57 h. ago No retreat on tariffs, Trump promised. Hours later, he blinked

As the economic and political pressure became unbearable, the US president changed course – but has the damage been done?He vowed: “My policies will never change.” He insisted: “Sometimes you have to take medicine to fix something.” He boasted: “I know what I’m doing.” And at 9.33am on Wednesday, he entreated: “BE COOL. Everything is going to work out well.”But less than four hours later, Donald Trump blinked. As the economic and political pressure became unbearable, the US president announced on social media that he would pause for 90 days higher trade tariffs for most countries, excluding China. Continue reading...

Politics

5 d. ago The Guardian view on the tariff war pause: the Trump trade shambles is not over | Editorial

The US president blinked first, but this is just a time-out. The threat to the global economy remains real.It was Donald Trump who blinked first. Never forget that. China is unlikely to overlook its importance. A week after launching an all-out global trade war, the US president paused significant parts of it for 90 days. Having insisted that he would stick with the random tariffs he imposed on most trading nations, Mr Trump suddenly decreed that he would reduce most of them to 10%. It was a major humiliation.Yet 10% is still a significant tariff to bear for nations exporting to the US. This is also only a pause until July, not a withdrawal, so the uncertainty remains. And huge tariffs still remain on China (now hiked to 145%), Canada and Mexico (both 25%), as well as on all US imports of steel, aluminium and cars (also 25%). Mr Trump is now substituting a US-world conflict with a US-China one. The two largest economies in the world – which between them have generated around ha...

Politics

5 d. ago FTSE opens up 6% as markets surge after Donald Trump blinks first and orders a 90

The sharp gains come after the US president announced he would be pausing tariffs on most countries, excluding China, for 90 days.

Politics

5 d. ago Donald Trump blinks... but doubles down on China: After market turmoil, President announces 90

In a dramatic climbdown, the US President said a blizzard of 'reciprocal' tariffs on countries worldwide would be put on hold to allow time for trade talks.

Politics

6 d. ago Donald Trump will learn 'China will not blink' in fighting 'total war' against global tariffs

Experts believe that Donald Trump's decision could lead to a global recession unless the "deals" he's so keen to make are arranged quickly, after the stock market went into freefall following him slapping tariffs on every country in the world

Politics

8 d. ago Bitcoin plunges as President Trump’s tariffs take effect across global stock markets

The turmoil in the cryptocurrency market comes after US President Trump announced major global tariffs on April 1 which included a 10% tariff on all imports and additional taxes on about 60 countries

Politics

1 week ago FTSE 100 hits lowest level since January as IMF warns Trump tariffs ‘a significant risk’ to global economy – business live

Kristolina Georgieva warns against retaliation to US levies while US president insists ‘markets will boom’ after sweeping tariff announcementGlobal markets in turmoil as Trump tariffs wipe $2.5tn off Wall StreetAnalysis: Trump’s ‘idiotic’ and flawed tariff calculations stun economistsNew Civil Liberties Alliance, a conservative legal group, has filed what it says is the first lawsuit seeking to block Donald Trump’s tariffs on Chinese imports, saying the US president overstepped his authority. Reuters reports:The lawsuit, filed in federal court in Florida, alleges that Trump lacked the legal authority to impose the sweeping tariffs unveiled on Wednesday as well as duties authorized on February 1 under the International Emergency Economic Powers Act.“By invoking emergency power to impose an across-the-board tariff on imports from China that the statute does not authorize, President Trump has misused that power, usurped Congress’s right to control tariffs, and upset the Constitution’s ...

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