Overview

• President Trump's 104% tariffs on Chinese imports officially took effect, sparking immediate retaliatory measures from China, including 84% tariffs on U.S. goods starting April 10.
• The European Union has approved counter-tariffs targeting €21 billion worth of U.S. products, joining other nations in pushing back against U.S. trade policies.
• Global financial markets have been thrown into turmoil, with U.S. stocks nearing bear market territory and bond yields rising sharply, signaling investor unease.
• Domestic political debates over the tariffs have intensified, with congressional figures like Rep. Don Bacon calling for greater oversight of the president's trade authority.
• President Trump remains defiant, urging companies to relocate to the U.S. for 'zero tariffs' and dismissing recession fears, while Treasury Secretary Scott Bessent calls for negotiations with China.