Tariffs News Live: Dow rebounds 1,300 points on rising hopes for tariff deals

The White House has reaffirmed President Trump’s tough stance on trade, saying America will remain unshaken as global negotiations ramp up following new tariff measures.

In a press briefing the White House Press Secretary Karoline Leavitt said, "Countries like China, who have chosen to retaliate and try to double down on their mistreatment of American workers, are making a mistake. President Trump has a spine of steel, and he will not break, and America will not break under his leadership. He is guided by a firm belief that America must be able to produce essential goods for our own people and export them to the rest of the world." Read more

The US–China trade conflict intensified sharply on Monday as the White House confirmed a sweeping new round of tariffs on Chinese imports, signaling a volatile new chapter in the ongoing standoff between the world’s two largest economies.

According to Fox Business reporter Edward Lawrence, White House Press Secretary Karine Jean-Pierre announced that an additional 104% tariff on certain Chinese goods took effect at noon Eastern Time on April 8, following Beijing’s refusal to remove its retaliatory measures. Read more

India and China should stand together to overcome difficulties in the face of tariffs imposed by U.S. President Donald Trump's administration, the spokesperson of the Chinese Embassy in India said on Tuesday.

"China-India economic and trade relationship is based on complimentarity and mutual benefit. Facing the U.S. abuse of tariffs... the two largest developing countries should stand together to overcome the difficulties," spokesperson Yu Jing said in a post on X.

US top trade representative said Tuesday that President Donald Trump’s sweeping tariffs are already getting results, bringing other countries to the negotiating table to discuss reducing their trade barriers.

US Trade Representative Jamieson Greer addressed the Senate Finance Committee a day after global markets swung wildly and some business leaders lambasted the president's aggressive bid to raise tariffs on almost every nation on earth.

Greer testified that “about 50'' countries have sought talks to escape Trump's import tariffs. He said, for example, that Vietnam is cutting its own tariffs on apples, almonds and cherries. The import taxes are designed to reduce America's massive trade deficits, but Greer conceded that the adjustment might ”be challenging at times.''

"I just had a great call with the Acting President of South Korea. We talked about their tremendous and unsustainable Surplus, Tariffs, Shipbuilding, large scale purchase of U.S. LNG, their joint venture in an Alaska Pipeline, and payment for the big time Military Protection we provide to South Korea. They began these Military payments during my first term, Billions of Dollars, but Sleepy Joe Biden, for reasons unknown, terminated the deal. That was a shocker to all! In any event, we have the confines and probability of a great DEAL for both countries. Their top TEAM is on a plane heading to the U.S., and things are looking good. We are likewise dealing with many other countries, all of whom want to make a deal with the United States. Like with South Korea, we are bringing up other subjects that are not covered by Trade and Tariffs, and getting them negotiated also. “ONE STOP SHOPPING” is a beautiful and efficient process!!! " We are waiting for their call. It will happen! GOD BLESS THE USA," Trump posted on Truth Social.

U.S. stocks extend gains:

The S&P 500 up 3.36%

The Dow up 3.64%

Nasdaq up 3.72%

US Treasury Secretary Bessent said China's escalation was a "big mistake" and they are playing with a "losing hand." This comes after China vowed to "fight until the end" last night in response to Trump threatening to raise tariffs by another 50%.

Thailand will increase its imports to the US, lower some taxes on American goods and address certain non-tariff barriers, the country's finance minister said. This comes as the country aims to negotiate a better deal with the US, after Donald Trump imposed 36 percent tariff on its imports.

China may reportedly ban Hollywood movies from its markets as trade tensions with US remain at peak following Donald Trump's reciprocal tariffs. China will never accept the 'blackmail nature' of US tariff threats, the Daily Mail reported. Notably, the Xi Jinping-led country has already announced 34% counter tariffs on US. It will further prohibit all poultry from US, a Chinese journalist affiliated with the Communist Party reportedly told BBC's Radio 4 programme.

Despite the jolt from Donald Trump's tariff rhetoric and its implications for global trade, Prashant Khemka, founder of White Oak Capital, believes the worst of the disruption may already be priced in. "We could already be seeing the 'Trump bottom' in markets," he said. "What matters is not just the magnitude of bad news, but whether the next piece of news is better or worse than expected. And after such a dramatic reset in sentiment, the incremental bad news may be less bad—or even mildly positive," he added. (Read more)

Most domestic industries, with the exception of agriculture, are broadly comfortable with India cutting import tariffs on US goods, according to leading industry voices who believe the country is strategically placed to benefit from trade negotiations with the US.

"India is well positioned to negotiate and balance the trade deal with the US," Rajiv Memani, chairman, EY India, said during a session on ‘India ahoy: land of opportunities' at the Rising Bharat Summit organised by News18. "In most products if duty rates come down, except agriculture, it will be far more beneficial for India. Most industries are open for tariff duty cuts. Broadly, most Indian industries are comfortable with lowering tariffs," he added.

Elon Musk reportedly took a jibe at US President Donald Trump's trade advisor Peter Navarro, while criticizing the reciprocal tariffs. Navarro has now responded to the billionaire's criticism. "Elon when he is in his DOGE lane is great, but we understand what’s going on here. Elon sells cars. He is simply protecting his own interest," Navarro said during an interview with Fox News.

He further noted that while Tesla makes its cars in its factories in US, the Musk-led company procures several parts from China, Mexico, Japan, Taiwan and other countries.

• Sam Nunberg, a former advisor to President Trump during his 2016 election campaign, told the BBC that he believes tariffs are likely to remain in place, though not at the steep levels currently being enforced.
• Speaking to BBC Radio 4's Today programme, Nunberg said, “I believe the president introduced these extremely high tariff rates as an opening move in negotiations.”
• He added, “This is just the beginning, not the final position—but make no mistake, the president is not going to make a full U-turn on this.”

• Tariffs announced by U.S. President Donald Trump will hurt South African citrus farms and could potentially affect 35,000 jobs, a farmers' association said on Tuesday.
• Trump imposed a 31% tariff on U.S. imports from South Africa on April 2, when he announced a 10% baseline tariff on all imports and higher targeted duties on dozens of countries.
• South Africa, the world's second largest citrus exporter after Spain, ships between 5%-6% of its produce to the U.S., earning more than $100 million annually.
• The new tariff would place an additional $4.50 cost on each carton, making South Africa's fruit less competitive in the U.S. market, the Citrus Growers' Association of Southern Africa (CGA) said in a statement. - Reuters

• Tech-billionaire and Tesla CEO Elon Musk made direct yet unsuccessful appeals to U.S. President Donald Trump to reverse tariffs over the past weekend, Washington Post reported on Monday citing two people familiar with the matter.
• This exchange marks the highest profile disagreement between the President and Musk, the report said. It follows Trump's unveiling of a 10% baseline tariff on all imports to the U.S. along with higher duties on dozens of other countries.
• The White House and Musk did not immediately respond to Reuters requests for comment.
• Musk, a Trump adviser who has been working to eliminate wasteful U.S. public spending, called for zero tariffs between the U.S. and Europe during a virtual interaction at a congress in Florence of Italy's right-wing, co-ruling League Party over the weekend.
• Tesla has seen its quarterly sales drop sharply amid a backlash against Musk's work with a new "Department of Government Efficiency." The company's shares are trading at $233.29 as of its last close on Monday, down over 42% since the beginning of the year.  - Reuters

• Trading has resumed in Europe with a modest rebound across major stock markets.
• In the UK, the FTSE 100 opened 1% higher.
• France’s CAC 40 saw a rise of 1.8%.
• Germany’s DAX index increased by 1.3%.

• The government has clarified that an Indian company engaged in a sector where FDI is prohibited can issue bonus shares to its pre-existing foreign shareholders, provided there is no change in the shareholding pattern.
• The issuance of bonus shares must comply with the applicable rules, laws, regulations and guidelines, the Department for Promotion of Industry and Internal Trade (DPIIT) said.
• "An Indian company engaged in a sector/activity prohibited for FDI (foreign direct investment) is permitted to issue bonus shares to its pre-existing non-resident shareholders provided that the shareholding pattern of the non-resident shareholder does not change pursuant to the issuance of bonus shares," according to the DPIIT's clarification which is inserted in the FDI policy. - PTI

The government is examining the need to grant fresh incentives to exporters to counter the impact of US President Donald Trump’s reciprocal tariffs on the country’s outbound shipments. “Exporters will meet commerce ministry this week and depending on their feedback, we will decide if any fresh incentives are needed or would the existing schemes that are supporting exporters are sufficient,” a senior government official has said. (Read More)

• Bangladesh's interim government has officially requested the United States to delay its planned tariffs for a period of three months.
• According to the office of interim leader Muhammad Yunus, this pause would give Bangladesh the necessary time to effectively implement its plan to significantly boost imports of U.S. goods. The office also noted that the country has already committed to purchasing additional American products, including energy, cotton, and wheat.
• As the third-largest exporter of clothing to the U.S.—following China and Vietnam—Bangladesh is bracing for a 37% tariff on its exports, set to take effect later this week.

• Chetan Ahya, Morgan Stanley On CNBC-TV18
• India Could See 40-50 bps Downside In GDP Growth As A Result Of Tariffs
•  India Will Not Remain Unscathed  Amid Global Slowdown
•  US Will Take About 18-20 Months To Increase Its Production Capacity For Oil & Gas
•  Pricing In A 25 bps Rate Cut For India
•  Overall Exports-to-GDP Is More Important Than Exports Exposure To The US

• External Affairs Minister S Jaishankar and US Secretary of State Marco Rubio held a telephonic conversation on Monday to discuss the impact of newly imposed American tariffs on Indian exports and explore pathways for advancing a “fair and balanced trade relationship,” according to a statement issued by the US State Department.
• The call comes just days after US President Donald Trump announced a sweeping 10% baseline tariff on all imports into the United States, with higher rates targeting specific countries, including India, which now faces a 26 percent tariff under the new regime. The move has rattled global markets and raised concerns among key US allies and trade partners. (Read More)

US Secretary of State Marco Rubio and India's External Affairs Minister S Jaishankar held discussions on the issue of reciprocal tariffs imposed on India, as part of ongoing efforts to address trade imbalances. During their meeting, the two leaders also reviewed the progress made toward establishing a fair and balanced trade agreement that would benefit both nations.

• Gold prices bounced back on Tuesday after hitting a near four-week low in the previous session, as escalating tensions in the global trade war between the United States and its major trading partners drove investors toward safe-haven assets.
• As of 0340 GMT, spot gold rose 0.5% to $2,996.6 an ounce, recovering from its lowest level since March 13 recorded on Monday.
• Meanwhile, US gold futures climbed 1.3% to $3,010.70.
• The rebound came as US President Donald Trump intensified tariff threats against China on Monday, while the European Union unveiled plans for retaliatory measures—fueling fears of a prolonged trade war that could potentially push the global economy into recession.

• Oil Companies To Mop-up Rs 9,000 Crore In FY26 By LPG Price Hike Of Rs 50 For Plugging Ongoing LPG Losses
• Oil Min To Seek Cabinet Nod In Due Course To Seek Rs 32,000 Crore Compensation To OMCs On LPG Losses

Rupee Check | Rupee Opens At 85.89/$ Vs Monday’s Close Of 85.84/$

• The Indian rupee is expected to depreciate further on Tuesday, tracking losses in the Chinese yuan after U.S. President Donald Trump threatened additional tariffs on Asia's largest economy.
• The 1-month non-deliverable forward indicated that the rupee will open at 85.90-85.92 to the U.S. dollar compared with 85.8350 in the previous session.
• The Indian currency tumbled 0.7% on Monday, marking its biggest fall in three months, in the wake of a risk-off triggered by fears that Trump’s tariff threats will be a drag on growth and stoke inflation. (Reuters)

In another development, External Affairs Minister S. Jaishankar and US Secretary of State Marco Rubio held a telephonic conversation to discuss the impact of newly imposed American tariffs on Indian exports and explore pathways for advancing a “fair and balanced trade relationship,” according to a statement issued by the US State Department.

Taking to social media platform X, Jaishankar confirmed his discussion with Rubio and highlighted the need for urgency on the trade front.

On the other hand, South Korea is also exploring a series of measures aimed at boosting imports from the US, Trade Minister Cheong In-kyo said today, as he departed for Washington to engage in high-stakes negotiations over newly imposed US tariffs.

Cheong’s visit comes after Trump left the door open for tariff negotiations with nations beyond China, a move that Seoul views as a diplomatic opening amid growing global trade tensions.

"It is difficult to reduce exports, so shouldn’t we then increase U.S. imports? In that regard, we have been reviewing many different packages to resolve the trade balance problem,” Cheong told reporters.

Taiwan’s benchmark stock index, which plunged nearly 10% on Monday in its worst-ever single-day fall, managed to recover slightly on Tuesday, falling around 3% in early trading.

Shares in tech giant TSMC (Taiwan Semiconductor Manufacturing Company), the world’s largest contract chipmaker, also pared losses and dipped by around 1% on Tuesday morning.

Taiwan is ready to hold talks with the US on tariffs and other trade-related matters, Foreign Minister Lin Chia-lung said this morning, a day after the island's stock market suffered its steepest-ever fall due to fears triggered by escalating trade tensions.

Taiwan, a global semiconductor powerhouse, was among the hardest hit in the new wave of US tariffs, with a 32% duty imposed by President Donald Trump. Trump singled out Taiwan as one of the countries with the highest trade surpluses with the US

China, early today, issued a scathing response to Trump's latest threat to impose an additional 50 percent tariff on Chinese imports, vowing to "resolutely take countermeasures to safeguard its own rights and interests."

In a strongly worded statement, China's Commerce Ministry denounced the proposed tariff hike as “completely groundless” and labeled the U.S. action as “a typical unilateral bullying practice.”

The ministry accused Washington of "blackmail" and warned that China would never back down in the face of escalating pressure.

“The US threat to escalate tariffs on China is a mistake on top of a mistake and once again exposes the blackmailing nature of the US. China will never accept this. If the US insists on its own way, China will fight to the end,” the ministry said.

China, early today, issued a stern warning, pledging to "resolutely take countermeasures" after Trump escalated trade tensions with a threat to impose an additional 50% tariff on Chinese goods, according to an AP report.

Beijing's sharp response comes amid rising fears of a full-blown trade war, which could have widespread economic repercussions.

Meanwhile, Tesla CEO Elon Musk’s net worth has fallen below $300 billion for the first time since November, as market volatility triggered by President Donald Trump’s sweeping tariffs continues to rattle even the biggest names in business.

Musk lost $4.4 billion on Monday alone, with Tesla shares extending their slump. His fortune now stands at $297.8 billion, according to the Bloomberg Billionaires Index — down a staggering $134.7 billion so far this year.

In fact, Monday marked another brutal day for global billionaires, with the index shedding $271 billion in total — its third-worst daily loss ever. Musk was the sixth biggest loser on the list.

Japan’s Nikkei share average surged 6% this morning, staging a strong comeback from a 1.5-year low touched in the previous session. The sharp rebound came as local investors took cues from the robust performance of U.S. technology stocks.

As of 0020 GMT, the Nikkei stood at 32,959.59, while the broader Topix jumped 6.14% to 2,428.64, signaling a widespread recovery across sectors.

Asian Stocks Rebound After Record Plunge as Trade War Fears Ease

Asian markets staged a comeback following their worst day on record, snapping a global selloff triggered by fears that Trump’s escalating trade war could derail global economic growth.

US equity-index futures edged higher, while Treasuries stabilised after Monday’s sharp decline.

On Monday morning, the S&P 500 officially entered bear market territory, falling 20% below its record high.

A brief rally of over 3% was triggered by a news report suggesting that Donald Trump was considering a 90-day pause on his newly announced tariffs.

However, the gains quickly vanished after White House officials denied the report, pushing the markets back into negative territory.

In the immediate aftermath of Trump’s sweeping tariff announcements last week, financial markets were rocked.

The benchmark S&P 500 plunged 10.5% over just two sessions, erasing nearly $5 trillion in market value - marking the index’s steepest two-day decline since the pandemic crash of March 2020.

"This is our only shot to reset the table," Trump said at the White House. "No other president would have the guts to do this, or even go through it. But I don’t mind, because I see a beautiful picture at the end."

Defending his aggressive trade stance, Trump said imposing sweeping tariffs - starting at 10% on all US imports and reaching as high as 50% on select goods - was essential to reviving the country’s industrial backbone, which he argued had eroded under decades of liberalised trade policies.