China slaps 34% counter tariffs on US in retaliation for Wednesdays Prez Trumps Liberation Day tariffs on 180 countries including 60 offenders, steepest being on the communist dragon - EU draws up plans to counter - India shocked at 27% tariffs though it constitutes only 2.7% of the global trade with US.

  

China slaps tariffs on US imports: Trump’s Wednesday “Liberation Day” tariffs on 180 countries including 60 offending ones rattle global markets  

By Ashe Neil    Hong Kong, April 04, 2025  

China announced today it will impose reciprocal 34% tariffs on all imports from the United States starting April 10, in retaliation to what it calls President Donald Trump’s global trade war. Trump imposed an additional 34% tariffs on Chinese imports atop existing 20% making it cumulatively a steep 54% tax on Chinese goods which would now become very dear in the american market.  

The reaction could be american consumers could turn away from Chinese made goods to Indian goods or products from southeast Asia including Vietnam, Philippines, Malaysia, and from south Asia including Bangladesh and Sri Lanka. This would impose virtually a blanket ban on Chinese goods which is exactly what President Trump wants as he has been saying some 60 countries have been feeding off the American economy for years with their steep taxes on US goods.  

For the moment there is a pause on pharma products, essentially from China and India, which serve the health care industry in the US, as a sense of relief prevails in pharma's supplies meds to hospitals in America. There is a huge list of pharma products that are imported by US from China and India.  

China and India were under the lens eye of the Trump administration as the President quoted intelligence reports to claim that both countries were the centres of illegal exports of precursor chemicals that went to make the deadly drug Fentanyl, normally used to treat cancer paitents with extreme pain. Its 100 times stronger than Morphine and can be deadly leading to fatalaties when nixed with cocaine or other drugs. 

The precursor chemicals exported by China and India by usurious traders in the grey market, not under the licensed pharmacists list , have been a major head ache for both countries as they find their way into the labs of Mexican cartels who nix it to make it a fantasy or ecstasy type Fentanyl drug that kills over 100,000 youths a year in America.  

Though both China and India have cracked down on this smuggling of chemicals, there have been lop holes and routes exploited by the cartels.  

Meanwhile, Global stock markets plunged yesterday in response to Trump’s sweeping tariff announcement, with all three major US indexes seeing their worst day since 2020, threatening to throw the global economy into recession. Secretary of State Marco Rubio acknowledged today that “markets are crashing” but said they “will adjust.” 

Oil prices plummet by 8% to 4-year lows as fears of a trade war loom large  

Oil prices sold off aggressively on Friday to their lowest levels since 2021 on mounting concerns that an impending the trade war will badly damage the global economy. 

 

US oil plummeted 8% to $61.92 a barrel in recent trading. That builds on a 6.6% plunge on Thursday driven by concerns about tariffs and a surprise production increase by OPEC+. 

Crude fell to as low as $60.81 a barrel on Friday, the lowest intraday level since April 2021. Oil is on pace for its worst day since mid-2022. 

 President Donald Trump has advocated cheaper energy prices as a way to tackle the cost of living. But oil prices are primarily falling this week for a bad reason: surging recession fears. 

Oil traders fear the trade war will slow economic growth to the point that it curbs demand for energy. 

NATO chief tells US tariffs don't violate alliance's treaty 

 

NATO Secretary General Mark Rutte looks at journalists during a press conference at NATO's headquarters in Brussels, Belgium, on Friday. Courtesy - AFP 

 NATO Secretary General Mark Rutte said he does not think the Trump administration’s imposition of high tariffs — including on its European allies — violates the transatlantic alliance’s treaty. 

 Speaking to reporters at a summit of NATO foreign ministers in Brussels, Rutte also said the meeting remained “laser-focused” on keeping NATO territory safe and that the tariffs were a separate issue. “We have seen in the past that you will have discussions between members of the (NATO) alliance on other issues and defense, which will not immediately impact the capability and the ability of allies to deliver on the common defense security. So, I think these two are really separate,” Rutte said. “We should keep them separate and should not get them to interfere in our discussions.” 

 

Rutte was responding to a reporter’s question referring to Article 2 of NATO treaty, which states: “They will seek to eliminate conflict in their international economic policies and will encourage economic collaboration between any or all of them.” 

North Dakota soybean farmer says China’s 34% reciprocal tariffs "creates additional challenges for us" 

 

 

American Soybean Association Chairman Josh Gackle said China’s upcoming 34% reciprocal tariffs on all imports from the US “creates additional challenges for us as farmers” as soybean season approaches. 

“Coming from North Dakota, it’s specifically important here. A vast majority, 60 to 70% of the soybeans that we grow in any given year are destined for that Chinese market. So it creates added uncertainty, additional risks in a time where the farm economy in general is struggling,” he said Friday on “CNN News Central.” 

Gackle, a North Dakota farmer, said China has been a reliable partner in a reliable market for decades and he hopes the Trump administration recognizes agriculture exports are important to rural America. He also pointed to short-term and long-term consequences of the tariffs. 

“There’s this short-term impact of loss in the market price, but there’s also long-term considerations. And when you you get into a trade situation like this, China and other countries, they’re going to start to look to other suppliers. One of our biggest competitors when it comes to soybeans and corn as well is South America, specifically Brazil,” the chairman said. 

Rubio acknowledges "markets are crashing" over Trump’s new tariffs, but says they "will adjust" 

 

U.S. Secretary of State Marco Rubio talks to the reporters at NATO Headquarters in Brussels, Belgium, on Friday. Courtesy - AP 

 Secretary of State Marco Rubio acknowledged today that “markets are crashing” following the Trump administration’s launch of sweeping global tariffs, but claimed they will recalibrate. 

“Businesses around the world, including in trade and global trade, they just need to know what the rules are. Once they know what the rules are, they will adjust to those rules,” Rubio told reporters at a meeting of NATO foreign ministers in Brussels, responding to a question about unexpectedly high US tariffs impacting European economies. 

Rubio stated: “So, I don’t think it’s fair to say economies are crashing. Markets are crashing because markets are based on the stock value of companies who today are embedded in modes of production that are bad for the United States.” 

“We have to reset the global order of trade,” Rubio said. “The worst thing is to leave it the way it is forever. I mean, this just can’t continue. We can’t continue to be a country that doesn’t make things.” 

He provided China as an example. “I mean, it’s outrageous. I mean, they don’t consume anything. All they do is export and flood and distort markets, in addition to all the tariffs and barriers they put in place,” Rubio said. His comments come shortly after China announced it will impose reciprocal 34% tariffs on all imports from the United States starting April 10. 

“The president rightly has concluded that the current status of global trade is bad for America and good for a bunch of other people. And he’s going to reset it, and he’s absolutely right to do it,” Rubio added. 

 

Obama and Harris publicly rebuke Trump's actions since his return to office 

 Former President Barack Obama and former Vice President Kamala Harris on Thursday commented separately in the first 100 days of the 2nd Trump administration hitting out at its actions that are rattling the world. 

Obama, who preceded Trump’s first term, sharply criticized Trump’s efforts to reshape the federal government, crackdown on immigration and dissent, and intimidate news outlets and the legal establishment. “So, this is the first time I’ve been speaking publicly for a while,” Obama said during an on-stage interview at Hamilton College. “I’ve been watching for a little bit.” 

“Imagine if I had done any of this,” Obama said, later adding: “It’s unimaginable that the same parties that are silent now would have tolerated behavior like that from me, or a whole bunch of my predecessors.” 

Obama went on to say that he doesn’t think Trump’s new tariff announcement “is going to be good for America.” However, he said that he is more concerned with what he described as the White House’s infringement of rights. 

 

In separate remarks, Harris on Thursday said Trump’s moves since he returned to office were largely predictable. “There were many things we knew would happen,” Harris said in a video of her remarks at the Leading Women Defined Summit. “I’m not here to say I told you so,” she added before laughing. 

Harris said she recognizes that Trump’s return to the Oval Office has created “a great sense of fear.” 

 

The US Capitol building is reflected in a car parked on the East Front plaza on March 31. 

 Trump's tariffs are stoking recession fears as markets tumble. Here's the latest 

US stocks were set to plunge Friday after China retaliated against the United States for President Donald Trump’s tariffs. Dow futures fell 1,000 points, or 2.3%. The broader S&P 500 was set to open 2.4% lower and the tech-heavy Nasdaq Composite was on pace to start the day 2.7% lower. 

 Global stock markets plunged yesterday in response to Trump’s tariff announcement, with all three major US indexes seeing their worst day since 2020, threatening to throw the global economy into recession. 

 The administration’s take: Trump, Vice President JD Vance and White House senior counselor Peter Navarro have downplayed the disruption. 

Trump keen on deals: The president indicated some openness to making deals on tariffs, including working with China on a deal involving the sale of TikTok. Trump said he spoke with “a lot” of auto executives in the hours since tariffs on cars and auto parts took effect. 

Canada hits back: Canada announced it will levy a 25% counter-tariff on non-USMCA compliant vehicles imported from the US. 

EU preparing retaliation: France’s finance minister said the European Union was not looking at reciprocal tariffs, as that could hurt European consumers. Instead, measures under consideration are targeted at firms rather than sectors and will aim to bring the US to the “negotiating table,” Eric Lombard said. 

UK and US discussing deal: The United Kingdom is in talks with the United States to strike an economic agreement, according to Britain’s foreign minister. 

Pending pain for consumers: The tariffs could cost average US households $2,100 per year. 

More tariffs on the way: Trump again said tariffs on semiconductor chips and pharmaceuticals will begin soon, referencing a measure he’s previewed in the past. 

 Here’s how the auto industry is responding: 

Layoffs at auto plants: Stellantis has “paused production” at some of its Canadian and Mexican auto assembly plants due to the newly announced tariffs — and as a result, some US workers will also be temporarily laid off. 

VW will show consumers the cost: Volkswagen has told its US dealers that cars it imports from Europe and Mexico will now show the cost of the tariffs imposed on stickers that consumers look at when shopping for a car. 

Toyota says no price hikes: Toyota Motor, the world’s top automaker, has decided not to raise prices on vehicles exported to the US for now, despite Trump’s announcement of 25% tariffs on auto imports, Japan’s public broadcaster NHK reported. 

Experts warn of pain: “The cost of vehicles will go up. It’s just math. The bottom line is there is absolutely no vehicle that won’t be impacted by tariffs,” former Ford CEO Mark Fields told CNN. 

China  imposes 34% reciprocal tariffs on imports of US goods 

 

Shipping containers are stacked at a port in Yantai, in eastern China's Shandong province, on Thursday. 

 China said on Friday it will impose reciprocal 34% tariffs on all imports from the United States starting April 10. On Wednesday, US President Donald Trump unveiled an additional 34% tariffs on all Chinese goods imports into the US, in a move poised to cause a major reset of relations and escalate a trade war between the world’s two largest economies. 

 “This practice of the US is not in line with international trade rules, seriously undermines China’s legitimate rights and interests, and is a typical unilateral bullying practice,” China’s State Council Tariff Commission said in a statement announcing its retaliatory tariffs. 

 Remember: Since returning to power in January, Trump had already levied two tranches of 10% additional duties on all Chinese imports, which the White House said was necessary to stem the flow of illicit fentanyl from the country to the US. That means Chinese arriving in the US would be effectively subject to 54% tariffs. 

Selloff in European stocks continues after "most significant tariff increases" in US in over a century 

Stock markets in Europe fell again Friday, two days after US President Donald Trump unveiled hefty tariffs on all trading partners. 

 The region’s benchmark Stoxx 600 index was trading 2% lower by 5 a.m. ET, while France’s CAC was 1.6% down and Germany’s DAX index fell 2%. London’s FTSE 100, meanwhile, dropped 1.7%. 

 Jochen Stanzl, chief market analyst at CMC Markets, a provider of online trading and investing, called Wednesday’s announcement “the most significant tariff increases in over a century.” 

On Thursday, the STOXX 600 tumbled 2.6%, erasing its gains since January. The DAX fell 3% and the CAC slumped 3.3%. 

 But all three major indexes in the United States fell even more, posting their biggest single-day drop since 2020. The Dow lost almost 4%. The broader S&P 500 was down by 4.9% and the tech-heavy Nasdaq plunged nearly 6%. 

 “Investors have long anticipated that the imposition of tariffs from the White House would drive (other) nations closer together while isolating the US,” Stanzl said Friday. 

“This speculation has not only materialized but has also far exceeded the worst fears due to the sheer scale of reciprocal tariffs. Downgrades for US stocks are pouring in, profit estimates are being revised downward.” 

EU could target individual businesses to hit back at US, says French finance minister 

 

French Minister for Economy, Finances and Industrial and Digital sovereignty Eric Lombard at the National Assembly in Paris on Wednesday. C ourtesy - AP 

 France’s finance minister said the European Union was not looking at reciprocal tariffs to respond to the Trump administration’s tariffs, as that could hurt European consumers. 

Instead, measures under consideration are targeted at individual firms rather than sectors, Eric Lombard said in an interview Friday with CNN affiliate BFMTV. 

“We have fiscal tools, and the advantage of fiscal tools is that they can affect businesses but not whole sectors and they don’t have an impact on the cost of products in Europe. We really want to protect the citizens of the European Union as much as we can,” he said. 

Lombard also said Europe would enact a “proportionate response” to President Donald Trump’s tariffs, which would be aimed at bringing the United States to the “negotiating table.” 

Canada says relationship with US will never be the same after Trump's tariffs 

 

Canadian Minister of Foreign Affairs Mélanie Joly in La Malbaie, Canada, on March 14. 

 Canada’s relationship with the United States “will never be the same again” after President Donald Trump imposed sweeping tariffs, Canadian Foreign Minister Mélanie Joly said Friday. 

“They (the US) want to do things differently and we understand that, and that’s why we will seek to make sure that we get to an agreement on trade but also on security because both cannot be siloed,” Joly said. 

She said Trump “respects strength,” which is why Canada has imposed 60 billion Canadian dollars’ worth of counter tariffs on American products. “We announced new counter tariffs on auto yesterday, because we think that it is ultimately the best way to get to a good deal eventually,” she said, adding Canada is putting “maximum pressure” on the Trump administration. 

 While no further tariffs were imposed on Canada and Mexico, two of America’s top trading partners, this week, Trump had previously announced 25% tariffs on both countries for what he called inadequate efforts to curb migration and fentanyl trafficking. 

Trump later agreed to pause tariffs for products covered by the United States-Mexico-Canada Agreement (USMCA) free trade treaty. 

Auto industry tariffs may cause a ripple effect, Canadian economist says 

 

Chrysler Minivans that were assembled at the Stellantis Windsor Assembly Plant sit in a storage lot nearby in Windsor, Ontario, on Thursday. Stellantis said it was pausing production at some plants in Canada and Mexico. Courtesy - AFP 

 The tit-for-tat tariffs imposed by the US and Canada will extend far beyond their respective auto manufacturing sectors, an economist told CNN. “We’re not too surprised about the fact that this has put a stoppage essentially, immediately, to some production facilities. And the repercussions will play out on more and more industries that are interconnected with the auto parts sector,” said Pedro Antunes, chief economist at the Conference Board of Canada. 

 On Thursday, Canada imposed a 25% counter tariff on imported, US-made vehicles entering the country in response to the US implementing levies on all foreign-made cars. 

Automaker Stellantis, which makes Chrysler and Dodge vehicles, halted production at several Canadian and Mexican plants on Thursday. The company also temporarily laid off 900 US based staff. 

The shutdown may cause a ripple effect throughout the auto parts industry, Antunes said. “Truth is that, you know, the 25% tariffs that are being applied now for Canadian exports into the US of autos and parts — this is … essentially, very damaging. It’s just non-competitive. And the US auto industry will be … unable to sell those cars,” he said. 

 Antunes warned that reciprocal tariffs could lead to permanent layoffs and a broader economic downturn. UK and US are in discussions to strike economic deal, British foreign secretary says 

 

Britain's Foreign Secretary David Lammy addresses the media during a meeting of NATO foreign ministers at NATO headquarters in Brussels, on Friday. Courtesy - AP 

 The United Kingdom is in talks with the United States to strike an economic agreement. 

“The UK, like France, is a great maritime nation. We are a nation that believes in open trade. And I regret the return to protectionism in the US, something we have not seen for nearly a century,” David Lammy said Friday. 

“We are engaged in discussions with the US to strike an economic agreement and an economic deal. And of course, we have been absolutely clear that all options are on the table, as we ensure the national interest of the British people, who will be very concerned at this time about how this affects the bottom line for them and their economic welfare.” 

Source: CNN & US media networks.