UK: “No one wants a trade war”
Shortly after Trump’s announcement, the UK government said the US was Britain’s “closest ally.”
Executive Director Jonathan Reynolds said the UK hopes to attack the trade contracts announced by Trump to “mitigate the impact” of the 10% tariff on British goods.
“No one wants a trade war and our intentions are still working to secure a contract,” Reynolds said. “But nothing has fallen off the table and the government will do everything necessary to protect the UK’s national interests.”
China is urging people to cancel tariffs and pledge measures
China has urged the Trump administration to cancel new US tariffs and said it will “take decisive measures” to protect its rights and interests.
The latest round of tariffs leaves China, one of the US’s biggest trading partners, facing the highest tariff rate in the US, with a total of at least 54%.
“The so-called ‘mutual tariffs’ represent the typical conduct of unilateral bullying, violating international trade rules, seriously undermining the legitimate rights and interests of other parties based on the US’s own subjective and unilateral valuations,” the Chinese Commerce Department said in a statement.
“Many trading partners have already expressed strong dissatisfaction and clear opposition,” he added, adding that the US should “resolve differences with trading partners through comparable dialogue.”
Apple led a decline in tech stocks after Trump’s tariff announcement
Apple took a slower Wednesday trading to over 6%, leading a broader decline in tech stocks after President Donald Trump announced new tariffs of 10% to 49% on imports.
The majority of Apple’s revenue comes from devices manufactured primarily in China and several other Asian countries. Nvidia, which manufactures new chips in Taiwan and assembles artificial intelligence systems in Mexico and elsewhere, fell by about 4%, while electric vehicle company Tesla fell by 4.5%.
For the rest of the Mega Cup Universe, the Alphabet, Amazon and Meta all fell between 2.5% and 5%, while Microsoft fell by almost 2%.
If Apple’s postmarket losses matched in regular trading on Thursday, it would be the sharpest decline in stocks since September 2020.
ING: Tariff: Europe’s worst economic nightmare has come true
The Global Financial Services company said it would undermine a 20% mutual tariff from the US on the European Union.
“It’s deteriorating the short-term outlook for the eurozone. Now it relies on the European government to rely on planned fiscal stimulus and reforms to strengthen the domestic economy,” he said.
“Donald Trump’s tariff announcement on Wednesday should be the final reminder of Europe’s ever-changing transatlantic relations, and this does not apply solely to security and defense policies.”
European allies ring
Ireland’s Prime Minister Missial Martin condemned the 20% tariff on imports from all over the European Union, calling it “deeply regret.”
“I strongly believe that tariffs will not benefit anyone. My priorities, and that of the government, is to protect Ireland’s employment and the Irish economy,” he said.
Manfred Weber, president of the EPP, the largest party in the European Parliament, said Wednesday: “For our American friends, today is not liberation day. It’s a day of resentment. Donald Trump’s tariffs don’t attack it from fair trade. They don’t attack either side of the Atlantic.