Trump tariff news highlights: Trump warns of additional 50% tariffs if China fails to roll back 34% hike

China’s yuan dropped to an 11-week low against the US dollar, while the British pound fell 1% amid market turbulence sparked by US tariff escalations.

Trump tariff live news: White House Rapid response calls report of 90-day tariff pause 'fake news'

The White House Rapid response says the 90-day tariff pause headlines are "fake news." Rapid Response 47 is an account on X that is run by the White House. (Read more)

S&P 500 dips again after CNBC retracts report on White House Economic Council Director Kevin Hassett, as noted by Reuters.

Trump is considering a 90-day pause in tariffs for all countries except China, Hassett said reports CNBC. (Read more)

S&P 500 is up 2.1%

Nasdaq up 2.2%

Dow up 0.6%

The European Union has offered the United States a "zero-for-zero" tariff deal covering cars and all industrial goods, signaling its willingness to ease trade tensions. EU Trade commissioner Maroš Šefčovič said the bloc remains open to and strongly prefers negotiations but warned it will not wait indefinitely. In the absence of progress, the EU will begin imposing retaliatory tariffs on U.S. imports, with the first round starting April 15 and a second wave set for May 15.

British Prime Minister Keir Starmer said Britain would back its car manufacturers "to the hilt" after President Trump imposed a 25% tariff on auto imports. Starmer described the tariffs as a "huge challenge".

As the Wall Street opens sharply lower. Here's a look at big tech stocks.

Tesla down 9%

Nvidia down 7%

Meta down 4.5%

Amazon down 4%

Netflix down 3.5%

Alphabet down 3%, at 52-week low

Apple down 6%

The European Union will need to lower its non-tariff barriers, including those created by value-added taxes (VAT), if it wants to reach a deal to lower US tariffs imposed by Donald Trump, White House trade adviser Peter Navarro said on Monday. "I would say to the EU when you make those announcements, would you be very careful to tell us you're going to lower your non-tariff barriers?" Navarro told CNBC.

S&P 500 down 3.36% after market open

Nasdaq down 3.90%

Dow down 3.11%

Bitcoin fell as much as 5.5% on Monday to hit its lowest in 2025

US stock futures tumbled, with the Dow down over 1,600 points and the S&P 500 and Nasdaq falling more than 4.5%. A continued slide could push the S&P 500 into bear market territory. Oil hit a four-year low, gold saw profit booking, and bond yields dipped, signaling rising market volatility.

Spanish Economy Minister Carlos Cuerpo urged the European Union to approve aid for industries impacted by U. tariffs during a meeting of EU trade ministers. Spain has already proposed a financial package worth €14.1 billion ($15.54 billion) in loans and direct aid to support affected companies.

The 27-nation EU bloc is preparing to present a united front, with plans to approve an initial set of countermeasures targeting up to $28 billion in U.S. imports. The U. has imposed 25% tariffs on EU steel, aluminum, and cars, along with 20% reciprocal tariffs on most other goods.

Thailand's stock exchange said on Monday it would impose measures including lowering the ceiling and floor limit on stocks trading to 15% from 30%, and a ban on short-selling during April 8-11 to mitigate potential volatility. The Thai stock market is closed on Monday for a holiday and will resume trading on Tuesday.

The Kremlin said it is closely watching the sharp decline in oil prices, which are crucial to Russia’s economy, as global markets react to U.S. tariff policies. Spokesman Dmitry Peskov said authorities are working to minimize the impact of the “economic storm.”

Oil Minister Hardeep Singh Puri has announced a Rs 50 increase in the price of LPG cylinders, effective from tomorrow. With this hike, the cost of a non-Ujjwala LPG cylinder will rise from Rs 803 to Rs 853. Similarly, the price of a Ujjwala scheme cylinder will go up from Rs 500 to Rs 550.

The Indian rupee logged its steepest one-day decline in nearly three months on Monday. The rupee closed at 85.84 per U.S. dollar, down 0.7% on the day, its worst single-day fall since January 13.

British multinational universal bank Barclays cut its year-end target for Europe’s STOXX 600 (.STOXX), opens new tab index for the second time in under a month as escalating trade tensions and U.S. tariffs fueled recession fears. European stocks plunged to a 16-month low on Monday amid a global markets' meltdown.

The Oil ministry has confirmed that there will be no increase in the retail prices of petrol and diesel following the government's decision to raise the Special Additional Excise Duty (SAED). Effective April 8, the SAED on petrol and diesel has been increased by ₹2 each. With this revision, the total additional excise duty on petrol now stands at ₹13 per litre, while that on diesel is ₹10 per litre. (Read more)

The EU will need to remain calm and proportionate in its response to US trade tariffs and aim for negotiations, Dutch Trade minister Reinette Klever said on Monday. "We need to get ourselves at the table with the Americans and see how we can lower these tariffs," Klever said before a meeting of EU trade ministers in Luxembourg.

The European Union wants India to eliminate tariffs on car imports under a long-pending trade deal and Prime Minister Narendra Modi's government is willing to sweeten its current proposal to seal the talks, reports Reuters.

The government has announced an increase in excise duty on both petrol and diesel by Rs 2 per litre. This move is expected to generate additional revenue for the exchequer and comes amid efforts to manage fiscal pressures. The revised excise rates will be applicable with immediate effect, potentially impacting fuel prices across the country depending on how oil marketing companies adjust their pricing.

Pakistan's benchmark share index, the Karachi Stock Exchange (KSE), dropped by 5%, triggering a 45-minute market halt following the sharp slump. The benchmark index rose last week after Pakistan slashed energy tariffs for domestic and industrial users, despite global markets plunging following the US decision to place new tariffs on trade with countries. (Read more)

• Threats and pressure are not the right way to deal with China, a Chinese foreign ministry spokesperson said on Monday after describing U.S. President Donald Trump's "reciprocal tariffs" as bullying.
• The tariffs are "typical unilateralism and protectionism, and economic bullying", spokesperson Lin Jian told a regular press conference, adding that U.S. tariffs in the name of reciprocity only serve its own interest at the expense of other countries.
• Last week, Trump introduced an additional 34% tariff on Chinese goods as part of steep levies imposed on most U.S. trade partners, bringing the total duties on China this year to 54%. China retaliated with a series of countermeasures. - Reuters

Hong Kong’s Hang Seng Index closed with a sharp decline of 13.22%, following a steady drop throughout the trading day. According to AFP, this marks the index’s biggest single-day fall since the Asian financial crisis in 1997.

US President Donald Trump said he is not interested in negotiating with Europe over tariffs and he won’t lift the duties imposed “unless they pay a lot of money”. Trump said he had spoken to leaders from Europe and Asia over the weekend, who hope to convince him to lower tariffs as high as 50 percent due to take effect this week. (Read More)

Germany’s DAX index tumbled nearly 10% at the opening of trade, while the UK’s FTSE 100 has dropped close to 6%. Moments after the London Stock Exchange opened, the FTSE 100 began trading with an initial decline of 2.4%.

• Gold prices fell on Monday to their lowest levels in more than three weeks, continuing their retreat amid a wider market sell-off, as investors dumped bullion to cover losses in other trades on fears of a global recession due to an escalating trade war.
• Spot gold was down 0.1% at $3,034.02 an ounce, as of 0537 GMT. Earlier in the session, bullion dropped more than 1% to its lowest point since March 13.
• U.S. gold futures rose 0.5% to $3,051.00.
• Gold dropped more than 3% on Friday, after U.S. President Donald Trump's bigger-than-expected tariff measures rippled across global markets. (Reuters)

• Wholesale Volumes Up 1.1%  YoY At 1.11 Lk Units
• Achieved Net Cash Positive Status In FY25
• North America Wholesale  Volumes Up 14.4% YoY
• Retail Sales Down 5.1% YoY  & Up 1.8% QoQ At 1.08 Lk Units
• Flat Retail Sales For FY25 Amidst Global Demand Fluctuations

• NCLAT Dismisses IDBI Bank Plea Seeking Insolvency Proceedings Against Co
• NCLAT Upholds NCLT Order Rejecting IDBI Plea Seeking Insolvency Proceedings Against Zee
• NCLAT Grants IDBI Liberty To File Fresh Plea For Defaults Beyond COVID Moratorium Period
  
  

China is discussing frontloading stimulus to counter US tariff cut, reported Bloomberg on April 7. Beijing is gearing up to defend its economy amid rising global trade tensions, said the report. China is also weighing subsidies for select exports, said other reports. (Read More)

Goldman Sachs has increased its probability estimate of a US recession within the next 12 months to 45%, up from its earlier projection of 35%, while also trimming its U.S. GDP growth outlook. The adjustment comes as several major investment banks reassess their forecasts following former President Donald Trump's announcement of new tariffs. JPMorgan, in particular, now places the likelihood of both a U.S. and global recession at 60%.

• Tariffs Puts A Question Mark On The Global Growth
• Tariff War Will Have A Detrimental Impact On Demand For Steel And Metals
• JSW Steel Is The Top Pick In Ferrous Metals Cos
• Like Tata Steel, Shyam Metalliks & APL Apollo
• Non-Ferrous Co's Are Exposed To Commodity Pricing & Will See A Short-term Impact

• We Need To Find A Solution To Buy  $25 Bn Worth Of American Products
• Nobody Apart From China Has Retaliated w.r.t Reciprocal Tariffs
• India Needs To Give Some Noticeable & Prominent Market Access To American Goods
• Market Access Is The Complicated Bit, Tariffs Can Be Addressed Immediately
• Auto Tariffs May Remain, US Might Leave Out Pharma Generics From Reciprocal Tariffs
• Don't Think This Uncertainty Can Prolong For Very Long
• Impossible To Say When Markets Will Bottom, Retail Investors Should Not Stop SIPs
• Apart From 1-2 Sectors, Expect India To Come Out Largely Unscathed From This Tariff Wa

S&P 500 futures dropped by 4.31%, while Nasdaq futures plunged 5.45%, compounding last week's staggering $6 trillion wipeout in market value. In Asia, Japan's Nikkei tumbled 7.8% to levels not seen since late 2023, South Korea’s market declined 4.6%, and both Hong Kong’s Hang Seng index and Taiwan’s benchmark index slumped 10%. Despite the severe losses, US President Donald Trump appeared unfazed by the sharp downturn in equity markets. "I don't want anything to go down. But sometimes you have to take medicine to fix something," he said, downplaying the nearly $6 trillion erosion in US stock value. (Read More)

India's projected GDP growth of 6.3% to 6.8% for the fiscal year 2025-26 is expected to remain on track, provided that global crude oil prices stay below $70 per barrel, according to a report by Reuters. The Trade Ministry is planning discussions with exporters to evaluate whether additional support measures are necessary. While the Union Budget has already made substantial allocations to assist exporters, officials have indicated they remain open to expanding this support if needed. Additionally, the recent tariff announcements by the United States are not anticipated to significantly impact India’s fiscal targets for the current year, Reuters reported.

Hello and welcome to Moneycontrol. Today, we are tracking the latest in the world of business. The Nifty 50 and Sensex are poised for a steep decline at the market open on April 7, mirroring heavy losses across Asian markets and Wall Street. The global sell-off continues as investors retreat from equities and flock to safe-haven assets, driven by mounting concerns over a potential global trade war. These fears were intensified by U.S. President Donald Trump’s retaliatory tariffs, which have heightened geopolitical tensions and added to economic uncertainty. On Sunday, Trump stated that foreign nations would need to pay "a lot of money" to reverse the wide-ranging tariffs, which he referred to as "medicine," signaling that further market turbulence could lie ahead.