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Trump announces sweeping tariffs on imports, escalating global trade war

Update Trump announces sweeping tariffs on imports, escalating global trade war
US President Donald Trump gestures as he delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., US, April 2, 2025. (Reuters)
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Updated 03 April 2025

Trump announces sweeping tariffs on imports, escalating global trade war

Trump announces sweeping tariffs on imports, escalating global trade war
  • Trump announces 10 percent baseline tariff
  • Higher reciprocal tariffs on many US trading partners

WASHINGTON: President Donald Trump on Wednesday unveiled a 10 percent minimum tariff on most goods imported to the United States, with much higher duties on products from dozens of countries, kicking into high gear a global trade war that threatens to drive up inflation and stall US and worldwide economic growth.
The sweeping duties, which drew bewildered condemnation from many long-standing US allies who found themselves tagged with unexpectedly high tariff rates, promise to erect new barriers around the world’s largest consumer economy, reversing decades of trade liberalization that have shaped the global order.
Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices for everything from bicycles to wine.
US Treasury chief Scott Bessent urged other countries to not retaliate.
“Let’s see where this goes, because if you retaliate, that’s how we get escalation,” Bessent told CNN. “Doing anything rash would be unwise,” he added.
Bessent was asked how he expected stock markets to react to the tariffs to which he replied by saying: “I don’t know.”
Stocks slumped after the announcement. Japan’s Nikkei hit an eight-month low in early trading on Thursday, while US and European stock futures dropped sharply following weeks of volatile trading driven by uncertainty over the escalating trade war.
US stocks have erased nearly $5 trillion of value since mid-February.
Chinese imports will be hit with a 34 percent tariff, on top of the 20 percent Trump previously imposed, bringing the total new levy to 54 percent. Close US allies were not spared, including the European Union, which faces a 20 percent tariff, and Japan, which is targeted for a 24 percent rate. The base rates go into effect on April 5 and the higher reciprocal rates on April 9.
The effective US import tax rate has shot to 22 percent under Trump from just 2.5 percent in 2024, according to the head of US research at Fitch Ratings.
“That rate was last seen around 1910,” Olu Sonola said in a statement. “This is a game changer, not only for the US economy but for the global economy. Many countries will likely end up in a recession. You can throw most forecasts out the door if this tariff rate stays on for an extended period of time.”
The “reciprocal” tariffs, Trump said, were a response to duties and other non-tariff barriers put on US goods. He argued that the new levies will boost manufacturing jobs at home.
“For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said at an event in the White House Rose Garden.
Outside economists have warned that tariffs could slow the global economy, raise the risk of recession, and increase living costs for the average US family by thousands of dollars.
Canada and Mexico, the two largest US trading partners, already face 25 percent tariffs on many goods and will not face additional levies from Wednesday’s announcement.
Even some fellow Republicans have expressed concern about Trump’s aggressive trade policy.
Within hours of Wednesday’s announcement, the Senate voted 51-48 to approve legislation that would terminate Trump’s Canadian tariffs, with a handful of Republicans breaking with the president. Passage in the Republican-controlled US House of Representatives, however, was seen as unlikely.
Trump’s top economist, Stephen Miran, told Fox Business on Wednesday the tariffs would work out well for the US in the long run, even if they cause some initial disruption.
“Are there going to be short-term bumps as a result? Absolutely,” Miran, the chairman of Trump’s Council of Economic Advisers, told the network’s “Kudlow” program.

Ending ‘de minimis’
The reciprocal tariffs do not apply to certain goods, including copper, pharmaceuticals, semiconductors, lumber, gold, energy and “certain minerals that are not available in the United States,” according to a White House fact sheet.
Following his remarks, Trump also signed an order to close a trade loophole used to ship low-value packages — those valued at $800 or less — duty-free from China, known as “de minimiz.” The order covers goods from China and Hong Kong and will take effect on May 2, according to the White House, which said the move was intended to curb the flow of fentanyl into the US
Chinese chemical makers are the top suppliers of raw materials purchased by Mexico’s cartels to produce the deadly drug, US anti-narcotics officials say. A Reuters investigation last year showed how traffickers often route these chemicals through the United States by exploiting the de minimiz rule. China has repeatedly denied culpability.
Trump is also planning other tariffs targeting semiconductors, pharmaceuticals, and potentially critical minerals, the official said.
Trump’s barrage of penalties has rattled financial markets and businesses that have relied on trading arrangements that have been in place since the middle of last century.
Earlier in the day, the administration said a separate set of tariffs on auto imports that Trump announced last week will take effect starting on Thursday.
Trump previously imposed 25 percent duties on steel and aluminum and extended them to nearly $150 billion worth of downstream products.
Tariff concerns have already slowed manufacturing activity across the globe, while also spurring sales of autos and other imported products as consumers rush to make purchases before prices rise.
European leaders reacted with dismay, saying a trade war would hurt consumers and benefit neither side.
“We will do everything we can to work toward an agreement with the United States, with the goal of avoiding a trade war that would inevitably weaken the West in favor of other global players,” Italy’s prime minister, Giorgia Meloni, said.
US Representative Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, said he would introduce legislation to end the tariffs. Such a bill has little chance of passing the Republican-controlled Congress, however.
“Trump just hit Americans with the largest regressive tax hike in modern history — massive tariffs on all imports. His reckless policies are not only crashing markets, they will disproportionately hurt working families,” Meeks said.


Iran’s Paris-based opposition head says time for Khamenei to go, after US hits nuclear sites

Iran’s Paris-based opposition head says time for Khamenei to go, after US hits nuclear sites
Updated 22 June 2025

Iran’s Paris-based opposition head says time for Khamenei to go, after US hits nuclear sites

Iran’s Paris-based opposition head says time for Khamenei to go, after US hits nuclear sites

PARIS: Maryam Rajavi, head of the Paris-based opposition National Council of Resistance of Iran said on Sunday that Iran’s Supreme Leader Ali Khamenei was responsible for the nuclear program that had now “gone up in smoke” and needed to go.
“Now Khamenei must go. The Iranian people welcome the end of the war and seek peace and freedom,” she said in a statement, following unprecedented US strikes that President Donald Trump said had “obliterated” its key nuclear facilities.
“Khamenei is responsible for an unpatriotic project that, in addition to costing countless lives, has cost the Iranian people at least $2 trillion— and now, it has all gone up in smoke.”


Japan spots Chinese ships near disputed isles for record 216 straight days

Japan spots Chinese ships near disputed isles for record 216 straight days
Updated 22 June 2025

Japan spots Chinese ships near disputed isles for record 216 straight days

Japan spots Chinese ships near disputed isles for record 216 straight days
  • The Tokyo-administered islands, known as the Diaoyu in China and Senkaku in Japan, have long been a sore point between the neighbors

TOKYO: Japan spotted Chinese vessels sailing near disputed islets in the East China Sea for a record 216 consecutive days, Tokyo’s coast guard said Sunday.
The Tokyo-administered islands, known as the Diaoyu in China and Senkaku in Japan, have long been a sore point between the neighbors.
On Sunday, Japan said it observed four Chinese coast guard vessels sailing in the “contiguous” zone, referring to a 12-nautical-mile band that extends beyond Japan’s territorial waters.
Last year, Chinese vessels sailed near the Tokyo-administered island chain a record 355 times, including for a period of 215 consecutive days, a Japanese coast guard spokesman told AFP.
Japanese officials regularly protest the presence of the Chinese coast guard and other vessels in the waters surrounding the remote, disputed islands.
Relations between Japan and China were strained by Tokyo’s decision to “nationalize” some of the islands in 2012.
On Friday, Japan’s coast guard and its US and Filipino counterparts staged joint training drills off Japan’s southwest shore — the second time the countries’ coast guards have held training drills together, and the first in Japan.
Territorial disputes with China have pushed Japan to forge deeper ties with the Philippines and the United States.
Earlier this month, Tokyo and Beijing traded barbs over close encounters between their military planes over the Pacific high seas.


UN watchdog says no increase in radiation off sites that the US hit

UN watchdog says no increase in radiation off sites that the US hit
Updated 22 June 2025

UN watchdog says no increase in radiation off sites that the US hit

UN watchdog says no increase in radiation off sites that the US hit
  • The UN nuclear watchdog says there's 'no increase in off-site radiation levels' after US strikes on Iran nuclear sites.

TEL AVIV: The International Atomic Energy Agency said Sunday that there has been “no increase in off-site radiation levels” after US airstrikes on Iranian nuclear sites.
The UN nuclear watchdog sent the message via the social platform X on Sunday.
“The IAEA can confirm that no increase in off-site radiation levels has been reported as of this time,” it said. The “IAEA will provide further assessments on situation in Iran as more information becomes available.”


Surging travel in Europe spikes concerns over tourism’s drawbacks

Surging travel in Europe spikes concerns over tourism’s drawbacks
Updated 22 June 2025

Surging travel in Europe spikes concerns over tourism’s drawbacks

Surging travel in Europe spikes concerns over tourism’s drawbacks
  • Despite popular backlash against the crowds, some tourism officials believe they can be managed with the right infrastructure in place

MADRID: Suitcases rattle against cobblestones. Selfie-snappers jostle for the same shot. Ice cream shops are everywhere. Europe has been called the world’s museum, but its record numbers of visitors have also made it ground zero for concerns about overtourism.
Last year, 747 million international travelers visited the continent, far outnumbering any other region in the world, according to the UN’s World Tourism Barometer. Southern and Western Europe welcomed more than 70 percent of them.
As the growing tide of travelers strains housing, water and the most Instagrammable hotspots in the region, protests and measures to lessen the effects of overtourism have proliferated.
Here’s a look at the issue in some of Europe’s most visited destinations.
What’s causing overtourism
Among factors driving the record numbers are cheap flights, social media, the ease of travel planning using artificial intelligence and what UN tourism officials call a strong economic outlook for many rich countries that send tourists despite some geopolitical and economic tensions.
Citizens of countries like the US, Japan, China and the UK generate the most international trips, especially to popular destinations, such as Barcelona in Spain and Venice in Italy. They swarm these places seasonally, creating uneven demand for housing and resources such as water.
Despite popular backlash against the crowds, some tourism officials believe they can be managed with the right infrastructure in place.
Italy’s Tourism Minister Daniela Santanchè said she thinks tourism flows at crowded sites such Florence’s Uffizi Galleries that house some of the world’s most famous artworks could be better managed with AI, with tourists able to buy their tickets when they book their travel, even months in advance, to prevent surges.
She pushed back against the idea that Italy — which like all of its Southern European neighbors, welcomed more international visitors in 2024 than its entire population — has a problem with too many tourists, adding that most visits are within just 4 percent of the country’s territory.
“It’s a phenomenon that can absolutely be managed,” Santanchè told The Associated Press in an interview in her office on Friday. “Tourism must be an opportunity, not a threat — even for local communities. That’s why we are focusing on organizing flows.”
Where overtourism is most intense

Countries on the Mediterranean are at the forefront. Olympics-host France, the biggest international destination, last year received 100 million international visitors, while second-place Spain received almost 94 million — nearly double its own population.
Protests have erupted across Spain over the past two years. In Barcelona, the water gun has become a symbol of the city’s anti-tourism movement after marching protests have spritzed unsuspecting tourists while carrying signs saying: “One more tourist, one less resident!”
The pressure on infrastructure has been particularly acute on Spain’s Canary and Balearic Islands, which have a combined population of less than 5 million people. Each archipelago saw upwards of 15 million visitors last year.
Elsewhere in Europe, tourism overcrowding has vexed Italy’s most popular sites including Venice, Rome, Capri and Verona, where Shakespeare’s “Romeo and Juliet” was set. On the popular Amalfi Coast, ride-hailing app Uber offers private helicopter and boat rides in the summer to beat the crowds.
Greece, which saw nearly four times as many tourists as its own population last year, has struggled with the strain on water, housing and energy in the summer months, especially on popular islands such as Santorini, Mykonos and others.
The impact of overtourism
In Spain, anti-tourism activists, academics, and the government say that overtourism is driving up housing costs in city centers and other popular locations due to the proliferation of short-term rentals that cater to visitors.
Others bemoan changes to the very character of city neighborhoods that drew tourists in the first place.
In Barcelona and elsewhere, activists and academics have said that neighborhoods popular with tourists have seen local shops replaced with souvenir vendors, international chains and trendy eateries.
On some of Greece’s most-visited islands, tourism has overlapped with water scarcity as drought grips the Mediterranean country of 10.4 million.
In France, the Louvre, the world’s most-visited museum, shut down this week when its staff went on strike warning that the facility was crumbling beneath the weight of overtourism, stranding thousands of ticketed visitors lined up under the baking sun.
Angelos Varvarousis, a Barcelona- and Athens-based academic and urban planner who studies the industry, said overtourism risks imposing a “monoculture” on many of Europe’s hotspots.
“It is combined with the gradual loss and displacement of other social and economic activities,” Varvarousis said.
What authorities are doing to cope
Spain’s government wants to tackle what officials call the country’s biggest governance challenge: its housing crunch.
Last month, Spain’s government ordered Airbnb to take down almost 66,000 properties it said had violated local rules — while Barcelona announced a plan last year to phase out all of the 10,000 apartments licensed in the city as short-term rentals by 2028. Officials said the measure was to safeguard the housing supply for full-time residents.
Elsewhere, authorities have tried to regulate tourist flows by cracking down on overnight stays or imposing fees for those visiting via cruises.
In Greece, starting July 1, a cruise tax will be levied on island visitors at 20 euros ($23) for popular destinations like Mykonos and 5 euros ($5.70) for less-visited islands like Samos.
The government has also encouraged visitors to seek quieter locations.
To alleviate water problems, water tankers from mainland Greece have helped parched islands, and the islands have also used desalination technology, which separates salts from ocean water to make it drinkable, to boost their drinking water.
Other measures have included staggered visiting hours at the Acropolis.
Meanwhile, Venice brought back an entry fee this year that was piloted last year on day-trippers who will have to pay between 5 and 10 euros (roughly $6 to $12) to enter the city during the peak season.


Transcript of Trump’s speech on US attack on Iranian nuclear sites

Transcript of Trump’s speech on US attack on Iranian nuclear sites
Updated 22 June 2025

Transcript of Trump’s speech on US attack on Iranian nuclear sites

Transcript of Trump’s speech on US attack on Iranian nuclear sites
  • ‘There will be either peace, or there will be tragedy for Iran, far greater than we have witnessed over the last eight days’

WASHINGTON: A transcript of President Donald Trump’s speech on US airstrikes on Iran on Saturday as transcribed by The Associated Press:

Thank you very much.

A short time ago, the US military carried out massive, precision strikes on the three key nuclear facilities in the Iranian regime. Fordow, Natanz and Esfahan. Everybody heard those names for years as they built this horribly destructive enterprise.

Our objective was the destruction of Iran’s nuclear enrichment capacity and a stop to the nuclear threat posed by the world’s number one state sponsor of terror.

Tonight, I can report to the world that the strikes were a spectacular military success. Iran’s key nuclear enrichment facilities have been completely and totally obliterated. Iran, the bully of the Middle East, must now make peace. If they do not. Future attacks would be far greater and a lot easier.

For 40 years, Iran has been saying. Death to America, death to Israel. They have been killing our people, blowing off their arms, blowing off their legs, with roadside bombs. That was their specialty. We lost over 1,000 people and hundreds of thousands throughout the Middle East, and around the world have died as a direct result of their hate in particular. So many were killed by their general, Qassim Soleimani. I decided a long time ago that I would not let this happen. It will not continue.

I want to thank and congratulate Prime Minister Bibi Netanyahu. We worked as a team like perhaps no team has ever worked before, and we’ve gone a long way to erasing this horrible threat to Israel. I want to thank the Israeli military for the wonderful job they’ve done. And most importantly, I want to congratulate the great American patriots who flew those magnificent machines tonight, and all of the United States military on an operation the likes of which the world has not seen in many, many decades.

Hopefully, we will no longer need their services in this capacity. I hope that’s so. I also want to congratulate the chairman of the Joint Chiefs of Staff, General Dan ‘Razin’ Caine, spectacular general, and all of the brilliant military minds involved in this attack.

With all of that being said, this cannot continue. There will be either peace, or there will be tragedy for Iran, far greater than we have witnessed over the last eight days. Remember, there are many targets left. Tonight’s was the most difficult of them all, by far, and perhaps the most lethal. But if peace does not come quickly, we will go after those other targets with precision, speed and skill. Most of them can be taken out in a matter of minutes. There’s no military in the world that could have done what we did tonight. Not even close. There has never been a military that could do what took place just a little while ago.

Tomorrow, General Caine, Secretary of Defense Pete Hegseth will have a press conference at 8 a.m. at the Pentagon. And I want to just thank everybody. And, in particular, God. I want to just say, we love you, God, and we love our great military. Protect them. God bless the Middle East. God bless Israel and God bless America. Thank you very much. Thank you.