about 15% from its all-time peak in February. Some analysts believe stocks have further to fall owing to the uncertainty surrounding the US tariff policy.Bessent shrugged off the renewed market sell-off on Thursday and predicted that striking deals with other countries would bring more certainty.The US and Vietnam agreed to begin formal trade talks after Bessent spoke to the Vietnamese deputy prime minister, Ho Duc Phoc, the White House said.The south-east Asian manufacturing hub is prepared to crack down on Chinese goods being shipped to the US via its territory in the hope of avoiding tariffs, Reuters reported on Friday.Taiwan’s president said his government would also be among the first batch of trading partners to enter negotiations. Taiwan, listed for a 32% tariff, has offered zero tariffs as a basis for talks.Japan’s prime minister, Shigeru Ishiba, meanwhile, has set up a taskforce led by his close aide that hopes to visit Washington next week, according to local media.View image in fullscreenWhile Trump suddenly paused his “reciprocal” tariffs on other countries hours after they came into effect this week, he did not include China, instead increasing duties on Chinese imports as punishment for Beijing’s initial move to retaliate.Trump had imposed tariffs on Chinese goods of 145% since taking office, a White House official said.Meanwhile, Trump told reporters at the White House he thought the US could make a deal with China, but he reiterated his argument that Beijing had “really taken advantage” of the US for a long time.“I’m sure that we’ll be able to get along very well,” the US president said, referring to Xi. “In a true sense, he’s been a friend of mine for a long period of time, and I think that we’ll end up working out something that’s very good for both countries.”Xi and Trump are not known to have spoken since before Trump’s inauguration. Beijing has said it has no intention of backing down to what it terms as Trump’s “bullying” with the tariffs.“We will never sit idly by and watch while the legitimate rights and interests of the Chinese people are infringed, nor will we sit idly by as international economic and trade rules and the multilateral trading system are undermined,” the Chinese foreign ministry spokesperson, Lin Jian, said on Thursday.As well as retaliatory tariffs, Beijing has also restricted imports of Hollywood films, and put 18 US companies on trade restriction lists.The commerce ministry said China’s door was open to dialogue but this must be based on mutual respect.The US tariff pause also does not apply to duties paid by Canada and Mexico, whose goods are still subject to 25% fentanyl-related tariffs unless they comply with the US-Mexico-Canada trade agreement’s rules of origin.With trade hostilities persisting among the top three US trade partners, Goldman Sachs estimates the probability of a recession at 45%.Even with the rollback, the overall average import duty rate imposed by the US is the highest in more than a century, according to Yale University researchers.It also did little to soothe business leaders’ worries about the fallout from Trump’s trade dispute and its chaotic implementation: soaring costs, falling orders and snarled supply chains.One reprieve came, however, when the EU said it would pause its first counter-tariffs. 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      Trump’s tariffs come into full effect after he signs executive orders boosting coal production – US politics live

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      Good morning and welcome to the US politics live blog. My name is Tom Ambrose and I’ll be bringing you all the latest news over the next few hours.We start with news that president Donald Trump’s new tariffs have gone into full effect today.When Trump announced the latest round of tariffs on 2 April, he declared that the US would now tax nearly all of America’s trading partners at a minimum of 10% – and impose steeper rates for countries that he says run trade surpluses with the US.The 10% baseline had already gone into effect on Saturday. Trump’s higher import tax rates on dozens of countries and territories took hold at midnight, Washington DC time, AP reported.The steeper levies run as high as 50% – with that biggest rate landing on small economies that trade little with the US, including the African kingdom of Lesotho.Some other rates include a tax of 47% on imports from Madagascar, 46% on Vietnam, 32% on Taiwan, 25% on South Korea, 24% on Japan and 20% on the European Union. Some of these new tariffs build on previous trade measures.Trump last week announced a tariff of 34% on China, for example, which would come on top of 20% levies he imposed on the country earlier this year. He has since threatened to add an another 50% levy on Chinese goods in response to Beijing’s recently promised retaliation. That would bring the combined total to 104% against China.China said it will take “resolute measures” to defend its trading rights, but gave no details on how it will respond.In other news:

      Donald Trump signed four executive orders boosting coal production yesterday. The orders direct government agencies to “end all discriminatory policies against the coal industry,” including by ending the leasing moratorium on coal on federal land, accelerating all permitted funding for coal projects, protecting coal power plants scheduled to be shuttered, and investigating state or local governments that “discriminate against coal”.

      During his executive order ceremony, Trump tried to assuage fears of a recession, saying that tariffs are bringing in $2bn a day. The White House has also said that nearly 70 countries have reached out looking to begin negotiations to lower or postpone their tariffs.

      A federal judge ruled that the White House’s decision to block the Associated Press from its press pool is unconstitutional. The ruling comes nearly two months after the White House first barred an AP reporter from the Oval Office over the outlet’s decision to continue using the term “Gulf of Mexico” after Donald Trump issued an executive order renaming the body of water the “Gulf of America.”

      The US will take back the Panama canal from Chinese influence, US defense secretary Pete Hegseth said during a rare visit to the nation still unsettled by Trump’s threats to take back the canal. Just hours after his visit, the Chinese embassy in Panama issued a statement calling Hegseth’s comments part of “a sensationalistic campaign” to “sabotage Chinese-Panamanian cooperation”.

      A New York judge will hear arguments tomorrow about the legality of Donald Trump’s deportations of Venezuelan immigrants, one day after the supreme court issued a ruling saying immigrant rights advocates had filed their case in the wrong state. After the supreme court issued its ruling yesterday, the American Civil Liberties Union re-filed its case in Manhattan.

      Hours after the Internal Revenue Service formalized an agreement to share tax information of undocumented immigrants with Homeland Security, the acting head of the Irs has decided to step down. The acting Irs commissioner, Melanie Krause, is the third person to lead the tax agency since Donald Trump took office in January. More

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      Volatility grips global stock markets as Trump insists on tariff ‘medicine’

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      Extreme volatility plagued global stock markets on Monday, with Wall Street swinging in and out of the red as Donald Trump defied stark warnings that his global trade assault will wreak widespread economic damage, comparing new US tariffs to medicine.A renewed sell-off began in Asia, before hitting European equities and reaching the US. It was briefly reversed amid hopes of a reprieve, only for Trump to threaten China with more steep tariffs, intensifying pressure on the market.On Wall Street, the benchmark S&P 500 dropped by as much as 4.1% – entering bear market territory after falling more than 20% from its most recent peak, in February – before launching an extraordinary reversal to turn positive.While markets were fleetingly boosted after Kevin Hassett, director of the White House national economic council, signaled that Trump was open to considering a 90-day pause on tariffs for all countries but China, the relief did not last long.After hours of turbulent trading, the S&P closed down 0.2%. The Dow Jones industrial average finished down 0.9%.“We’re not looking at that,” Trump told reporters, when asked about the prospect of a pause. Pressed on whether the tariffs set the stage for negotiations with countries, or were permanent, he replied: “Well, it can both be true. There can be permanent tariffs, and there can also be negotiations.”The FTSE 100 closed down 4.38% in London at 7,702.08 – the lowest close in more than a year – after the Nikkei 225 slumped 7.8% in Tokyo. Other major European also ended the day sharply lower, including Germany’s DAX and France’s CAC which both fell more than 4%.Trump, who has previously used market rallies as a barometer of his success, tried to brush off the sell-off this weekend. “I don’t want anything to go down,” the US president said on Sunday. “But sometimes you have to take medicine to fix something.”He stood firm on Monday. “The United States has a chance to do something that should have been done DECADES AGO,” Trump wrote on his Truth Social platform. “Don’t be Weak! Don’t be Stupid!”As China prepares to retaliate, Trump threatened to further increase US tariffs on the country – an additional rate of 50% – if it hits back. All talks with Beijing over potential meetings have been “terminated”, he said.Major share indices have fallen dramatically since he unveiled his controversial plan to overhaul the US economy last week. The Trump administration imposed a blanket 10% tariff on imported goods this weekend, and is set to follow with higher tariffs on products from specific nations from Wednesday.While senior figures in corporate America have been reluctant to criticize Trump since his inauguration in January, a handful have started to sound the alarm in recent days.Larry Fink, CEO of the investment giant BlackRock, expressed concern on Monday over the threat of a downturn. “The economy is weakening as we speak,” he said at the Economic Club of New York, according to Bloomberg. “Most CEOs I talk to would say we are probably in a recession right now.”The JPMorgan Chase boss, Jamie Dimon, one of the most influential executives on Wall Street, warned that Trump’s tariff plan was “likely” to exacerbate inflation. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” he wrote in his annual letter to shareholders.Dimon added: “The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse.”The billionaire fund manager Bill Ackman, who backed Trump’s campaign for the presidency, has also demanded the administration reconsider its plan. “We are heading for a self-induced, economic nuclear winter,” he wrote on X, formerly Twitter.Even Elon Musk, a close ally of Trump, currently leading the so-called “department of government efficiency” inside the government, appeared to break with the administration on the issue. Peter Navarro, Trump’s top trade adviser, “ain’t built shit”, Musk wrote on X, which he owns, this weekend.Navarro, for his part, insisted in a television interview on Monday morning that the stock market would find a bottom. Less than hour later, when New York opened for trading, the search continued.The technology-focused Nasdaq Composite started the day down 4.3%, before switching in and out of the red. It ended the day broadly flat, up by 0.1%. The VIX “fear index” of volatility rose as high as 60 for the first time since August.Oil prices also came under pressure, with Brent and WTI benchmarks stooping to their lowest levels in four years, as growing economic tensions between Washington and Beijing stoked fears that a global downturn would challenge demand.Sir Richard Branson, co-founder of Virgin Group, argued the “predictable and preventable” market chaos would have “catastrophic” implications for people in the US and around the world, and claimed companies were already going bankrupt as a result of the weaker dollar and higher costs.“This is the moment to own up to a colossal mistake and change course,” Branson wrote on X. “Otherwise, America will face ruin for years to come.” More