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Donald Trump imposed the world in a full trade war, defying the turmoil market as they came into force tariffs against dozens of US trading partners.
Without the last minute of returning from the White House, the so -called reciprocal tariffs of the president came into force at midnight in Washington on Wednesday. They include a 104 % tax on China This will reduce trade between the two largest economies in the world.
US tariffs Highlight a deep twist for decades of liberalization in the world economy and will – if it takes place – lead to complete reshaping of global models of trade.
Market sales deepened in Asia, expanding a route that began when Trump first announced the tariffs on “Liberation Day” last week. US finance, dollar and futures stocks fell early on Wednesday.
The historic decision to impose tariffs covers the aggressive trade policy Trump has implemented from returning to office, as the US president has been trying to process the global economic order that he says has “torn” America for decades.
White House officials, including Finance Secretary Scott Besen, have tried to discuss possible trade negotiations with South Korea, Japan and other countries – a message that gave investors hope that Trump could alleviate his stance on his stance on Pressure from allies of billionairesTrading partners and Republicans in Congress.
At the Republican Financial Raising event in Congress on Tuesday night, Trump struck in a non -permanent tone, saying other countries “wanting to make a deal with us”, but the United States did not need any agreements and was “as happy as we are”. He added: “I know what the hell I do.”
China’s 50 percent US tariff to punish Beijing for revenge will “in force at 12.01 pm” on Wednesday, White House Press Secretary Carolyn Levitt said.
The US Finance Ministry has drawn and $ 29 An increase in pressure sales In the past two days, sending long -term borrowing costs higher. “The market price action is dramatic,” Goldman Sachs said in a client’s note.
“Our estimates of” shocks “of market views using the common movements of US capital and bonds are in line with the high degradation of US growth views.”
Since then, $ 6.2 million in market value has been deleted from the S&P 500 index, and analysts have warned of spiral inflation in the United States and slowing the global economy.
Oil markets have reduced expectations for a sharp stall in global trade. Brent crude, international benchmark, fell 4.1 % in Asian trading on Wednesday to $ 60.26 a barrel, the lowest of Kovid-19 depths in early 2021.
Western Texas Medium, US benchmark, is trading below $ 60, a level that Drillers say will prevent Trump’s ambitions from increasing US raw material supply.
Determining the president to follow with his ultra-protective tariffs has attracted a fierce reaction from Wall Street, business leaders and some Republican lawmakers.
The trade war has also opened divisions within Trump’s own circle. While furious described his plan to start talks with Japan on a new trade agreement, Trump’s King Peter Navarro in the Financial Times wrote that the president’s position is not “negotiation”.
Elon Musk, a technology billionaire and adviser to Trump, attacked Navarro on Tuesday, calling him “moron” and “stupid brick sack” after Navarro said the opposition of Tesla’s head of tariffs was self-interest.
Additional notice from William Sandlund in Hong Kong
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