Overview

• President Trump’s 10% baseline tariff on imports, with higher rates for specific countries, has taken effect, marking the most extensive U.S. trade measures since 1930.
• Global stock markets have lost trillions in value, with Wall Street seeing its worst selloff since 2020 and recession fears mounting among economists.
• China has announced a 34% retaliatory tariff on U.S. goods starting April 10 and plans to file a lawsuit with the World Trade Organization.
• The UK’s Jaguar Land Rover has paused U.S. shipments, while Prime Minister Keir Starmer warns of profound economic consequences and pledges industrial support for British businesses.
• The European Union is preparing $28 billion in retaliatory tariffs, while other nations like India and Indonesia opt for negotiation over countermeasures.