ASEAN Group vows to retaliate trade against the US
The 10-person ASEAN group pledged to not impose retaliatory measures in response to White House tariffs and to “entertain in a candid and constructive dialogue” with Washington on trade relations.
“We view the United States as a long-standing economic partner of ASEAN,” the group said in a statement, adding that “we are committed to protecting ASEAN’s economic interests and maintaining strong, mutually beneficial trade relations with the United States.”
The ASEAN Group consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
– ruxandra iordache
The European Union welcomes Trump’s tariff deferral: von der Reyen
European Commission President Ursula von der Leyen is watching the meeting with Icelandic Prime Minister Christoln Frostadothir (not pictured) in Brussels, Belgium on April 9, 2025.
Yves Herman | Reuters
European Commission President Ursula von der Leyen welcomed Trump’s decision to suspend “mutual” tariffs on several countries, adding a bloc that is “committed to constructive negotiations” with the White House.
“This is an important step to stabilizing the global economy. Clear and predictable conditions are essential for trade and supply chains to function,” she said in a social media post.
“Taxes are taxes that only hurt businesses and consumers. That’s why I consistently insisted on a zero tariff contract between the European Union and the US.”
At the same time, the EU, which voted on Wednesday to approve the first set of retaliatory measures to combat U.S. tariffs on U.S. and aluminum, is focusing on diversifying its trade partnerships, von der Reyen said.
– ruxandra iordache
Trump is unlikely to revamp extreme tariff policies, but “damaged”: Deutsche Bank
US President Donald Trump will speak at the White House in Washington, DC on April 9, 2025 with race champions of the NASCAR Cup Series, NTT IndyCar Series and IMSA Weathertech Sportscar Championship.
Nathan Howard | Reuters
In a note to clients Wednesday evening, Deutsche Bank’s investigation George Saravelos said US President Donald Trump mentioned the bond market during a press conference at the White House that day.
“The administration has ultimately shown responsiveness to the very extreme market situation it highlighted in the morning. In margins, it should reduce the likelihood that such an extreme policy mix will return,” Saravelos said.
Wall Street stocks surged Wednesday after Trump announced a 90-day hiatus on country-specific tariffs, excluding new obligations in China.
Despite the market response, Saravelos warned that Trump’s mutual tariff policies “had caused damage.”
“Even if tariffs were permanently suspended, the economy was damaged by a permanent sense of unpredictability in policy,” Saravelos explained. “The events of the past few weeks will resonate with global economic partners during future trade negotiations and indeed for years to come. The desire to build greater strategic independence from the United States in all respects will remain here.”
– Chloe Taylor
China is “segregated” amid US tariffs, Bill Ackman says
Billionaire investor Bill Ackman said on Thursday in a social media post that China was “isolated as a bad actor” as a result of trade tensions and tariff imposition and “segregated as a bad actor” as a result of tariff imposition with the US.
“All American companies are quickly moving their supply chains from China to US or US trading partners. It is not China’s friends who are likely to have a favorable tariff deal with the US,” he pointed out.
“As more time goes by, more companies will find other better alternative suppliers outside of China. Therefore, China is encouraged to come to the table immediately and be reasonably rational in negotiations.”
Washington doubled its trade collection with Beijing, which relied on measures and complaints to the World Trade Organization. Trump on Wednesday gave most other countries tariffs, but raised his obligation to import from the world’s second-largest economy to 125%. China responded to White House policies and raised its own tariffs on US goods to 84% earlier that day.
– ruxandra iordache
South Korea is competing with us to prioritize lowering tariffs
South Korea will promote efforts to lower tariff rates in talks with Washington after representing President Han Dak Saw’s call with President Donald Trump.
South Korea, which exported about $127.8 billion to the US in 2024, was slapped at a 25% tariff rate based on the White House announcement on April 2, before Trump temporarily reversing on Wednesday.
“As there are high levels of consultations, we will prepare specific proposals and begin negotiations on individual issues with related trade authorities,” an official from the South Korean Prime Minister’s office told reporters on Wednesday. “Our most important goal is to adjust the (US) tariff rate.”
– ruxandra iordache
84% China tariffs start US imports
The increase in tariffs from China on US imports began at 12:01pm in Beijing, with the tariff rate rising from 34% to 84%.
On Wednesday, China’s Treasury Department announced an 84% tariff rate after US President Donald Trump raised tariffs on the US to 104% net total tariffs.
Trump later raised China’s tariffs again, raising it to 125% at 1:18am on Thursday, saying it would take effect “quickly.”
– Lim Hui Jie
