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Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’ by hitting back

Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’  by hitting back
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Wall Street stocks sank in early trading on April 3, 2025, joining a global equity selloff after President Donald Trump's latest tariff announcement exacerbated worries about a trade war and global economic downturn. (AFP)
Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’  by hitting back
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Shipping trucks pause at the commercial port of entry from the Mexico side of the US-Mexico border on April 4, 2025, in Nogales, Arizona. (AP)
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Updated 05 April 2025

Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’ by hitting back

Trump dismisses stock market’s tariff plunge, says ‘China played it wrong’  by hitting back
  • Says critics got it all wrong, even as the Fed warned that the tariffs could lead to “higher inflation and lower growth”
  • “This is a great time to get rich,” he wrote on social media, adding, “ONLY THE WEAK WILL FAIL!”

WASHINGTON: President Donald Trump goaded China on Friday after the US’s chief economic rival retaliated against his tariffs, and he dismissed falling stock markets over the growing global trade war, touting it as a chance to “get rich.”
“China played it wrong, they panicked — the one thing they cannot afford to do!” Trump posted on Truth Social, writing the message in his trademark all-caps.
For a second day, markets plunged, wiping vast sums off investment and retirement portfolios alike. US Federal Reserve Chairman Jerome Powell warned the tariffs were likely to spur “higher inflation and lower growth.”

Wall Street went into free fall, following similar collapses in Asia and Europe. The Dow Jones dropped 5.5 percent and the S&P 5.97 percent.
Trump, who unveiled his barrage of import duties against dozens of countries Wednesday, was unrepentant, posting that “my policies will never change.”
“This is a great time to get rich,” he wrote.
The 78-year-old Republican, who was spending a long weekend golfing at his course in Palm Beach, Florida, is banking on the theory that the might of the world’s biggest economy will force foreign companies to manufacture on US soil, rather than continue to import goods.
“ONLY THE WEAK WILL FAIL!” Trump touted in yet another Truth Social post Friday.

China, however, responded by announcing its own new 34 percent tariffs on US imports starting April 10.
Beijing said it would sue the United States at the World Trade Organization and also restrict export of rare earth elements used in high-end medical and electronics technology.
Other big US trading partners held back as they digested the unfolding international standoff and fears of a recession.
EU trade chief Maros Sefcovic said the EU, which Trump hit with a 20 percent tariff, will act in “a calm, carefully phased, unified way” and allow time for talks.
However, he also warned the bloc “won’t stand idly by.”

EU leaders mull retaliation
France and Germany have said the 27-nation EU could respond by imposing a tax on US tech companies.
Economy Minister Eric Lombard urged French companies to show “patriotism” after President Emmanuel Macron argued it would send the wrong message if they pressed ahead with investments in the United States.
Lombard said the EU’s retaliation would not necessarily involve tit-for-tat tariffs and could use other tools, pointing to data exchange and taxes instead.

In Tokyo, Prime Minister Shigeru Ishiba called for a “calm-headed” approach after Trump slapped 24 percent tariffs on Japanese-made goods.
Trump said he’d had a “very productive” call with Vietnam’s top leader after the southeast Asian manufacturing hub was hit with extraordinary 46 percent US duties.
Separate US tariffs of 25 percent on all foreign-made cars went into effect this week, and Canada swiftly responded with a similar levy on US imports.
Stellantis — the owner of Jeep, Chrysler and Fiat — paused production at some Canadian and Mexican assembly plants.
But Japanese carmaker Nissan said on Friday it would revise plans to reduce production in the United States. And Sweden’s Volvo, owned by China’s Geely, said it would increase its US production.

“Messing around with people’s lives”
Democratic Senator Amy Klobuchar lashed out at the tariffs, saying they would hurt regular Americans.
Trump is “messing around with people’s lives... while he’s out golfing!” she said.

And there was rare criticism from the right too, with Trump loyalist Republican Senator Ted Cruz worrying that the tariffs could “hurt jobs and hurt America.”
The Fed chairman’s speech also highlighted concerns that the tariff shockwaves will reach deep into the US economy.
But minutes before Powell suggested the Fed will continue to hold off from cutting its benchmark lending rate, Trump pressured him to do so.
“CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” he posted — once again defying the longstanding custom in which the White House respects the central bank’s independence.
In a more concrete sign of how tariffs are impacting trade, Nintendo announced it was delaying preorders of its hotly anticipated Switch 2 gaming console while it assesses “evolving” conditions.


Black boxes from India plane crash under study to ascertain cause of the disaster that killed 270

Updated 8 sec ago

Black boxes from India plane crash under study to ascertain cause of the disaster that killed 270

Black boxes from India plane crash under study to ascertain cause of the disaster that killed 270
NEW DELHI: Investigators in India are studying the black boxes of a Boeing 787 Dreamliner after recovering them from the aircraft wreckage to ascertain the cause of last week’s plane crash that left at least 270 people dead.
The black boxes will provide cockpit conversations and data related to the plane’s engine and control settings to investigators and help them in determining the cause of the crash.
The London-bound Air India aircraft, a Boeing 787 Dreamliner, crashed on a medical college hostel soon after taking off from the western city of Ahmedabad. Only one passenger survived the crash, while 241 people on board and 29 on the ground were killed in one of India’s worst aviation disaster in decades.
Experts from India’s Aircraft Accident Investigation Bureau are probing the crash with assistance from the UK, the US and officials from Boeing.
Black box data is crucial
Amit Singh, a former pilot and an aviation expert, said the recovery of the flight data and cockpit voice recorders, or black boxes, are crucial to piece together the sequence of events.
The cockpit voice recorder records pilots’ conversation, emergency alarms and any distress signal made before a crash. The plane’s digital flight data recorder stores information related to engine and control settings. Both devices are designed to survive a crash.
“The data will reveal everything,” Singh said, adding that the technical details could be corroborated by the cockpit voice recorder that would help investigators know of any communication between air traffic control and the pilots.
India’s aviation regulatory body has said the aircraft made a mayday call before the crash.
Singh said the investigating authorities will scan CCTV footage of the nearby area and speak with witnesses to get to the root cause of the crash.
Additionally, Singh said, the investigators will also study the pilot training records, total load of the aircraft, thrust issues related to the plane’s engine, as well as its worthiness in terms of past performances and any previously reported issues.
Investigation into the crash could take time
Aurobindo Handa, former director general of India’s Aircraft Accident Investigation Bureau, said the investigators across the world follow a standard UN-prescribed Manual of Accident Investigation, also called “DOC 9756,” which outlines detailed procedures to arrive at the most probable cause of a crash.
Handa said the investigation into last week’s crash would likely be a long process as the aircraft was badly charred. He added that ascertaining the condition of the black boxes recovered from the crash site was vital as the heat generated from the crash could be possibly higher than the bearable threshold of the device.
The Indian government has set up a separate, high-level committee to examine the causes leading to the crash and formulate procedures to prevent and handle aircraft emergencies in the future. The committee is expected to file a preliminary report within three months.
Authorities have also begun inspecting and carrying out additional maintenance and checks of Air India’s entire fleet of Boeing 787 Dreamliners to prevent any future incident. Air India has 33 Dreamliners in its fleet.
The plane that crashed was 12 years old. Boeing planes have been plagued by safety issues on other types of aircraft. There are currently around 1,200 of the 787 Dreamliner aircraft worldwide and this was the first deadly crash in 16 years of operation, according to experts.

Russian media say top official is in Pyongyang again to meet North Korean leader

Russian media say top official is in Pyongyang again to meet North Korean leader
Updated 17 June 2025

Russian media say top official is in Pyongyang again to meet North Korean leader

Russian media say top official is in Pyongyang again to meet North Korean leader

SEOUL: A top Russian security official traveled to Pyongyang for the second time this month for another meeting with North Korean leader Kim Jong Un, Russian state media reported Tuesday, the latest display of the countries’ deepening ties amid President Vladimir Putin’s war against Ukraine.
Russia’s Tass news agency said Russian Security Council Secretary Sergey Shoigu arrived in the North Korean capital on an unspecified “special” mission from Putin and was expected to meet with Kim. North Korean state media didn’t immediately confirm the visit.
Kim has supplied Russia with thousands of troops and large shipments of military equipment, including artillery and ballistic missiles, to support its military operation in Ukraine. Washington and Seoul have expressed concern that, in return, Kim may seek Russian technology transfers that could enhance the threat posed by his nuclear-armed military.
In April, Pyongyang and Moscow officially confirmed North Korean troops’ deployment to Russia for the first time, saying that soldiers of the two countries were fighting alongside each other to repel a Ukrainian incursion into Russia’s Kursk border region. Putin then thanked North Korea’s participation in the war and promised not to forget their sacrifices.
In their previous meeting on June 4, Kim told Shoigu that his government would “unconditionally support” Russia over the war in Ukraine and other critical international issues as they discussed strengthening the strategic partnership between their countries, according to North Korean state media. Tass then reported that Shoigu and Kim also discussed prospects for rebuilding the Kursk region and outlined steps to commemorate the combat contributions of North Korean soldiers.


India warns citizens to leave Tehran as some flee Iran

India warns citizens to leave Tehran as some flee Iran
Updated 17 June 2025

India warns citizens to leave Tehran as some flee Iran

India warns citizens to leave Tehran as some flee Iran

NEW DELHI: India on Tuesday urged its citizens to leave Tehran, while some nationals have already fled across the Iranian border as the country comes under Israeli bombardment.
With Israel vowing to keep up its attacks four days after launching its assault on Iran, which has launched retaliatory strikes, New Delhi said Indian students have already left Tehran.
“Residents who are self sufficient in terms of transport have also been advised to move out of the city in view of the developing situation,” the foreign ministry said in a statement.
The warning came after Israel’s ally US President Donald Trump said “everyone” should “immediately” leave the Iranian capital, which is home to nearly 10 million.
New Delhi said “some Indians have been facilitated to leave Iran through the border with Armenia,” hundreds of kilometers (miles) northwest of Tehran.
The foreign ministry did not detail how many of its citizens have been affected in Iran, where there are around 10,000 Indians according to government data last year.
Thousands of Indians are also in Israel, and New Delhi has issued warnings for its citizens there to “stay vigilant.”


Fast-moving brush fire on Hawaii’s Maui island evacuates about 50 people. No structures have burned

Fast-moving brush fire on Hawaii’s Maui island evacuates about 50 people. No structures have burned
Updated 17 June 2025

Fast-moving brush fire on Hawaii’s Maui island evacuates about 50 people. No structures have burned

Fast-moving brush fire on Hawaii’s Maui island evacuates about 50 people. No structures have burned
  • Officials said it was 85 percent contained as of Monday morning

HONOLULU: A fast-moving Hawaii brush fire fueled by fierce winds forced the evacuation of about 50 Maui residents on the opposite side of the same island where a devastating blaze killed over 100 people two years ago.
The fire started Sunday in a sparsely populated area with land set aside for Native Hawaiians.
Here’s what we know about the fire so far:
Fire size now estimated at 330 acres
The Kahikinui was initially estimated at 500 acres (202 hectares), but aerial surveys overnight put the estimate at about 330 acres (134 hectares), Maui’s fire department said. The fire is 85 percent contained.
The remote, challenging terrain made it difficult to estimate the fire’s size, the department said in a statement. A police drone showed hot spots, but none flared overnight.
No injuries or structural damage was reported. Weather conditions were mostly sunny Monday with a high of 67 degrees Fahrenheit (19 degrees Celsius) and east winds of about 15 mph (24 kph), gusting up to about 25 mph (40 kph).
The US Drought Monitor says all of Maui is in drought.
Authorities conducted door-to-door evacuations and part of a highway remains closed.
Flashbacks to an earlier fire
Warren Aganos was on his family’s Hawaiian Homelands lot preparing to go on a Father’s Day hunt when a neighbor called him around 9 a.m. telling him a fire had broken out.
“I hung up and raced out, I didn’t let her finish,” said Aganos, who has been slowly rebuilding the three structures his family lost in a 2016 brush fire that burned over 5,000 acres (2,000 hectares) in the same area. “I was thinking about the last one,” he said. “It was super emotional.”
Aganos said he rushed in his truck to make sure first responders knew where the community’s water storage tanks were before navigating Kahikinui’s dirt roads down to the highway where he could see smoke billowing over the hillside. The community lacks electrical and water infrastructure, and some of the roads are only navigable by four-wheel drive.
State and local leaders signed emergency proclamations so that the Hawaii National Guard can help and counties can access assistance.
What is the region like?
Kahikinui is less populated and developed than Lahaina, which was the Hawaiian Kingdom’s capital in the 1800s and is now a popular tourist destination. Kahikinui was used for cattle ranching for many years and is near a state forest reserve.
The fire department sent engines, tankers and a helicopter to battle the blaze. Three bulldozers cut firebreaks in the lower part of the community, Desiree Graham, co-chair of Kahikinui’s firewise committee, said.
The area has 104 Hawaiian homeland lots of 10 to 20 acres (4 to 8 hectares) each. About 40 lots have homes, including 15 with full-time residents. Some lots have more than one home, Graham said.
A state agency issues lot leases under a program Congress created in 1921 to help Native Hawaiians become economically self-sufficient. Those with at least 50 percent Hawaiian blood quantum can apply for a 99-year lease for $1 a year.
Fire devastated Lahaina nearly two years ago
Maui is still recovering from the massive inferno that enveloped Lahaina in August 2023.
That fire was the deadliest in the US in more than a century. It destroyed thousands of properties and caused an estimated $5.5 billion in damage. University of Hawaii researchers say unemployment and poverty rose after the blaze.
The Kahikinui fire may seem small compared to continental US fires, but it’s significant for an island of 735 square miles (1,903 square kilometers).
Other Western fires
Crews also are battling wildfires in the Pacific Northwest, around the Great Basin, in California and the Rockies.
National Weather Service forecasters and federal land managers have warned in recent weeks that fire danger is escalating in many places amid rising daytime temperatures and single-digit humidity levels.
The risks won’t start to wane — at least in the southwestern US — until the monsoon starts to kick in, bringing much-needed rain. In southern New Mexico, a wildfire ballooned to nearly 30 square miles (78 square kilometers) over the weekend in the Gila National Forest.
The flames forced the evacuations of homes that dot the mountains north of Silver City, blocked access to the Gila Cliff Dwellings National Monument and prompted air quality warnings as smoke drifted north. Campgrounds and access points to the Continental Divide National Scenic Trail also were closed.
In Oregon, several dozen homes in Wasco County were destroyed by a fire that started last Wednesday. Some evacuations remained, but fire managers said Monday that the threat to structures had diminished.
So far this year, the nation has seen double the number of fires as last year but the acreage is less, according to the National Interagency Fire Center. More than 2,700 wildland firefighters and support personnel were assigned to 15 large wildfires across the country.


Despite law, US TikTok ban likely to remain on hold

Despite law, US TikTok ban likely to remain on hold
Updated 17 June 2025

Despite law, US TikTok ban likely to remain on hold

Despite law, US TikTok ban likely to remain on hold
  • Trump has repeatedly downplayed risks that TikTok is in danger, saying he remains confident of finding a buyer for the app’s US business

SAN FRANCISCO, United States: US President Donald Trump is widely expected to extend the Thursday deadline for TikTok to find a non-Chinese buyer or face a ban in the United States.
It would be the third time Trump put off enforcing a federal law requiring its sale or ban, which was to take effect the day before his January inauguration.
“I have a little warm spot in my heart for TikTok,” Trump said in an NBC News interview in early May.
“If it needs an extension, I would be willing to give it an extension.”
Trump said a group of purchasers is ready to pay TikTok owner ByteDance “a lot of money” for the video-clip-sharing sensation’s US operations.
Trump has repeatedly downplayed risks that TikTok is in danger, saying he remains confident of finding a buyer for the app’s US business.
The president is “just not motivated to do anything about TikTok,” said independent analyst Rob Enderle.
“Unless they get on his bad side, TikTok is probably going to be in pretty good shape.”
Trump had long supported a ban or divestment, but reversed his position and vowed to defend the platform after coming to believe it helped him win young voters’ support in the November election.
“Trump’s not really doing great on his election promises,” Enderle maintained.
“This could be one that he can actually deliver on.”
Motivated by national security fears and belief in Washington that TikTok is controlled by the Chinese government, the ban took effect on January 19, one day before Trump’s inauguration, with ByteDance having made no attempt to find a suitor.
TikTok “has become a symbol of the US-China tech rivalry; a flashpoint in the new Cold War for digital control,” said Shweta Singh, an assistant professor of information systems at Warwick Business School in Britain.
“National security, economic policy, and digital governance are colliding,” Singh added.
The Republican president announced an initial 75-day delay of the ban upon taking office.
A second extension pushed the deadline to June 19.
As of Monday, there was no word of a TikTok sale in the works.
Trump said in April that China would have agreed to a deal on the sale of TikTok if it were not for a dispute over tariffs imposed by Washington on Beijing.
ByteDance has confirmed talks with the US government, saying key matters needed to be resolved and that any deal would be “subject to approval under Chinese law.”
Possible solutions reportedly include seeing existing US investors in ByteDance roll over their stakes into a new independent global TikTok company.
Additional US investors, including Oracle and private equity firm Blackstone, would be brought on to reduce ByteDance’s share in the new TikTok.
Much of TikTok’s US activity is already housed on Oracle servers, and the company’s chairman, Larry Ellison, is a longtime Trump ally.
Uncertainty remains, particularly over what would happen to TikTok’s valuable algorithm.
“TikTok without its algorithm is like Harry Potter without his wand — it’s simply not as powerful,” said Forrester Principal Analyst Kelsey Chickering.
Meanwhile, it appears TikTok is continuing with business as usual.
TikTok on Monday introduced a new “Symphony” suite of generative artificial intelligence (AI) tools for advertisers to turn words or photos into video snippets for the platform.
“With TikTok Symphony, we’re empowering a global community of marketers, brands, and creators to tell stories that resonate, scale, and drive impact on TikTok,” global head of creative and brand products Andy Yang said in a release.