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      Global markets in turmoil as Trump tariffs wipe $2.5tn off Wall Street

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      Global financial markets have been plunged into turmoil as Donald Trump’s escalating trade war knocked trillions of dollars off the value of the world’s biggest companies and heightened fears of a US recession.As world leaders reacted to the US president’s “liberation day” tariff policies demolishing the international trading order, about $2.5tn (£1.9tn) was wiped off Wall Street and share prices in other financial centres across the globe.Experts said Trump’s sweeping border taxes of between 10% and 50% on the US’s traditional allies and enemies alike had dramatically added to the risk of a steep global downturn and a recession in the world’s biggest economy.World leaders from Brussels to Beijing rounded on Trump. China condemned “unilateral bullying” practices and the EU said it was drawing up countermeasures.While Trump timed his Wednesday evening Rose Garden address to avoid live tickers of crashing stock markets, that fate arrived when Asian exchanges opened hours later.Drawing comparisons with the market crashes at the height of the coronavirus pandemic and the 2008 financial collapse, the sell-off swept the globe, sending exchanges plunging in Asia and Europe. The UK’s FTSE 100 index of blue-chip companies closed the day down 133 points, or 1.5%, to 8,474 after suffering its worst day since August.All three main US stock markets were down at the end of trading in their worst day since June 2020, during the Covid pandemic. The tech-heavy Nasdaq fell 5.97%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. Apple and Nvidia, two of the US’s largest companies by market value, lost a combined $470bn in value by midday.Libby Cantrill, the head of US public policy at Pimco, one of the world’s largest bond fund managers, said investors were growing increasingly concerned as Trump appeared to be unwilling to soften his stance in the face of market turmoil, although hope remained that he would ultimately strike deals with US trading partners.“There is likely a limit to how much pain he and his administration are willing to endure in order to rebalance the economy, but when that is or what that looks like remains to be seen,” she said.“For now, we should assume that his pain tolerance is pretty high and that tariffs stick around for a while.”The US dollar hit a six-month low, falling 2.2% on Thursday morning, amid a growing loss of confidence in a currency previously considered the safest in the world for most of the past century.Warning clients to beware a “dollar confidence crisis”, George Saravelos, the head of foreign exchange research at Deutsche Bank, said: “The safe-haven properties of the dollar are being eroded.”The heaviest falls in share prices on Thursday were reserved for US companies with complex international supply chains stretching into the countries that Trump is targeting with billions of dollars in fresh border taxes.Apple, which makes most of its iPhones, tablets and other devices for the US market in China, was down 9.5% at close of trading, and there were steep declines for other large multinationals including Microsoft, Nvidia, Dell and HP.Commodities fell sharply, including a 7% plunge in oil prices, reflecting growing concerns over the global economic outlook.Speaking to reporters on Thursday, Trump said: “I think it’s going very well. It was an operation like when a patient gets operated on and it’s a big thing. I said this would be exactly the way it is … We’ve never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom.”Trump later said: “Every country is calling us. That’s the beauty of what we do. If we would have asked these countries to do us a favour they would have said no. Now they will do anything for us.”skip past newsletter promotionafter newsletter promotionOver the last nearly 24 hours, Trump has faced widespread backlash from US lawmakers and global leaders over his tariffs plan, with the senior Republican senator Mitch McConnell calling it “bad policy” while Canada – a traditional American ally – called the tariffs “unjustified” and “unwanted”.Tariffs will fall heavily on some of the world’s poorest countries, with nations in south-east Asia, including Myanmar, among the most affected.Cambodia, where about one in five of the population live below the poverty line, was the worst-hit country in the region with a tariff rate of 49%. Vietnam faces 46% tariffs and Myanmar, reeling from a devastating earthquake and years of civil war after a 2021 military coup, was hit with 44%.Analysts warned that garment and sports shoe makers, which rely heavily on production in south-east Asia, face rising costs, which will push up prices for consumers around the globe. The share prices of Nike, Adidas and Puma all fell steeply.Analysts said Trump’s measures would raise the average tariff, or border tax, charged by the US to the highest level since 1933, in a development that threatened to sink the US into recession while increasing living costs for consumers.Trump’s plans involve imposing a 10% tariff on all US trading partners from just after midnight on 5 April, before additional higher tariffs of up to 50% are imposed on countries including China, Vietnam and the EU.The non-partisan Tax Foundation thinktank said it estimated the plan would represent a “$1.8tn tax hike” for US consumers, which would cause imports to fall by more than a quarter, or $900bn, in 2025.While the measures will hit the US hard, researchers at the consultancy Oxford Economics said they could sink global economic growth to the lowest annual rate since the 2008 financial crisis, barring the height of the Covid pandemic.Countries scrambled to assess the fallout and whether to retaliate. The UK, which was hit with the lowest level of 10% tariffs, suggested it may retaliate even as it tries to strike a deal with Washington.It published a 417-page list of US products on which it could impose tariffs, including meat, fish and dairy products, whiskey and rum, clothing, motorcycles and musical instruments.The business secretary, Jonathan Reynolds, told MPs that ministers were still pursuing an economic deal with the US as the priority but “we do reserve the right to take any action we deem necessary if a deal is not secured”.The French president, Emmanuel Macron, said Trump’s decision to impose tariffs of 20% on EU goods was “brutal and unfounded”, while Germany’s outgoing chancellor, Olaf Scholz, called it “fundamentally wrong”.Spain’s prime minister, Pedro Sánchez, said the “protectionist” tariffs ran “contrary to the interests of millions of citizens on this side of the Atlantic and in the US”.The EU is thought to be preparing retaliatory tariffs on US consumer and industrial goods – likely to include emblematic products such as orange juice, blue jeans and Harley-Davidson motorbikes – to be announced in mid-April, in response to steel and aluminium tariffs previously announced by Trump. 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      Trump tariffs live: US markets see worst day in five years as president claims ‘stock is going to boom’

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      The New York stock exchange has closed on its worst day of trading since June 2020 – during the early months of the Covid-19 pandemic.The main indices saw their worst one-day falls in five years as Donald Trump claimed that “the markets are going to boom” in response to his sweeping tariffs.The S&P 500 index is down 4.9% at the close, which Reuters flags is the biggest one-day drop since June 2020.The Dow has also posted its biggest one-day drop since June 2020, down 4%.Meanwhile, the Nasdaq tumbled 5.9%, its worst single-day performance since March 2020.The scale of the sell-off, wiping trillions of dollars off the value of US companies, highlights just how alarmed investors are by the tariffs, and the fears they could lead to a recession.Speaking to reporters earlier on Thursday, Trump denied market turmoil presented a problem. The president said:
      I think it’s going very well. It was an operation like when a patient gets operated on and it’s a big thing. I said this would be exactly the way it is … We’ve never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom.
      Donald Trump told reporters aboard Air Force One today that tariffs on imported semiconductor chips and pharmaceuticals will be coming “soon”.He added that the “reciprocal” tariffs he announced yesterday have put the US “in the drivers seat.”“Every country is calling us. That’s the beauty of what we do,” he said. “If we would have asked these countries to do us a favor. They would have said no. Now they will do anything for us.”The Senate has confirmed Mehmet Oz – a former heart surgeon and TV personality – as the administrator of the Centers for Medicare and Medicaid Services.Oz will take the lead at the agency, which provides health care coverage to more than 160 million Americans – but which is facing significant changes as Congress debates cuts to the Medicaid coverage.For more, read on below:Volkswagen will add an import fee to its cars sold in the United States, the German automaker told its dealers today according to the Wall Street Journal.The news comes the same day Donald Trump’s 25% tariff on foreign automobiles went into effect. Volkswagen said it will announce the exact fee by mid-April.In a statement to the Wall Street Journal, the manufacturer said it wanted to be “very transparent about navigating through this time of uncertainty.”While countries around the world grapple with the meaning of the United States’s new “reciprocal” tariffs, two countries that were exempt from those particular duties – Mexico and Canada – are still preparing for the fallout of other trade decisions.Mexican president Claudia Sheinbaum announced plans to counter Trump’s tariffs earlier today, with a focus on increasing domestic production of items it has historically imported from the US, including natural gas.Although Mexico was not named in Trump’s “reciprocal” tariffs announcement, the country is still subject to a 25% tariff on automobiles, steel and aluminum.“Yesterday, something very important happened: the recognition of the free trade agreement between Mexico, Canada and the United States, which is fundamental at this moment,” she said during a speech in Mexico City.Meanwhile, in Canada, prime minister Mark Carney announced that Canada had introduced a 25% tariff on automobiles made in the United States.“We take these measures reluctantly,” he said. “And we take them in ways that’s intended and will cause maximum impact in the United States and minimum impact here in Canada.”Newly appointed as the Canadian prime minister, Carney added that he hoped to bring together a “coalition of like-minded countries” in search of an alternative to the US: “If the United States no longer wants to lead, Canada will.”Mike Pence will receive the John F Kennedy Profile in Courage Award in May for his refusal to go along with the 6 January attack on the US Capitol.The JFK Library Foundation shared the announcement today, saying the award will recognize Donald Trump’s former vice-president “for putting his life and career on the line to ensure the constitutional transfer of presidential power on Jan. 6, 2021.”After Joe Biden won the 2020 election, Trump put pressure on Pence to reject the results. When a mob of the president’s supporters stormed the Capitol in an attempt to overturn the results of the election, some chanted that they wanted to “hang Mike Pence.” Secret Service agents removed the vice-president from the Capitol, but Pence returned later to continue certifying the election results after the building was secured.The New York stock exchange has closed on its worst day of trading since June 2020 – during the early months of the Covid-19 pandemic.The main indices saw their worst one-day falls in five years as Donald Trump claimed that “the markets are going to boom” in response to his sweeping tariffs.The S&P 500 index is down 4.9% at the close, which Reuters flags is the biggest one-day drop since June 2020.The Dow has also posted its biggest one-day drop since June 2020, down 4%.Meanwhile, the Nasdaq tumbled 5.9%, its worst single-day performance since March 2020.The scale of the sell-off, wiping trillions of dollars off the value of US companies, highlights just how alarmed investors are by the tariffs, and the fears they could lead to a recession.Speaking to reporters earlier on Thursday, Trump denied market turmoil presented a problem. The president said:
      I think it’s going very well. It was an operation like when a patient gets operated on and it’s a big thing. I said this would be exactly the way it is … We’ve never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom.
      As news of Donald Trump’s “reciprocal” tariffs settles in today, the president’s allies on the far-right are reacting to news that their countries will face higher duties.In Italy, premier Giorgia Meloni told state television that she believes Trump’s decision to impose 20% tariffs on exports from Europe was “wrong”, but “it is not the catastrophe that some are making it out to be”.She added that the government will meet next week to discuss its response: “We need to open an honest discussion on the matter with the Americans, with the goal – at least from my point of view – of removing tariffs, not multiplying them”.Meanwhile, Argentinian president Javier Milei – who gifted tech billionaire Elon Musk a chainsaw at the Conservative Political Action Conference in February – said he hoped to meet Trump this evening at the “American Patriots Gala”. In response to the tariffs, Milei posted a link to the Queen song Friends will be Friends on social media.California’s Democratic representative Eric Swalwell has joined in a handful of lawmakers in criticizing Donald Trump’s latest tariffs, writing on X:
      “Trump’s tariffs are a slap in the face to hardworking Americans, jacking up prices, straining small businesses, and risking jobs. This isn’t America first; it’s families last.”
      Donald Trump is continuing to face criticism from US lawmakers after his tariffs reveal on Wednesday included tariffs on barren islands near Antartica that are populated by penguins.Senate minority leader Chuck Schumer called the tariffs “one of the dumbest decisions [Trump] has ever made as president”, adding: “And that’s saying something.”Schumer went on to say that “Donald Trump slapped tariffs on penguins and not on Putin,” in apparent reference to Trump’s 10% tariffs placed on the uninhabited Heard and McDonald Islands.Similarly, Adam Schiff, Democratic senator of California, released a video address on X of featuring a baby penguin he called “George.”
      The Trump administration just put a tariff on this guy. That’s right, this guy. This is George. George lived on an uninhabited island called Heard Island … and Trump just put a 10% tariff on this island which begs of course the question, ‘What did George ever do to Donald Trump and his buddies?’
      This is how nonsensical these tariffs are. This is how absurd and capricious and uncoordinated these tariffs are. And while it might seem absurd and funny that they put a tariff on penguins, it shows just the reckless nature of what they are doing. They are crashing the economy and it could just not be more self-destructive. We are alienating our friends and allies and even going after poor George.
      Speaking to reporters on Thursday amid tumbling US stock markets and $2tn wiped off Wall Street after his tariffs reveal on Wednesday, Trump said:
      I think it’s going very well. It was an operation like when a patient gets operated on and it’s a big thing. I said this would be exactly the way it is … We’ve never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom.
      He went on to add:
      The rest of the world wants to see is there is any way they can make a deal. They’ve taken advantage of us for many years … I think it’s going to be unbelievable …
      Over the last nearly 24 hours, Trump has faced widespread backlash from US lawmakers and global leaders over his tariffs plan, with senior Republican senator Mitch McConnell calling it “bad policy” while Canada – a traditional American ally – called the tariffs “unjustified” and “unwanted”.Here is the latest chart of the S&P500 as of 2pm ET on Thursday: Mitch McConnell, the Kentucky Republican senator and former Senate majority leader, has criticized Donald Trump’s latest tariffs, saying that they are “bad policy and trade wars with our partners hurt working people most”.In a statement on Thursday afternoon, McConnell went on to say:
      They are a tax on everyday working Americans. Preserving the long-term prosperity of American industry and workers requires working with our allies, not against them.
      With so much at stake globally, the last thing we need is to pick fights with the very friends with whom we should be working with to protect against China’s predatory and unfair trade practices. That includes what we do on trade. More

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      Senators unveil bill to claw back power over tariffs amid Trump trade wars

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      Senior senators introduced new bipartisan legislation on Thursday seeking to claw back some of Congress’s power over tariffs after Donald Trump unveiled sweeping new import taxes and rattled the global economy with sweeping new import taxes.The Trade Review Act of 2025, co-sponsored by Senator Chuck Grassley, a top Republican lawmaker from Iowa, a state heavily reliant on farm exports, and Senator Maria Cantwell, a Democrat from Washington, whose state shares a border with Canada, would require the president to notify Congress of new tariffs, and provide a justification for the action and an analysis on the potential impact on US businesses and consumers.For the tariff to remain in effect, Congress would need to approve a joint resolution within 60 days. If Congress failed to give its consent within that timeframe, all new tariffs on imports would expire. The legislation would also allow Congress to terminate tariffs at any time through a resolution of disapproval.Grassley was not among the four Republican senators who voted to approve a Democratic-led resolution that would nullify the national emergency Trump used to justify 25% tariffs on Canadian imports, which passed shortly after the president’s so-called “liberation day” tariff announcement on Wednesday.Yet support from Grassley, third in line to the presidency as the president pro tempore of the Senate, is a sign of the deep unease many Republicans have with the president’s efforts to remake global trade.“For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch,” Grassley said in a statement, adding that the proposed measure was a way to “reassert Congress’ constitutional role and ensure Congress has a voice in trade policy”.The legislation is modeled after the War Powers Act, passed in 1973, that seeks to limit the president’s ability to engage US troops into “hostilities” without Congressional approval.“Trade wars can be as devastating, which is why the Founding Fathers gave Congress the clear constitutional authority over war and trade,” Cantwell said in a statement.“Arbitrary tariffs, particularly on our allies, damage US export opportunities and raise prices for American consumers and businesses. “As representatives of the American people, Congress has a duty to stop actions that will cause them harm.”In a Rose Garden ceremony on Wednesday, Trump announced that the US would impose a major round of new tariffs on many of its largest trade partners and ones uninhabited by humans. The tariffs unleashed chaos across world financial markets, as economists warned that the levies would raise prices for consumers and businesses.Several countries threatened counter-measures as they digested Trump’s trade war escalation. More

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      US stock markets see worst day since Covid pandemic after investors shaken by Trump tariffs

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      US stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.All three major US stock markets closed down in their worst day since June 2020, during the Covid pandemic. The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively. Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.Meanwhile, the US dollar hit a six-month low, going down at least 2.2% on Thursday morning compared with other major currencies and oil prices sank on fears of a global slowdown.Though the US stock market has been used to tumultuous mornings over the last few weeks, US stock futures – an indication of the market’s likely direction – had plummeted after the announcement. Hours later, Japan’s Nikkei index slumped to an eight-month low and was followed by falls in stock markets in London and across Europe.The White House drafted up a list of countries, including some of its largest trade partners and ones uninhabited by humans, that will be receiving reciprocal tariffs. Many economies will see new tariffs above 20%, including the EU, China, Japan and Taiwan.The 10% baseline tariff will go into effect on 5 April, while the reciprocal tariffs will begin on 9 April, according to the White House.“The markets are going to boom,” Trump told reporters at the White House as he left for Florida for the weekend. “I think it’s going very well.”Economists have for months warned that high tariffs are a major risk to the US economy, pushing prices up for consumers on everything from cars to wine along with destabilizing the US’s role in the global economy.But that didn’t stop Trump from taking a celebratory tone at the event he dubbed “liberation day”. Trump tried to paint the tariffs as the start of “the golden age of America”.“We are going to start being smart and we’re going to start being very wealthy again,” Trump said.On Thursday Howard Lutnick, the commerce secretary, defended the move. “The president is not going to back off what he announced yesterday. He is not going to back off,” he told CNN.Multiple major American business groups have spoken out against the tariffs, including the Business Roundtable, a consortium of leaders of major US companies including JP Morgan, Apple and IBM, which called on the White House to “swiftly reach agreements” and remove the tariffs.“Universal tariffs ranging from 10-50% run the risk of causing major harm to American manufacturers, workers, families and exporters,” the Business Roundtable said in a statement. “Damage to the US economy will increase the longer the tariffs are in place and may be exacerbated by retaliatory measures.”skip past newsletter promotionafter newsletter promotionIn a statement, the National Retail Federation, a lobbying group for the retail industry, said that the new tariffs negatively affect the business environment for retailers.“More tariffs equal more anxiety and uncertainty for American businesses and consumers. While leaders in Washington may not care about higher prices, hardworking American families do,” the group said.Contrary to what Trump has said about the jobs the tariffs will create, the National Association of Manufacturers said that tariffs actually “threaten investment, jobs, supply chains and, in turn, America’s ability to outcompete other nations and lead as the preeminent manufacturing superpower”.The tariffs also appear unpopular among voters. A poll released on Wednesday ahead of Trump’s announcement found that just 28% of Americans believe tariffs help the economy, while 58% believe the impacts will be damaging.But in his speech yesterday, Trump appeared ready to be defiant against any criticism.“In the coming days, there will be complaints from the globalists and the outsources and special interests and the fake news,” he said. “This will be an entirely different country in a short period of time. It’ll be something the whole world will be talking about.” More

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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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      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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      in US Politics

      Asian countries riven by war and disaster face some of steepest Trump tariffs

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      Developing nations in south-east Asia, including wartorn and earthquake-hit Myanmar, and several African nations are among the trading partners facing the highest tariffs set by Donald Trump.Upending decades of US trade policy and threatening to unleash a global trade war, the US president announced a raft of tariffs on Wednesday that he said were designed to stop the US economy from being “cheated”.“This is one of the most important days, in my opinion, in American history,” said Trump on Wednesday. “It’s our declaration of economic independence.”He hailed the moment as “liberation day”, but the tariffs are likely to be met with loud protests from some of the world’s weakest economies. One expert said Trump was likely to be targeting countries that received investment from China, regardless of the situation in that country. Chinese manufacturers have previously relocated to countries such as Vietnam and Cambodia not only due to lower operating costs, but also to avoid tariffs.The tariffs come as many countries in south-east Asia are already grappling with the fallout from the cuts to USAID, which provides humanitarian assistance to a region vulnerable to natural disasters and support for pro-democracy activists battling repressive regimes.Cambodia, a developing economy where 17.8% of the population live below the poverty line, according to the Asian Development Bank (ADB), is the worst-hit country in the region with a tariff rate of 49%. More than half of the country’s factories are reportedly Chinese-owned, with the countries exports dominated by garments and footwear.Next worse-hit is the landlocked south-east Asian nation of Laos, a country heavily bombed by the US during the cold war, with 48%. According to the ADB, Laos has a poverty rate of 18.3%.Not far behind is Vietnam with 46% and Myanmar, a nation reeling from a devastating earthquake on Friday, and years of civil war following a 2021 military coup, with 44%.Indonesia, the biggest economy in south-east Asia, faces a 32% tariff rate, while Thailand, the second-largest, has been hit with a rate of 36%.Major US rival and trading partner China has been hit with a 34% reciprocal tariff, on top of the 20% levy already imposed.Dr Siwage Dharma Negara, a senior fellow at the ISEAS-Yusof Ishak Institute in Singapore, said the tariffs on south-east Asian nations were intended to hurt China.“The administration thinks that by targeting these countries they can target Chinese investment in countries like Cambodia, Laos, Myanmar, Indonesia. By targeting their products maybe it will affect Chinese exports and the economy,” he said.“The real target is China but the real impact on those countries will be quite significant because this investment creates jobs and export revenue.”Tariffs on countries such as Indonesia, he said, would be counterproductive for the US, and the detail of how they would be applied remained unclear.“Some garments and footwear [companies] are American brands like Nike, or Adidas, US companies that have factories in Indonesia. Will they face the same tariffs as well?” he said.Stephen Olson, a former US trade negotiator, said countries in south-east Asia would be forced to reconsider their relationships with Washington. “A closer tilt towards China could be the result. It’s hard to have constructive, productive relations with a country that has just dropped a ton of bricks on your head,” said Olson, a visiting senior fellow at the ISEAS – Yusof Ishak Institute.“The world’s largest importer has now essentially hung a sign on its border saying ‘closed for business’,” he added. “We are now faced with two plausible scenarios: Either the impacted trade partners hold firm and retaliate in the hope that Trump will be forced to back down, or they look to cut deals with Trump in order to avoid the tariffs. It is unlikely that either scenario will end well.”Other nations among the hardest hit are several nations in Africa, including Lesotho – a country that Trump claimed “nobody has ever heard of” – with 50%, Madagascar with 47% and Botswana with 37%. Lesotho, a small mountainous kingdom surrounded by South Africa, has the second-highest level of HIV infection of the world, with almost one in four adults HIV-positive.In south Asia, Sri Lanka is facing a 44% tariff. In Europe, Serbia faces a 37% rate.In addition to the reciprocal tariffs on a few dozen countries, Trump will impose a 10% universal tariff on all imported goods. That tariff will go into effect on 5 April, while the reciprocal tariffs will begin on 9 April.The US president has justified the changes by saying they are retribution for countries that have long “cheated” America, and the levies will bring jobs back to the US.But economists have warned the sweeping changes will raise costs, threaten jobs, slow growth and isolate the US from a system of global trade it pioneered, and furthered over several decades.“This is how you sabotage the world’s economic engine while claiming to supercharge it,” said Nigel Green, the CEO of global financial advisory deVere Group.“The reality is stark: these tariffs will push prices higher on thousands of everyday goods – from phones to food – and that will fuel inflation at a time when it is already uncomfortably persistent.” 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