Donald Trump Tariff Announcement Highlights: Wall Street plunges 3.3% as global market turmoil deepens after tariffs

Trump Tariff Announcement LIVE: As Donald Trump's tariffs kicked in, the S&P 500 slumped 4 per cent in morning trading – being seen as the worst than the drops for other major stock markets.

The Dow Jones Industrial Average was down 1,520 points, or 3.6 per cent, as of 10:10 am Eastern time, and the Nasdaq composite was 4 per cent lower.

Trump Tariff Announcement LIVE: Frankfurt stocks tumbled over 3% following the announcement of Trump’s new tariffs, fueling market uncertainty.

Trump Tariff Announcement LIVE: Wall Street stocks plunged early Thursday, following a global market selloff as President Donald Trump's latest tariff announcement fueled fears of a trade war and economic slowdown.

Trump Tariff Announcement LIVE: Paris stocks have dropped more than 3 per cent after Donald Trump imposed back-breaking tariffs on the world.

Trump Tariff Announcement LIVE: Will Trump tariffs erase $2 trillion from US stock markets? According to Bloomberg, the damage was heaviest in companies whose supply chains are most dependent on overseas manufacturing. Apple Inc., which makes the majority of its US-sold devices in China, is on track to open down 7.7%. Lululemon Athletica Inc. and Nike Inc., among companies with manufacturing ties to Vietnam, are down at least 9%. Walmart Inc. and Dollar Tree Inc., retailers whose stores are filled with products sourced outside of the US, are trading at least 4% lower.

Trump Tariff Announcement LIVE: On Thursday, China called on the United States to cancel its latest tariffs immediately and vowed to take countermeasures to protect its interests after President Donald Trump announced broad trade levies on US partners worldwide.

"China firmly opposes this and will take countermeasures to safeguard its own rights and interests," China said.

The Ministry of Commerce said in a statement that it is carefully examining the implications of the various measures and announcements made by the US administration.

"The US President issued an Executive Order on Reciprocal Tariffs imposing additional ad-valorem duties ranging from 10% to 50% on imports from all trading partners. The baseline duty of 10% will be effective from April 05, 2025, and the remaining country-specific additional ad valorem duty will be effective from April 09, 2025. The additional duty on India, as per Annex I of the Executive Order, is 27%," the Ministry said.

Trump Tariff Announcement LIVE: As the Trump tariffs come into effect, the United States has warned that it could spell threat for thousands of jobs in the country. "The tariff level is extremely high relative to our regional competitors," said Yohan Lawrence, head of the Joint Apparel Association Forum (JAAF), referring to a 44 percent tariff imposed by US President Donald Trump on Sri Lankan goods. JAAF said in a statement the tariff hike could "significantly disrupt" the garment industry and threatened "thousands of jobs".

Trump Tariff Announcement LIVE: Hours after the Trump tariff came into effect, the Central government has said that the Commerce Department are studying the opportunities that may arise due to US tariff hikes.

Trump Tariff Announcement LIVE: As the Trump tariffs kicked in, White House said India has tough and costly testing rules for products like chemicals, telecom equipment, and medical devices, making it harder for U.S. companies to do business there. It said that if these rules were eased, U.S. exports to India could grow by at least $5.3 billion each year.

While giving details on reciprocal tariffs, Donald Trump said, “We will charge them approximately half of what they are and have been charging us, so the tariffs will be not a full reciprocal. I could have done that, I guess, but it would have been tough for a lot of countries and we didn’t want to do that.”

Reciprocal tariffs are tax or trade restrictions that one country places on another in response to similar actions taken by that country.

President Donald Trump announced tariffs on the Australian external territory of Heard Island and McDonald Islands, where no one lives. These islands are uninhabited subantarctic islands in the Southern Ocean, with no permanent human population, administered by Australia.

While speaking on the 26% reciprocal tariffs imposed by the United States on India, Congress president Mallikarjun Kharge told ANI, “... Their friendship (US President Trump and PM Modi) and the way they hug and talk shows that America (US President Donald Trump) is a businessman…Aur wo humara customer phas gaya (And our customer is stuck).”

Russia was not mentioned among the countries where Trump has proposed to impose reciprocal tariffs. The White House has not yet clarified the reason for Russia's exclusion.

“As the global trade war has become a reality, the government must pour all its capabilities to overcome the trade crisis,” Reuters quoted South Korean acting President Han Duck Soo.

 “The (Trump) administration's tariffs have no basis in logic and they go against the basis of our two nations' partnership. This is not the act of a friend. Today's decision will add to uncertainty in the global economy and it will push up costs for American households,” Reuters quoted Australian Prime Minister Anthony Albanese.

“The Brazilian government regrets the decision made by the North American government today, April 2, to impose additional tariffs of no more than 10% on all Brazilian exports to that country. The Brazilian government is evaluating all possible actions to ensure reciprocity in bilateral trade, including resorting to the World Trade Organization, in defence of legitimate national interests,” Reuters quoted the Foreign Ministry of Brazil.

While reflecting on the reciprocal tariffs imposed by the United States, news portal Reuters quoted Canadian Prime Minister Mark Carney saying, “We are going to fight these tariffs with countermeasures, we are going to protect our workers, and we are going to build the strongest economy in the G7."