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Trump tariffs: Shares slide as new US import taxes loom Trump tariffs: Shares slide as new US import taxes loom
(about 1 hour later)
US stocks have followed falls seen in Asia and Europe after US President Donald Trump suggested that new tariffs will hit all countries. US stocks have dipped following market slumps in Asia and Europe after US President Donald Trump suggested that new tariffs could hit all countries.
Trump's comments came as he prepares to unveil a massive slate of import taxes on Wednesday, in what he has called America's "Liberation Day".Trump's comments came as he prepares to unveil a massive slate of import taxes on Wednesday, in what he has called America's "Liberation Day".
These will come on top of Trump's recent import taxes on aluminium, steel and vehicles, along with increased levies on all goods from China. These will come on top of Trump's recent import taxes on aluminium, steel and cars, along with increased levies on all goods from China.
The tougher stance from Trump has increased nervousness about a trade war hitting the global economy.The tougher stance from Trump has increased nervousness about a trade war hitting the global economy.
"You'd start with all countries," Trump told reporters on Air Force One. "Essentially all of the countries that we're talking about." Trump has offered conflicting signals about the scope of the expected tariffs.
But he said his administration would be "far more generous" and "kinder" than the countries had been to the US. Last week, he had raised the possibility that many countries could receive "breaks". But over the weekend, he appeared to be leaning toward a more wide-ranging plan.
"You'd start with all countries," Trump told reporters on Air Force One on Sunday. "Essentially all of the countries that we're talking about."
The UK has said it expects to be affected by US tariffs and is not ruling out retaliating.The UK has said it expects to be affected by US tariffs and is not ruling out retaliating.
The prime minister's official spokesman has said talks on an economic deal between the two countries have been "constructive", but are likely to last beyond Wednesday.The prime minister's official spokesman has said talks on an economic deal between the two countries have been "constructive", but are likely to last beyond Wednesday.
Other jurisdictions, such as the European Union and Canada, have already said that they are preparing a range of retaliatory trade measures.Other jurisdictions, such as the European Union and Canada, have already said that they are preparing a range of retaliatory trade measures.
Kevin Hassett, director of the National Economic Council, recently told the Fox Business channel that the tariffs would focus on 10 to 15 countries that have the worst trade deficits with the US, but did not name them. Concerns about the impact of the measures have unsettled markets and reignited fears of a recession in the US.
Trump sees trade taxes - which in this case would be paid by the US companies importing goods - as a way of protecting the American economy from unfair competition and as a bargaining chip for getting better trading terms. In the US, the S&P 500 share index of the largest firms has fallen roughly 10% since mid February.
Concerns about a trade war are unsettling markets and creating fears of a recession in the US. It slid 0.3% in mid-day trade on Monday, weighed down in part by declines in tech firms.
In the US, the S&P 500 share index of the largest firms was 0.5% down in mid-day trade on Monday, weighed down by declines in tech firms. Earlier on Monday, Japan's Nikkei 225 benchmark share index closed more than 4% lower, while the Kospi in South Korea ended down 3%.
Elon Musk's electric car firm Tesla was also down 3.8%.
Earlier on Monday, Japan's Nikkei 225 benchmark share index had closed more than 4% lower, while the Kospi in South Korea ended down 3%.
In the UK, the FTSE 100 index fell nearly 0.9%, while Germany's Dax index closed down nearly 1.3% and France's Cac 40 fell roughly 1.6%.In the UK, the FTSE 100 index fell nearly 0.9%, while Germany's Dax index closed down nearly 1.3% and France's Cac 40 fell roughly 1.6%.
The price of gold rose to another record high, hitting $3,128.06 an ounce. Gold is often seen as a safer investment when the economic backdrop is unstable and share prices are falling. Gold, which is often seen as a safer investment when the economic backdrop is unstable, rose to another record high, hitting $3,128.06 an ounce.
Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC there could be "quite a lot of uncertainty" for a while given that previous tariff announcements have seen a lot of changes subsequently.Shanti Kelemen, chief investment officer at M&G Wealth, told the BBC there could be "quite a lot of uncertainty" for a while given that previous tariff announcements have seen a lot of changes subsequently.
She added that Japan was "pretty exposed in terms of having a really big exporting market". Japan, which is a big player in exports, among those countries most at risk from the changes, Ms Keleman said.
"They have a lot of automakers and also a very big presence in the semiconductor market, something that hasn't really been targeted yet but that could change." "They have a lot of automakers and also a very big presence in the semiconductor market, something that hasn't really been targeted yet but that could change," she noted.
Over the weekend Trump's advisers echoed his view that the planned tariffs could raise trillions of dollars and help create jobs in the US. 3 million US jobs?
His top trade adviser, Pete Navarro, pointed to huge revenues he said the tariffs would raise. Trump sees tariffs - which are taxes imports - as a bargaining chip to get better trade terms, while also raising money and protecting the American economy from unfair competition.
The tax on all car imports could raise $100bn (£77.3bn) a year, Mr Navarro said. All the planned tariffs could raise $600bn annually, about a fifth of the value of total goods imports into the US, he added. A White House fact sheet published last week also suggested that a 10% tariff on every import could create nearly three million US jobs.
A White House fact sheet published last week suggested a 10% tariff on every import could create nearly three million US jobs. Trump trade adviser Peter Navarro has estimated that all the planned tariffs could raise $600bn annually, about a fifth of the value of total goods imports into the US.
However, there are concerns that tariffs could fuel inflation - something Trump pledged to reduce during his presidential campaign - if companies choose to pass on the higher cost of importing goods to their customers. Many firms have said they expect the cost of the new tax to be passed onto customers in the form of higher prices.
If companies absorb the cost, if could hit profit which in turn could affect investment. But that could lead to lower sales and fuel inflation in the US, a problem Trump had pledged on the campaign to tackle.
Conversely, if companies decide to absorb the cost, it will hit their profits.
'Counter-productive''Counter-productive'
Will Butler-Adams, chief executive of Brompton Bicycle, which makes folding bikes, said US tariffs were creating uncertainty.
While Brompton's products are not facing additional taxes yet, he said the people interpreting the tariffs are trying to establish how much steel in products might have come from outside the US.
"The reality is we don't [know] actually and the people who are on the borders importing goods into the US don't actually entirely understand how some of these tariffs might be put in," Mr Butler-Adams said.
Brompton's Will Butler-Adams says tariffs might deter it from investing in the USBrompton's Will Butler-Adams says tariffs might deter it from investing in the US
About 10% of Brompton's sales come from the US, but Mr Butler-Adams said if tariffs are imposed "it is going to make our product less competitive". Will Butler-Adams is chief executive of Brompton Bicycle, which makes folding bikes and relies on the US for about 10% of its sales.
"We won't continue to invest in the same way that we are now. We may even shrink, in the extreme we might pull out." Brompton's products are not facing additional taxes yet.
But Mr Butler-Adams said tariffs would make his bikes less competitive and force him to re-think his presence in the US.
"We won't continue to invest in the same way that we are now," he said. "We may even shrink; in the extreme, we might pull out."
Mr Butler-Adams said it had been hard to figure out the impact of tariffs that have already gone into effect, which require detailed accounting of how much steel in each item comes from outside the US.
"The reality is we don't [know] actually and the people who are on the borders importing goods into the US don't actually entirely understand how some of these tariffs might be put in," Mr Butler-Adams said.
TikTok saleTikTok sale
Separately, Trump said a deal with TikTok's Chinese owner ByteDance to sell the app would be agreed before a deadline on Saturday.Separately, Trump said a deal with TikTok's Chinese owner ByteDance to sell the app would be agreed before a deadline on Saturday.
He set the 5 April deadline in January for the short video platform to find a non-Chinese buyer or face a ban in the US on national security grounds.He set the 5 April deadline in January for the short video platform to find a non-Chinese buyer or face a ban in the US on national security grounds.
It had been due to take effect that month to comply with a law passed under the Biden administration.It had been due to take effect that month to comply with a law passed under the Biden administration.
Additional reporting by Dearbail Jordan and Mitchell LabiakAdditional reporting by Dearbail Jordan and Mitchell Labiak