Trump, undeterred by tumbling US markets, claimed the tariffs are bringing in “virtually $2 billion a day” and insisted they may revive American manufacturing by encouraging corporations to relocate to the US He sharply criticized previous commerce insurance policies and signed orders for added duties on prescribed drugs and low-value Chinese language imports, efficient subsequent month.
Beijing, vowing to “battle to the tip,” has hit again with tariffs of its personal and moved to weaken the yuan for the fifth straight day, sending it to a document low in opposition to the greenback. The standoff has triggered sharp market sell-offs, with Asia’s indexes plunging once more Wednesday—Hong Kong dropped over 3%, and Japan’s Nikkei fell 2.7%. Currencies within the area, together with South Korea’s gained, additionally took a success.
In the meantime, the EU urged restraint, with Fee President Ursula von der Leyen stressing the necessity to keep away from additional escalation in a name with Chinese language Premier Li Qiang. China responded with confidence, saying its economic system might stand up to the stress.
Elsewhere, Canada introduced retaliatory tariffs on US auto imports starting Wednesday. The EU additionally prepares its personal response to new 20% tariffs, with French President Emmanuel Macron warning Trump to rethink: “If the EU should reply, so be it.”
Oil costs additionally slid, with West Texas Intermediate crude dropping beneath $60 a barrel for the primary time since April 2021.
Regardless of the turmoil, Trump struck a defiant tone at a Republican dinner: “These international locations are calling us up, kissing my ass,” he stated, claiming overseas governments had been determined for a deal.
