US President Donald Trump urged Americans to “hang tough” on Saturday as a 10% tariff on imports came into effect, amidst market turmoil. The move impacts hundreds of countries, including the UK and France, while China has announced significant retaliatory measures.
The US stock market plunged more than 5% on Friday, with the S&P 500 dropping almost 6%, marking the worst week since 2020. Protests took place in cities like Washington DC, New York, and others against Trump’s policies, including economic changes and government cuts.
Trump described the market volatility as an “economic revolution” that the US will win. Billionaire Elon Musk suggested a “zero-tariff situation” between Europe and North America could create a free-trade zone, but his comments came days before a planned 50% tariff on goods with trade imbalances by April 9.
The EU is set to face a 20% levy, while British Prime Minister Sir Keir Starmer had calls with world leaders following Trump’s tariffs announcement. China has retaliated with 34% tariffs on US imports and filed a complaint against the new tariffs at the World Trade Organisation.
Protests are expected in Washington DC and across the US, with around 1,200 demonstrations planned. The White House has yet to comment on the protests, but Trump was seen with an article about China. Jaguar Land Rover announced it will pause all shipments to the US due to the new trading terms.
Source: https://www.bbc.com/news/articles/c8rg5lp7m8no