Skip next section Trump says pause applies to countries that ‘did not retaliate’April 9, 2025
Trump says pause applies to countries that ‘did not retaliate’US President Donald Trump spoke to reporters about the 90-day pause on tariffs, saying he acknowledged that people were getting “a little bit afraid” about the tariffs and were “jumping a bit out of line.”
Trump said the tariffs pause was for countries that didn’t retaliate, which explained why China wasn’t included.
“China wants to make a deal. They just don’t know how quite to go about it… President Xi (Jinping) is a proud man… They don’t know quite how to go about it, but they’ll figure it out,” Trump said.
Treasury Secretary Scott Bessent also spoke about what’s next, saying that the negotiations with individual countries would be “bespoke,” meaning that the next 90 days would involve talks on a flurry of potential deals.
Bessent tried to reassure reporters that the tariff pause decision had nothing to do with negative reactions from the financial markets to the tariff policy.
The treasury secretary said he and Trump “had a long talk on Sunday, and this was his strategy all along” and that the president had “goaded China into a bad position.”
“The only certainty we can provide is that the US is going to negotiate in good faith, and we assume that our allies will too,” Bessent said.
https://p.dw.com/p/4sueI
Skip next section Germany’s Merz reacts to tariffs pause ‘shows EU unity works’April 9, 2025
Germany’s Merz reacts to tariffs pause ‘shows EU unity works’In an interview with broadcaster RTL, Germany’s chancellor-designate Friedrich Merz said US President Donald Trump’s pause of tariffs for 90 days showed that a united European approach to trade was having a positive effect.
“Europeans are determined to defend ourselves and this example shows that unity helps most of all,” Merz said following his conservative CDU party’s sealing of a coalition deal with the Social Democrats SPD to form a government.
Merz called for free trade relations with the US.
“Let’s all set tariffs of 0% on transatlantic trade, and then the problem will be solved,” Merz added.
https://p.dw.com/p/4suc6
Skip next section Wall Street rallies after tariffs pause announcement April 9, 2025
Wall Street rallies after tariffs pause announcement US stocks were soaring on Wall Street after Trump said he would back off on most of his global tariffsImage: Brendan McDermid/REUTERSUS stocks spiked in the last hours of trading, in reaction to President Donald Trump’s latest announcement on tariffs.
The major stock major averages, Nasdaq, S&P and Dow Jones all rose, partly offsetting the steep losses posted over the past few sessions, after Trump had announced the global tariffs.
In more good news for financial markets, the US dollar — which had been lower earlier in the day — also strengthened against the yen and other currencies after Trump’s tariff delay announcement.
US Treasury yields meanwhile pared gains after an auction of 10-year Treasury notes saw strong demand.
The rally in the financial markets comes as many had worried that Trump’s global tariffs could trigger a recession in the US.
https://p.dw.com/p/4subg
Skip next section Trump says he’s backing down on most nations’ tariffs for 90 daysApril 9, 2025
Trump says he’s backing down on most nations’ tariffs for 90 daysTrump says he’s backing down on most nations’ tariffs for 90 days amid market meltdown. He however added that he’s raising tariffs on China to 125%.
The White House confirmed Trump’s announcement of a 90-day tariff “pause” saying it means that the “tariff level will be brought down to a universal 10% tariff.”
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Skip next section Trump urges everyone to ‘be cool’April 9, 2025
Trump urges everyone to ‘be cool’US President Donald Trump took to his Truth Social network to urge for calm, as countries, politicians and the stock market continue to react to his global tariffs.
“BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” Trump posted.
The remark comes as more Republicans are going public with their worries about the effects of Trump’s tariffs
“People are going to look at their 401(k) statements. They did vote for President Trump and they voted for me. … I’m just trying to figure out if they are going to feel good about this,” said Thom Tillis of North Carolina, one of seven Senate Republicans who have signed on to a bipartisan bill that would give Congress the authority to review and override new tariffs.
Republican Senator John Kennedy of Louisiana has publicly voiced similar concern.
“It’s not fun. I don’t like it. I like it when the market goes up,” Kennedy told reporters. He said he wants to give Trump’s gambit a chance, but that the president ought to do a better job of informing the public about his short-term goals.
But Trump has so far not listened to his detractors, sending a clear message to those who oppose tariffs in a speech he gave the during a dinner with fellow Republicans, where he mocked Republican concerns about tariffs and said the policy was working because now countries were “dying” to make a deal.
“I’m telling you, these countries are calling us up, kissing my ass,” Trump said.
https://p.dw.com/p/4suJ9
Skip next section Germany is back: Merz’s message to TrumpApril 9, 2025
Germany is back: Merz’s message to TrumpResponding to questions after they announced a deal to form a new German coalition government, leaders were asked what their message would be to US President Donald Trump in the wake of trade tariffs imposed on the EU.
“A key message to Donald Trump is, Germany is back on track,” said chancellor-in-waiting Friedrich Merz, replying in English to a question from DW political editor Michaela Kuefner.
Merz said Germany was ready to strengthen its defense spending, something Trump has maintained is necessary, but also that Berlin wanted to improve its competitiveness from the point of view of trade.
“That is also the European Union. And Germany will be once again a very strong partner in the European Union and we will bring the European Union forward,” he said.
“I fully agree,” Social Democrat co-leader Lars Klingbeil briefly added in English.
In his response, CSU leader Markus Söder quipped, “I’ll be back,” referring to the catchphrase of Arnold Schwarzenegger’s character in the Terminator movies.
https://p.dw.com/p/4suCI
Skip next section Watch: Are US consumers ready to bear the costs of Trump’s tariffs?April 9, 2025
Watch: Are US consumers ready to bear the costs of Trump’s tariffs?Aaron Tilton
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Skip next section US treasury secretary hopeful for tariff negotiations with alliesApril 9, 2025
US treasury secretary hopeful for tariff negotiations with alliesUS Treasury Secretary Scott Bessent said many countries were interested in striking fresh trade deals with Washington as the Trump administration’s sweeping tariffs came into effect across the globe.
Speaking to a summit of the American Bankers Association in Washington on Wednesday, Bessent said Trump had already spoken with the leaders of Japan and South Korea, and US officials were set to meet with a delegation from Vietnam later in the day.
“I think … at the end of the day that we can probably reach a deal with our allies, with the other countries that have been … good military allies and not perfect economic allies. And then we can approach China as a group,” he said.
US Treasury Secretary Scott Bessent blamed China for tit-for-tat tariffs in recent daysImage: Kayla Bartkowski/AFP/Getty Images Bessent said that aligning instead with China “would be cutting your own throat.”
“They just keep producing and producing, dumping and dumping, and it’s going somewhere,” he said.
Bessent also accused China of escalating the situation after the US repeatedly introduced tariffs on Chinese imports that now total 104%.
“I think what a lot of people are missing here is that the levels that were put out last Wednesday are a ceiling if you don’t retaliate,” he said.
https://p.dw.com/p/4stfd
Skip next section French trade minister calls for further negotiationsApril 9, 2025
French trade minister calls for further negotiationsFrench Trade Minister Laurent Saint-Martin said that Europe wishes to avoid escalation in any trade war with the US.
“We never wanted tariffs to escalate. We believe that a tariff war is harmful for everyone,” he told reporters during an official visit to Indonesia on Wednesday.
Saint-Martin called for further negotiations with Washington to find a solution.
“Under the aegis of the European Commission, we must continue the work of dialogue and negotiation with the US administration in order to achieve the most positive agenda possible,” he said.
https://p.dw.com/p/4stWc
Skip next section EU approves first retaliatory tariffs on US importsApril 9, 2025
EU approves first retaliatory tariffs on US importsThe European Union agreed on Wednesday to go ahead with its own tariffs on US imports in retaliation for President Donald Trump’s previously-announced levies on European steel and aluminum.
The EU tariffs will range from 15% to 25%, targeting US goods and commodities like soybeans, fruit, motorcycles, beauty products, clothes and dental floss. They will come into action next Tuesday.
“These countermeasures can be suspended at any time, should the US agree to a fair and balanced negotiated outcome,” the European Commission said in a statement.
https://p.dw.com/p/4stJt
Skip next section China files complaint with World Trade OrganizationApril 9, 2025
China files complaint with World Trade OrganizationChina lodged a new complaint with the World Trade Organization on Wednesday after the US further increased tariffs on Chinese imports to 104%.
“The situation has dangerously escalated… As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” the Chinese mission to the WTO said in a statement provided to Reuters.
Beijing has accused the US of violating WTO rules and said undermining the multilateral trading system. China has called on the WTO Secretariat to study the impact of tariffs on global trade and report its findings to members.
“Reciprocal tariff is not – and will never be – a cure for trade imbalances. Instead, they will backfire, harming the US itself,” Beijing warned.
Several countries spoke out at the meeting of the WTO, also arguing that Trump’s tariffs imposed violate international trade rules. These included Canada, Switzerland and the EU.
The move was also reported by Chinese state media.
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Skip next section Trump urges companies to move operations to USApril 9, 2025
Trump urges companies to move operations to USUS President Donald Trump on Wednesday urged companies to relocate their operations to the US in order to avoid tariffs.
“This is a GREAT time to move your COMPANY into the United States of America,” Trump said on his Truth Social platform.
He promised businesses “ZERO TARIFFS,” and “no environmental delays.”
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Skip next section China raises tariffs on US goods to 84%April 9, 2025
China raises tariffs on US goods to 84%China will raise its retaliatory tariff on US imports from 34% up to 84%, the Chinese Finance Ministry said on Wednesday afternoon.
The higher tariff will come into force on Thursday.
The United States exported $144.6 billion (€131.1 billion) in goods to China in 2024.
Agricultural products were a key commodity, with China buying more than half of US soybean exports last year. The US also exported fuel and oil products as well as electrical machinery.
US Treasury Secretary Scott Bessent said shortly afterward that China’s new tariffs were “unfortunate.”
https://p.dw.com/p/4ssYO
Skip next section Tariffs pummel global marketsApril 9, 2025
Tariffs pummel global marketsZac Crellin
Global markets reeled on Wednesday as Trump’s tariffs kicked in.
European indexes opened down, with Germany’s DAX losing 2.1%, Britain’s FTSE 100 down 2% and the French CAC 40 down 2.1%.
More broadly, Europe’s STOXX 600 fell nearly 3% in early trading.
Asia wrapped up a largely grim session on Wednesday, with China the one notable exception as investors reacted to a plan outlined by Beijing.
Japan’s Nikkei 225 lost 3.9% by closing, but the greatest losses were felt in Taiwan, where the Taiex plunged 5.8%.
Chinese and Hong Kong stocks, however, closed higher on Wednesday. The blue-chip CSI300 Index opened down but then clawed back losses to end 1% higher, while Hong Kong’s benchmark Hang Seng index also closed up 0.7%.
“Risk assets have bounced on a white paper that suggests China is open to dialogue — though does not confirm US/China negotiations are under way and means further headline noise is inevitable,” Citi analysts said in a note.
The widespread volatility in Europe and Asia followed an even greater whipsaw in US markets on Tuesday.
That session saw the benchmark S&P 500 climb by more than 4% during the day amid investors’ hopes that negotiations could limit the damages caused by tariffs.
But the index ultimately closed down 1.6% — the first time since 1978 that it recorded such a dramatic reversal during a single session.
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Skip next section China vows to ‘fight’ as hefty US tariffs kick inApril 9, 2025
China vows to ‘fight’ as hefty US tariffs kick inChina declared its firm resolve to “fight till the end” in a trade war with Washington, after the United States’ hefty 104% tariffs on Chinese goods came into effect on Wednesday.
“With firm will and abundant means, China will resolutely take countermeasures and fight till the end if the United States insists on further escalating economic and trade restrictive measures,” Beijing’s Commerce Ministry said in a statement reported by Xinhua news agency.
At the same time, the statement added that there are “no winners in a trade war.”
“China does not want one, but the government will never allow the legitimate rights and interests of the Chinese people to be harmed or taken away.”
With tariffs over 100%, China is by far the country hardest hit by the Trump administration’s tariffs. Trump nearly doubled duties on Chinese imports, which had been set at 54% last week, in response to Chinese counter-tariffs of 34% on US goods levied last week.
Foreign Ministry spokesperson Lin Jian has accused the US of abusing “tariffs to pressure China,” condemning what he described as American “bullying.”
Meanwhile, China’s top leaders are reportedly meeting as early as Wednesday to prepare economic support measures to boost the economy and stabilize the capital markets, according to Reuters.
At the same time, a White Paper on trade with the US released on Wednesday by China said that economic friction between the two nations is normal, insisting that Beijing remains open to dialogue, Xinhua reported.
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