‘Creating chaos and crisis’: Democrats slam Trump’s sweeping tariffs as global markets tumble – live | Trump tariffs
Lawmakers criticize Trump following new tariffs policy
Democratic and Republican lawmakers are criticizing Donald Trump’s latest tariff policy reveal which prompted global stocks to fall sharply and for the US dollar to hit a six-month low on Thursday.
Senate minority leader Chuck Schumer took to X and wrote: “54% tariffs on China, 10% tariffs on Iran, 0% tariffs on Russia,” adding a questioning emoji at the end.
Meanwhile, Cory Booker, the New Jersey Democratic senator who broke record this week for delivering the longest speech in Senate history against Trump’s Republican agenda, posted news headlines of several Republican senators joining Democrats in voting to undo Trump’s Canada tariffs.
“This is what happens when people speak up,” Booker wrote.
Brian Schatz, the Democratic Hawaii senator, said: “I’ve never seen a president ruin the economy on purpose.”
In response, the Democratic Connecticut senator Chris Murphy said: “This is the thing to understand. It’s all on purpose. Creating chaos and crisis.”
The Republican Kentucky senator Rand Paul, who co-sponsored a bipartisan measure to undo Trump’s Canada tariffs, wrote on X: “The tariffs that Trump detailed Wednesday mark the most significant U.S. protectionist trade action since the 1930s, when Congress imposed tariffs on more than 20,000 goods and dug the U.S. economy deeper into the Great Depression.”
Key events
Stocks tumble on Wall Street following Trump's tariffs reveal
Stocks have taken a sharp fall on Wall Street following Donald Trump’s latest tariffs reveal which has sent shock waves across the global market.
The Dow Jones industrial average, which tracks 30 of the largest US companies, promptly plunged by 1,137 points, or 2.7%, to 41,087 points, the Guardian’s Graeme Wearden reports.
Meanwhile, Bloomberg has calculated that approximately $1.7 trillion was erased from the S&P 500 Index at the start of today’s trading.
For more live updates on the state of global stocks, follow our business live blog here:
Traders work on the floor of the New York Stock Exchange. Photograph: Charly Triballeau/AFP/Getty Images
Following widespread backlash to Donald Trump’s latest global tariffs reveal, JD Vance said in a new interview on Fox News: “What I’d ask folks to appreciate here is that we’re not going to fix things overnight.”
He added: “We know people are struggling, we’re fighting as quickly as we can to fix what was left to us but it’s not going to happen immediately.”
Vance also claimed that with the “right regulation”, Americans were “going to benefit from the fact that foreign countries can’t take advantage of us any more”, adding: “That means their jobs are going to be more secure.”
Martin Pengelly
In the aftermath of the disastrous debate against Donald Trump that ultimately ended his political career, Joe Biden skipped a White House meeting with the congressional Progressive caucus in favor of a Camp David photoshoot with the fashion photographer Annie Leibovitz, a new book says.
“You need to cancel that,” Ron Klain, Biden’s former chief of staff and debate prep leader, told the president, as he advocated securing the endorsement of the group of powerful progressive politicians perhaps key to his remaining the Democratic nominee.
“You need to stay in Washington. You need to have an aggressive plan to fight and to rally the troops.”
As described by Klain to Chris Whipple, the author of an explosive new book on the 2024 campaign, Biden “seemed to relent. ‘OK,’ he said.”
“But the president’s resolve didn’t last,” the book continued. “That weekend, Biden and his family were at Camp David having their pictures taken” by Leibovitz.
For the full story, click here:
Eric Adams announces NYC mayor run as independent
New York City mayor Eric Adams announced on Thursday that he would be leaving the Democratic party and would instead run for re-election as an independent.
Adams’s decision, which he announced in a six-minute video on Thursday, comes after the dismissal of the federal corruption indictment against him.
“I have always put New York’s people before politics and party – and I always will. I am running for mayor in the general election because our city needs independent leadership that understands working people,” Adams said amid record-low approval ratings.
“There isn’t a liberal or conservative way to fix New York. There is a right way and a wrong way and true leaders don’t just know the right path, they have the guts to take it,” he added.
For the full story, click here:
Lawmakers criticize Trump following new tariffs policy
Democratic and Republican lawmakers are criticizing Donald Trump’s latest tariff policy reveal which prompted global stocks to fall sharply and for the US dollar to hit a six-month low on Thursday.
Senate minority leader Chuck Schumer took to X and wrote: “54% tariffs on China, 10% tariffs on Iran, 0% tariffs on Russia,” adding a questioning emoji at the end.
Meanwhile, Cory Booker, the New Jersey Democratic senator who broke record this week for delivering the longest speech in Senate history against Trump’s Republican agenda, posted news headlines of several Republican senators joining Democrats in voting to undo Trump’s Canada tariffs.
“This is what happens when people speak up,” Booker wrote.
Brian Schatz, the Democratic Hawaii senator, said: “I’ve never seen a president ruin the economy on purpose.”
In response, the Democratic Connecticut senator Chris Murphy said: “This is the thing to understand. It’s all on purpose. Creating chaos and crisis.”
The Republican Kentucky senator Rand Paul, who co-sponsored a bipartisan measure to undo Trump’s Canada tariffs, wrote on X: “The tariffs that Trump detailed Wednesday mark the most significant U.S. protectionist trade action since the 1930s, when Congress imposed tariffs on more than 20,000 goods and dug the U.S. economy deeper into the Great Depression.”
The World Trade Organization chief told member states on Thursday that it had received “many” questions about the impact of US president Donald Trump’s tariffs on trade and would respond to their questions, according to a letter.
“Many of you have been in touch about the US announcement on tariffs, asking for the Secretariat to provide an economic analysis of the impact of these tariffs and any potential reaction on your trade,” director-general Ngozi Okonjo-Iweala wrote in a letter to ambassadors dated 3 April and seen by Reuters.
“As we are a member-driven organization, the Secretariat will be responding to your questions,” she said, suggesting that states also discuss the issues with each other.
EU to vote next week on countermeasures to Trump tariffs
European Union member states are set to vote on Wednesday April 9 on countermeasures to the United States’ steel and aluminum tariffs, a senior EU official, said on Thursday.
The Commission’s proposal will be passed as long as it is not opposed by a qualified majority of 15 member states representing 65% of EU population.
Rubio tries to reassure wary allies of US commitment to Nato as Trump sends mixed signals
US secretary of state Marco Rubio and the Trump administration’s new envoy to Nato are seeking to reassure wary Nato allies of the US commitment to the alliance.
Rubio on Thursday decried “hysteria and hyperbole” in the media about president Donald Trump’s intentions despite persistent signals from Washington that Nato as it has existed for 75 years may no longer be relevant, AP reports.
Rubio and newly confirmed US ambassador to Nato Matt Whitaker are in Brussels for a meeting of alliance foreign ministers at which many are hoping Rubio will shed light on US security plans in Europe.
“The United States is as active in Nato as it has ever been,” Rubio told reporters as he greeted Nato chief Mark Rutte before the meeting began. “And some of this hysteria and hyperbole that I see in the global media and some domestic media in the United States about Nato is unwarranted.”
“President Trump’s made clear he supports Nato,” Rubio said. “We’re going to remain in Nato.”
“We want Nato to be stronger, we want Nato to be more visible and the only way Nato can get stronger, more visible is if our partners, the nation states that comprise this important alliance, have more capability,” he said.
Marco Rubio, left, and Nato chief Mark Rutte talk to the press at Nato HQ in Brussels on Thursday Photograph: Wiktor Dąbkowski/ZUMA Press Wire/REX/Shutterstock
Guardian community team
Donald Trump has unveiled his global tariffs on US trading partners including 10% on UK exports to the US, 20% on the EU and 34% on China.
However, the US’s closest trading partners, Canada and Mexico, have been exempt from the latest round of tariffs.
Wherever you are in the world, we’d like to hear how you might be affected by the tariffs.
What preparations or changes are you making to your business? Do you have any concerns?
Donald Trump announced sweeping tariffs on some of its largest trading partners on Wednesday, upending decades of US trade policy and threatening to unleash a global trade war on what he has dubbed “liberation day”.
Trump said he will impose a 10% universal tariff on all imported foreign goods in addition to “reciprocal tariffs” on a few dozen countries, charging additional duties on to countries that Trump claims have “cheated” America.
The 10% universal tariff will go into effect on 5 April while the reciprocal tariffs will begin on 9 April.
Asian countries riven by war and disaster face some of steepest Trump tariffs
Kate Lamb
Developing nations in south-east Asia, including war-torn and earthquake-hit Myanmar, and several African nations are among the trading partners facing the highest tariffs set by Donald Trump.
Upending decades of US trade policy and threatening to unleash a global trade war, the US president announced a raft of tariffs on Wednesday that he said were designed to stop the US economy from being “cheated”.
“This is one of the most important days, in my opinion, in American history,” said Trump on Wednesday. “It’s our declaration of economic independence.”
He hailed the moment as “liberation day”, but the tariffs are likely to be met with loud protests from some of the world’s weakest economies. One expert said Trump was likely to be targeting countries that receive investment from China, regardless of the situation in that country. Chinese manufacturers have previously relocated to countries such as Vietnam and Cambodia not only due to lower operating costs, but also to avoid tariffs.
The tariffs comes as many countries in south-east Asia are already grappling with the fallout from the cuts to USAid, which provides humanitarian assistance to a region vulnerable to natural disasters and support for pro-democracy activists battling repressive regimes.
Opening summary
Hello and welcome to the US politics live blog. I’m Tom Ambrose and will be bringing you all the latest news lines over the next few hours.
We start with the news that Donald Trump’s decision to slap a 10% tariff on most goods imported to the United States, as well as higher duties on dozens of countries from rivals to allies, has intensified a global trade war that threatens to stoke inflation and stall growth.
The sweeping duties announced against the serene backdrop of the White House Rose Garden on Wednesday immediately unleashed turbulence across world markets and drew condemnation from other leaders now faced with the end of decades of trade liberalization that have shaped the global order.
Meanwhile, several Republican senators joined Democrats to pass a resolution that would block Donald Trump’s tariffs on Canada, a rare rebuke of the president’s trade policy just hours after he announced plans for sweeping import taxes on some of the country’s largest trading partners.
In a 51-48 vote, four Republicans – Susan Collins of Maine, Lisa Murkowski of Alaska and both Kentucky senators, the former majority leader Mitch McConnell and Rand Paul – defied Trump’s pressure campaign and supported the measure. Democrats used a procedural maneuver to force a vote on the resolution, which would terminate the national emergency on fentanyl Trump is using to justify tariffs on Canada.
“Tariffs will hurt our families. Canada is not an enemy,” the Democratic senator Tim Kaine, the bill’s sponsor, said in a floor speech on Wednesday. “Let’s not label an ally as an enemy. Let’s not impose punishing costs on American families at a time they can’t afford it. Let’s not hurt American small businesses. Let’s not make our national security investments in ships and subs more expensive.”
Read the full report here:
In other news:
Despite a 10% tariff levied on all goods imported from the United Kingdom, British leaders say the United States remains the UK’s “closest ally”.
Trump told his inner circle that Elon Musk will be taking a step back from the Trump administration, Politico reports. According to the outlet, both Musk and Trump have agreed “that it will soon be time for Musk to return to his businesses and take on a supporting role”.
National security adviser Mike Waltz’s team has regularly set up group chats on Signal to coordinate official work on various global issues from different parts of the world including Ukraine, China, Gaza, Middle East policy, Africa and Europe, Politico reports. According to four people who have been personally added to the chats and who spoke to the outlet, sensitive information was discussed in the chats.
A US judge on Wednesday dismissed the federal corruption case against New York City mayor Eric Adams, adding that the charges cannot be brought again. US district judge Dale Ho’s decision to dismiss the case with prejudice was in line with the recommendation of a lawyer he asked to offer independent arguments, but contrary to the justice department request for a dismissal without prejudice, Reuters reports.
